Onam is a sacred and auspicious festival, a wonderful time for new beginnings and vibrant celebrations. If you’re looking to fund significant expenses or manage seasonal costs smoothly, Bajaj Finserv Gold Loans offer a convenient and effective way to enhance your festive cheer and handle your financial needs with ease. These loans allow you to access funds quickly while ensuring your precious gold jewellery remains secure. Let’s dive into understanding gold loans, why Bajaj Finserv’s offering stands out, and how to apply for one.
Understanding gold loans
A gold loan is a type of secured loan where your gold jewellery is pledged as collateral, allowing you to access immediate funds without having to sell or part with your valuable gold. This loan option is ideal when you need urgent cash for various expenses, such as medical emergencies, education, or business needs, without losing ownership of your jewellery. By leveraging the value of your idle gold, you can convert it into liquidity quickly and conveniently, ensuring that your assets continue to work for you while you meet your financial requirements efficiently.
What you need to know before applying for a gold loan
Before diving into applying for a gold loan, knowing these key details can be helpful:
- Hallmarked gold
This is the gold that has been certified for purity by the Bureau of Indian Standards (BIS) and is highly preferred. Hallmarked gold, identifiable by the BIS stamp, is valued more and often results in a higher loan amount. This certification confirms the purity and reliability of the gold, making it a more secure form of collateral.
- Loan amount based on purity
The loan amount you can secure depends on the purity and quality of the gold. Hallmarked gold is advantageous as it simplifies the evaluation process, potentially leading to quicker and larger loan amount approvals. With Bajaj Finance, you can get a gold loan against your 18-22 karat gold jewellery. For added convenience, you can also calculate the gold loan gram rate using an online gold loan calculator.
- Documentation
Basic KYC documents are like the Aadhaar card and Voter ID card are typically required. Having these documents ready can streamline the application process and facilitate quicker approval.
What makes Bajaj Finserv Gold Loan a great choice?
Several gold loan options are available in the market, but Bajaj Finserv Gold Loans offer several compelling benefits that make them such an attractive option for managing financial requirements:
- Quick disbursal
You can get immediate cash against gold jewellery, making it ideal for urgent needs.
- Multiple repayment options
You get to choose from a variety of repayment plans tailored to fit different financial situations. You can choose to repay your gold loan interest on a monthly, bi-monthly, quarterly, half-yearly, or annual basis. This flexibility ensures that repayments can be managed comfortably according to your financial capabilities.
- Minimal documentation
The application process is fairly simple with minimal documentation requirements, making it easier to apply for and secure the loan. You would jut need any one of the basic KYC documents, including Aadhaar card, Voter ID, passport, driving licence, NREGA job card or a letter from the NPR.
- Complimentary insurance of gold
Bajaj Finserv provides free insurance covering theft or misplacement of gold while it’s in their custody. This insurance offers peace of mind, knowing that the gold is safeguarded under strict surveillance.
- High loan amount
You can easily secure a loan from ₹ 5,000 up to ₹ 2 crore against your 18-22 carat gold jewellery to fund your planned or unplanned expenses.
How to apply for a Bajaj Finserv Gold Loan
Applying for a Bajaj Finserv gold loan is simple and can be done in just a few steps. Here’s how to get started:
- Download the Bajaj Finserv Gold Loan App: Available on both Android and iOS, the app allows you to apply for a loan from the comfort of your home.
- Submit your application: Provide basic information about your gold and your financial needs.
- Get your gold evaluated: Schedule an appointment for your gold to be evaluated at your nearest branch.
- Receive your loan amount: Once your gold is evaluated, receive the loan amount directly into your bank account.
This Onam, Bajaj Finserv Gold Loans presents a practical solution for managing sudden or major expenses with ease. The combination of quick disbursal, multiple repayment options to choose from, minimal documentation and a handsome loan amount of up to ₹ 2 crore offers a convenient financial solution for all! Embrace the spirit of Onam with the support of Bajaj Finserv Gold Loans and make the most of the joyous celebrations.
Moneycontrol Journalists are not involved in creation of this article.
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