If you need funds and have gold jewellery sitting idle in your locker, then a gold loan is one of the simplest ways to access immediate cash without selling your precious assets. Gold loans are gaining popularity across India due to their flexible eligibility terms, competitive interest rates, and quick processing. Let’s take a look at how you can apply for a gold loan and the benefits that come along, especially when choosing lenders like Bajaj Finance.
Why consider a gold loan
A gold loan provides immediate funding, giving you quick access to cash that’s ideal for emergencies or planned expenses. The documentation required is minimal, you only need KYC documents and address proof, making the process much simpler. Additionally, gold loan rates in India are typically lower than those for personal loans, making it a cost-effective borrowing option. Lastly, with a gold loan, you retain ownership of your jewellery, as you simply use it as collateral without the need to sell it.
How to apply for a gold loan
Amongst the multiple lenders available in the market, Bajaj Finance stands out as a trusted option which also offers a simple application process. Here’s how it works:
Step 1: Download the Bajaj Finserv App, visit their website or branch
Step 2: Ensure you meet basic eligibility requirements. You have to be an Indian citizen aged between 21-70 years and have access to 18-22 carat gold jewellery to pledge for the loan.
Step 3: Submit your gold jewellery on the scheduled appointment for evaluation. Bajaj Finance uses best-in-class karat meters across all branches to accurately assess the purity of your gold, ensuring you get the highest value.
Step 4: Get your documents verified. It generally includes your basic KYC documents like Aadhaar card, Voter ID, passport, etc.
Step 5: Once your verification is done and you agree to the terms, the funds are quickly disbursed to your bank account.
Making the most of your gold loan
A gold loan can be used to fund multiple cash requirements, right from home renovation to covering medical expenses, thanks to its convenient terms and low-interest structure. Here are some common ways borrowers utilise their gold loans:
- Home renovation: If you’re looking to upgrade your home, a gold loan can provide the funds without touching your savings.
- Medical expenses: Medical emergencies require quick cash flow, and a gold loan can bridge that gap without the need for extensive processing.
- Higher education: Gold loans are an ideal way to fund your higher education, allowing you to manage costs flexibly without having to sell of your precious jewellery.
Bajaj Finance stands out as a preferred option because of several unique features that make their gold loans highly convenient for borrowers. Here’s what you can expect:
- No part-prepayment or foreclosure fee: With Bajaj Finance, you can repay a part of your loan early or foreclose the entire loan without incurring extra charges, giving you complete control over your repayment.
- Free gold insurance: You also get free insurance for your gold while it’s in their custody, covering theft or accidental loss, ensuring complete peace of mind.
- Multiple repayment options: You can choose a repayment schedule that suits you best, be it monthly, bi-monthly, quarterly, half-yearly or annually.
- Loan amount up to Rs. 2 crore: Bajaj Finance provides gold loans ranging from Rs. 5,000 up to Rs. 2 crore, making it an ideal choice for all sorts of financial needs.
- Minimal paperwork: You only need basic KYC documentation.
- No Hidden Charges: With Bajaj Finserv Gold Loan, there are no surprises. The transparent fee structure ensures you know all costs upfront.
So, if you’re looking to apply for a gold loan, Bajaj Finance brings you a range of borrower-friendly features and a commitment to transparency that gives you peace of mind, convenience, and financial freedom. Visit their website or drop by a branch to start your application today and unlock the true value of your gold assets!
Moneycontrol Journalists are not involved in creation of this article.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
