Servicing your Gold Loan: From part-release to part-prepayment

Learn how you can easily pay back a part of your loan before schedule or recover part of your gold jewellery.
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Servicing your Gold Loan: From part-release to part-prepayment
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2 min read
13 July 2023

When it comes to managing your gold loan, you have the flexibility to make part-prepayments and opt for a part-release facility. These options allow you to personalise your gold loan repayment journey according to your financial situation. Read to know how you can effectively manage your gold loan, step by step.

Part-release facility: If you find yourself in need of some funds but do not want to close your entire gold loan, you can opt for our part-release facility. This means you can release a portion of the gold you have pledged as collateral and receive the corresponding loan amount. It is a useful feature when you require money for specific purposes without disturbing the entire loan.

To initiate a part-release, follow these simple steps:

  1. Visit the nearest Bajaj Finance branch.
  2. Discuss your requirement for a part-release and provide the necessary details.
  3. Bajaj Finance will evaluate the released gold and provide you with the loan amount accordingly.
  4. Once the amount is disbursed, you can use it for your specific needs, while the remaining loan continues as before.

Part-prepayment option: Making part-payments towards your gold loan can help you reduce your outstanding loan amount and overall interest burden. It allows you to repay a portion of the loan before the tenure ends, shortening the loan duration and potentially lowering the interest charges. Here is how you can make a part-prepayment:

On the Bajaj Finserv app

  • Step 1: Download the app and log in using your registered mobile number
  • Step 2: Once logged in, go to the 'Account Information' section
  • Step 3: Select your gold loan account, and click on 'Online Payment’
  • Step 4: Choose the part-prepayment option.
  • Step 5: Enter the required details and select a preferred payment gateway and complete this transaction

On the Bajaj Finserv website

  • Step 1: Visit the Bajaj Finance customer portal - My Account
  • Step 2: Enter your registered mobile number and the OTP.
  • Step 3: Verify yourself with your date of birth and proceed.
  • Step 4: Select your gold loan account from the ‘My Relations’ section.
  • Step 5: Click on ‘Make Payments’ within the ‘Quick Actions’ section.
  • Step 6: Choose the part-prepayment option.
  • Step 7: Enter the required details and proceed to pay using our secured payment getaway.

Once the part-payment is made, the outstanding loan amount will be reduced, and your revised repayment schedule will be provided.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.