Key Requirements to Apply for a Bajaj Finserv Gold Loan
Explore the key requirements to apply for a Bajaj Finserv Gold Loan and learn how to pledge your gold as collateral for quick access to funds.
When unexpected financial needs arise, your gold jewellery can be more than just a cherished possession—it can serve as a quick and reliable source of funds through a gold loan. This option is not only simple and hassle-free, but it also requires minimal paperwork and offers a high loan-to-value ratio, making it an attractive choice for many borrowers these days.
Apart from this, since it’s a secured loan, you can access funds at a comparatively lower gold loan interest rate. The best part? You get to retain ownership of your gold while unlocking its value for immediate financial relief. Bajaj Finserv Gold Loan offers a loan of up to Rs. 2 crores against 18-22 karat gold jewellery. Keep reading to understand how you can qualify for a gold loan and the steps you need to take to access this service.
How to use your gold as collateral for a loan
Pledging your gold as collateral is a pretty simple and very secure way to access the funds you need without having to part with your valuable jewellery. Here’s how the gold loan process works:
- Application: The first step is to apply for a gold loan from the Bajaj Finserv website or App or visit a nearby branch and schedule an appointment.
- Gold evaluation: The next step is to bring your 18-22 karat gold jewellery for evaluation. The value of your gold is assessed using advanced karat meters, ensuring that you get the most accurate value for your gold.
- Document verification: Once the evaluation is complete, the next step is document verification. You will need to submit a few basic documents, like- Aadhaar card, Voter ID, driving licence, passport, NREGA job card or a letter from NPR.
- Loan disbursement: After the evaluation and verification, the loan amount is disbursed into your account. Depending on the value of your gold, you can access up to 75% of its value as a loan, meaning you can get a substantial sum without giving up your assets.
Eligibility criteria
To apply for a gold loan, you need to meet certain eligibility criteria. Fortunately, these criteria are minimal, making it easier for most individuals to qualify. Here’s a quick look at the basic requirements:
- Nationality: You must be an Indian citizen.
- Age: The applicant should be between 21 and 70 years of age.
- Gold purity: The gold jewellery you pledge must be between 18-22 karats to ensure it qualifies for evaluation.
Choosing the right lender
This is the most important step in any loan journey. Here’s why choosing Bajaj Finance for your gold loan is a smart move:
Gold loan amounts up to Rs. 2 crore: Borrow as little as Rs. 5,000 or as much as Rs. 2 crore, depending on your needs.
- Multiple repayment options: Choose from monthly, bi-monthly, quarterly, half-yearly, or annual interest payment plans.
- Part-release facility: You can pay back a portion of the loan to retrieve part of your pledged gold before the tenure ends.
- No part-prepayment or foreclosure fee: Borrowers can even repay their loans early without incurring any extra costs.
- Transparent evaluation: State-of-the-art karat meters are used to provide the most accurate gold valuation.
- Free insurance for your gold: Your jewellery is insured against theft or misplacement while in Bajaj Finance’s custody.
These features, combined with an easy application process, make Bajaj Finance an ideal choice for your gold loan needs.
How to apply for a Bajaj Finserv Gold Loan
Applying for a gold loan with Bajaj Finance is simple, you can initiate this process online by visiting the Bajaj Finance official website for gold loans. Post which you can follow these simple steps to get started:
Step 1: Click on “Apply” to initiate your online application.
Step 2: Enter your 10-digit mobile number and click on “Get OTP.”
Step 3: Submit the OTP to verify your identity.
Step 4: Fill in your personal details and select the nearest Bajaj Finserv Gold Loan branch.
Step 5: Download the loan eligibility letter.
Once your application is complete, a representative will contact you to guide you through the next steps.
Using your gold jewellery as collateral for a loan has never been easier, with minimal eligibility criteria, simple documentation, and a transparent process, Bajaj Finance ensures a stress-free experience. So, whether it’s meeting urgent expenses or funding personal goals, a gold loan the Bajaj Finserv Gold Loan can be your go-to financial solution!
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