Applying for a gold loan has become easier and quicker than ever. When people need money for personal needs like education, travel, or medical emergencies, using their gold jewellery as security is a smart choice. With Bajaj Finance, one can get a gold loan, starting from Rs. 5,000 up to Rs. 2 crore, with simple steps and benefit from competitive interest rates, free insurance of gold, and more.
This article explains how to apply for a gold loan, understand gold loan interest, and check gold loan eligibility.
Understand how a gold loan works
A gold loan is a secured loan where you pledge your gold jewellery as collateral. In exchange, the lender offers a loan amount based on the value and purity of the gold. You repay this amount over a chosen tenure, along with interest. Once the full repayment is made, your gold is returned safely to you.
With Bajaj Finance, you can get a loan from Rs. 5,000 to Rs. 2 crore at low gold loan interest and your gold is kept secure in a strong locker. You can get up to 75% of your gold’s value as loan, depending on the gold’s value and purity.
Check your gold loan eligibility
Before applying, it is important to know who can apply. With Bajaj Finance, the gold loan eligibility is simple:
● The applicant should be an Indian citizen
● The age should be between 21 and 70 years
● The person should have 18-22 karat gold jewellery
No credit score or income proof is required. This makes it easy for a wider economic section to apply for this loan. Though, you’ll be required to submit your PAN card details for loans above Rs. 5 lakh.
Know the gold loan interest rates
Gold loan interest is the extra money paid on top of the borrowed amount. With Bajaj Finance, the gold loan interest rates are competitive and depend on the loan amount and repayment plan.
One can choose from several repayment options such as monthly, bi-monthly, quarterly, half-yearly or annual interest repayment. Here the principal or interest pending, if any, is to be paid before the tenure ends.
Selecting the right plan helps manage finances better and avoid extra charges.
Keep documents ready
The paperwork is minimal. You would just need any one of the following KYC documents to complete the verification:
● Aadhaar card
● Voter ID
● Passport
● Driving licence
● NREGA job card
Letter from the National Population Registration
Though there is no need for income proof or bank statements for smaller loans, you would have to submit your PAN card details for loans above Rs. 5 lakh. The process is designed to be quick and stress-free.
Visit the nearest branch or apply online
To apply, one can either visit a nearby Bajaj Finserv Gold Loan branch or check online on the official website or app. At the branch, the staff will check the gold for purity and weight. Based on that, the loan amount is offered. The money is usually given within the same day after approval. The online process is also simple and user-friendly.
Conclusion
A gold loan is a smart way to get quick funds without selling your jewellery. With Bajaj Finance, the gold loan interest is affordable, and the process is smooth and safe. Anyone who meets the gold loan eligibility can apply easily and use the money as per their need.
So, for those looking to get the best interest rates and fast money, Bajaj Finance offers one of the most trusted and simple solutions in India. Let your gold work for you when you need it most.
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