Gold has held immense value for centuries, symbolising wealth, prosperity, and security. In Indian households, gold is not just a decorative asset but also a financial safeguard in times of need. As a tangible asset, gold offers financial stability and can be leveraged to meet urgent or planned expenses.
A gold loan is a secured borrowing option where individuals pledge their gold jewellery as collateral to avail of funds. If you are wondering what is a gold loan, it is a quick and efficient way to access money without selling your precious gold jewellery. With easy documentation, a gold loan provides financial flexibility, making it ideal for handling medical emergencies, business investments, or personal expenses.
During the Bajaj Finserv Loan Fest, you can access a hassle-free online gold loan with competitive interest rates, multiple repayment options, and free insurance of pledged gold. This makes it a convenient solution for those needing urgent financial assistance.
Benefits of Bajaj Finserv Gold Loan
Gold loans offer several advantages over unsecured loans. Some key benefits include:
• Quick Processing – The loan approval and disbursal process is faster than other types of loans since it requires minimal documentation.
• High Loan Amounts – Depending on the gold’s purity and weight, borrowers can secure significant funding, from Rs. 5,000 to Rs. 2 crore, for their needs.
• Lower Interest Rates – Since a gold loan is secured, it comes with relatively lower interest rates compared to unsecured loans.
• No Credit Score Dependency – Unlike other loans, a gold loan does not rely on a borrower’s credit history, making it accessible to a wider audience.
• Safety of Gold – The pledged gold is stored in highly secure vaults, ensuring its safety throughout the loan tenure.
Eligibility Criteria for a Gold Loan
Applying for a gold loan is simple and does not require a high credit score or extensive paperwork. The eligibility criteria typically include:
• Age Requirement – Applicants must be between 21 and 70 years old.
• Ownership of Gold Jewellery – Only gold jewellery is accepted as collateral. Gold coins, bars, utensils, etc. are not eligible.
• Minimum Gold Purity – The gold pledged must be of 18-22 karat purity.
• Nationality: Only Indian residents are eligible to apply.
Documents Required for a Gold Loan
To apply for a quick gold loan during the Bajaj Finance Loan Fest, you will need any one of the following documents for verification:
• Aadhaar Card
• Voter ID Card
• Passport
• Driving Licence
• NREGA Job Card
• Letter issued by National Population Registration
While a PAN card is not mandatory for gold loan applications, if you apply for a loan amount of ₹5 lakh or above, submission of your PAN card will be required.
With these minimal requirements, applicants can easily avail of a gold loan without lengthy paperwork or processing delays.
How to Apply for a Gold Loan
Applying for an online gold loan with Bajaj Finance is a seamless process that can be completed in a few steps:
1. Click on “Apply” to initiate online application on the website or Bajaj Finserv App.
2. Enter your 10-digit mobile number and click on “Get OTP.”
3. Submit the OTP to verify your identity.
4. Fill in your personal details and select the nearest gold loan branch.
Once done, you will receive a call from our representative and guide you on the next steps.
Gold Loan Interest Rates and Repayment Options
The gold loan interest rate varies based on factors such as gold purity, loan amount, and tenure. Bajaj Finance offers competitive interest rates and multiple repayment options, making gold loans an affordable financing option.
With Bajaj Finance, you can opt for monthly, bi-monthly, quarterly, half-yearly, or annual interest payments. While the principal amount and pending interest, if any, is due for payment at the time of loan maturity.
Conclusion
A gold loan is a smart financial instrument that allows individuals to access funds quickly while retaining ownership of their gold assets. During the Bajaj Finance Loan Fest, borrowers can enjoy attractive loan terms, quick processing, and convenient repayment options. With minimal documentation and easy eligibility criteria, availing of a gold loan is an efficient way to manage both planned and unplanned financial needs. Apply for a Bajaj Finserv Gold Loan now!
