Gold pledging, also known as gold loan, is a financial practice where you utilise your gold possessions as collateral to secure a loan. When you pledge your gold, you temporarily transfer ownership of the gold to the lender in exchange for a loan amount. The lender evaluates the value of your gold based on its purity and weight, and then offers you a loan amount equivalent to a percentage of its appraised value. This percentage can vary depending on the lender's policies, and the guidelines set by the RBI. With Bajaj Finance, you can avail up to 75% of the gold's value as a loan.
A gold mortgage operates similarly to a gold loan, wherein you use your gold assets as security for borrowing money. However, in a gold mortgage loan, the lender places a lien or mortgage on the gold until the loan is repaid. This allows you to retain ownership of your gold while accessing funds based on its value. Ultimately, both gold pledging and gold mortgage serve as convenient and accessible options for obtaining quick funds by leveraging the worth of your gold possessions.
Gold loans are often sought after for their simplicity and accessibility. They offer quick access to funds without the need for extensive documentation or credit checks, making them an attractive option for individuals in need of immediate financial assistance. Moreover, the interest rates on gold loans are typically lower compared to other types of loans, as they are secured by collateral. This makes gold loans a cost-effective solution for borrowing money.
How to apply for a gold loan?
Here is a detailed guide to apply for our gold loan.
- Click on ‘APPLY’ located at the top of this page to open our online application form.
- Enter your 10-digit mobile number and click on ‘GET OTP’.
- Submit the OTP to verify your identity.
- Select your state and city to find the branch nearest to you.
- Enter your full name and date of birth as per your PAN.
- Set up your appointment at our branch.
- Visit the selected branch to complete KYC verification.
- Get your gold jewellery evaluated for maximum value.
- Choose a convenient repayment schedule.
- Submit the final application and receive the loan amount.
Why choose Bajaj Finance to avail a gold loan?
Bajaj Finance offers a hassle-free application process, requiring minimal documentation and ensuring quick approval, making it an ideal choice for those in urgent need of funds. With additional benefits like multiple repayment options and transparent terms, we ensure a smooth and customer-focused borrowing experience, making it the preferred choice for availing of a gold loan. You can benefit from low gold loan interest rate starting from just 9.50%. With us, you can also opt for partial prepayment or early closure of the loan without any penalty, providing you with greater flexibility and control over your finances.
