How to get an online Gold Loan from Bajaj Finance?
The availability of loans against gold ornaments as collateral allows you to utilise the underlying value of the precious metal and raise necessary funding during emergencies. Today, you can even complete a gold loan application online by following a few simple steps only.
The eligibility and documentation requirements for gold loan are minimal. Meet simple gold loan eligibility criteria and complete minimal paperwork to apply for the loan. The pledged gold can be stored safely at the nearest branch of your lender and recovered once the entire loan repayment is complete.
Benefits of getting a gold loan
Gold loans have become a popular financial option due to their numerous benefits. By pledging gold ornaments as collateral, individuals can access funds quickly without selling their cherished possessions. Here are some key advantages of taking a gold loan:
- Quick processing: The application process for gold loans is straightforward, often requiring minimal documentation such as KYC documents. This ensures faster approvals, making it ideal for emergencies or urgent financial needs.
- Lower interest rates: Gold loans generally have lower interest rates compared to unsecured loans. Since gold acts as collateral, lenders view these loans as less risky, enabling them to offer competitive rates.
- Flexible repayment options: Borrowers can choose from various repayment methods, including paying only the interest during the tenure and the principal at maturity. This flexibility helps in better managing finances.
- No impact on credit score: Unlike unsecured loans, gold loans are secured, and lenders primarily focus on the gold’s value. This means your credit history plays a minimal role, making it accessible to individuals with lower credit scores.
- Preservation of assets: After successfully repaying the loan, borrowers can retrieve their gold ornaments. This ensures they retain their sentimental and financial value.
Gold loans offer a reliable and versatile financial solution. Whether it’s funding personal expenses, business growth, or unexpected emergencies, a gold loan provides an efficient way to meet your financial needs while safeguarding your precious assets.
Eligibility and documents required
Anyone can apply for a gold loan from Bajaj Finance. The minimum age limit for gold loan is 21 years and maximum limit extends up to 70 years. Gold jewellery to be pledged must meet a purity level from 18 Karats to 22 Karats.
As secured advances, gold loans do not mandatorily require you to hold a minimum credit score. Neither does it affect the interest rate levied on a loan against gold. You can use our online gold loan calculator to assess your maximum eligibility for the advance. It can help you understand the per gram rate for your pledged gold as per its weight and purity. It is also advisable to use a gold loan calculator before sending your gold loan application as it helps in choosing a suitable loan amount that will keep the instalments affordable.
The documents needed to apply for a gold loan include the following:
- Identity proof like Aadhaar Card, PAN card, voter ID card, passport, driving licence, or any other photo identity proof issued by an authorised body.
- Address proof like Aadhaar Card, voter ID card, passport, utility bills, ration card, or a letter issued by an authorised body or individual attesting to the applicant’s address.
Paperwork is not limited to these requirements strictly and may need you to submit additional documents if needed.
Where to apply for a gold loan?
With Bajaj Finserv Gold Loan, you can get a loan starting from Rs. 5,000 to Rs. 2 crore, competitive interest rates, quick processing, free insurance of gold and much more. We offer a high loan-to-value ratio, ensuring that you can get the maximise value as loan to manage your expenses easily. The loan comes with an easy application process, minimal documentation and easy eligibility criteria. You can choose to repay your loan interest on monthly, bi-monthly, quarterly, half-yearly or annual basis, as per your financial situation. With free insurance cover for the pledged gold jewellery and secure storage facilities, you can rest assured that your gold is safe. Additionally, we ensure the safety of gold collateral through secure storage facilities, making them a trustworthy choice for availing a gold loan.
How does a gold loan work?
A gold loan is a simple and efficient way to secure funds by pledging your gold jewellery as collateral. The process begins with you taking your gold to a lender, such as a bank or financial institution. The lender evaluates the jewellery based on its purity, weight, and the current market price of gold. This determines the value of your gold.
Once the evaluation is complete, the lender offers a loan amount, which is usually a percentage of the gold's value. This percentage, called the Loan-to-Value (LTV) ratio, generally up to 75% of your gold’s value, as per the guidelines set by the RBI. After agreeing on the terms, you provide basic documents mentioned above in the eligibility section.
The loan is disbursed promptly, often on the same day, either in cash or directly to your bank account. Gold loans usually offer flexible repayment options, allowing you to repay through EMIs, bullet payments, or at the end of the tenure.
During the loan period, your gold is securely stored by the lender. Upon complete repayment of the principal and interest, your gold is returned. However, if the loan isn’t repaid, the lender may auction the gold to recover the outstanding amount.
How to apply for gold loan online
You can easily complete your gold loan online application by following these simple steps:
- Step 1: Visit the Gold Loan section of the Bajaj Finance website.
- Step 2: Locate the ‘APPLY’ option and click on it to proceed.
- Step 3: Next, the page will open your online application form. Enter your first and last name as it appears on your PAN card.
- Step 4: Enter your 10-digit mobile number and select your city.
- Step 5: Enter the OTP that was sent to your registered mobile number and submit the application.
Once you have submitted your gold loan application online, a Bajaj Finance representative will assist you in arranging an appointment at the gold loan branch of your preference.
Frequently asked questions
To apply for a Bajaj Finserv gold loan, you need to meet basic eligibility criteria. Applicants should be between 21 and 70 years of age and must own gold ornaments of 18-22 karat purity. The required documents include proof of identity (such as Aadhaar, PAN, or Voter ID) and proof of address (such as a utility bill or rental agreement). No income proof is necessary, making it accessible to a wide range of individuals. The straightforward requirements ensure a hassle-free process for availing funds quickly and efficiently.
The process of taking a gold loan with Bajaj Finserv is simple. Visit a branch with your gold ornaments and required documents. The gold is evaluated for purity and weight, and its current market value determines the loan amount, which can range from Rs. 5,000 to Rs. 2 crore. Once the loan is approved, funds are disbursed within minutes. The loan-to-value (LTV) ratio is generally capped at 75% of the gold’s value. With minimal paperwork and quick processing, Bajaj Finance ensures a seamless experience for customers seeking financial assistance.
