Key Things to Know Before Applying for a Gold Loan in India with Bajaj Finance

A gold loan in India is a type of secured loan where gold jewellery is pledged as collateral. Bajaj Finance offers a loan amount, starting from Rs.5,000 to Rs.2 crore, based on the purity and weight of the gold pledged. The purity of the gold, the set LTV ratio and the prevailing gold price determines how much one can borrow.

Once the gold is deposited at the branch and its purity is tested, the gold loan in India is approved quickly, and funds are disbursed often on the same day, directly to the borrower's bank account. The gold remains safe with a complementary insurance of gold that keeps the jewellery covered against theft and misplacement. Bajaj Finance stores it in a secure vault until the loan is fully repaid.

Who can apply for a gold loan

Applying for a gold loan in India with Bajaj Finance is easy and inclusive. Here are the eligibility conditions

• The applicant should be an Indian citizen

• The age of the applicant should be between 21 and 70 years

• The applicant must have 18-22 karat gold jewellery to pledge
  

There is no requirement for income proof, making it accessible for homemakers, farmers, and self-employed individuals as well.

Documents required for gold loan

Bajaj Finance has kept the paperwork simple. Borrowers just need any one of the following KYC documents

• Aadhaar card

• Voter ID

• Passport

• Driving licence

• NREGA job card

• Letter from the National Population Registration
  

There is no need for salary slips, income tax returns, or property papers. This ease of paperwork helps customers complete the process faster. Though it is important to note that for loans over Rs.5 lakh, submission of PAN Card details may be required.

Know the interest and repayment options

The interest rate plays a major role in any loan. Bajaj Finserv Gold Loan offers competitive interest rates, depending on the loan amount and repayment plan chosen by the customer.

Bajaj Finance offers multiple repayment options, including

• Borrowers can choose to pay interest monthly, bi-monthly, quarterly, half-yearly, or annually.

• They can select a payment schedule that suits their convenience.

• The principal loan amount is payable at the end of the loan tenure.

• Any remaining interest, if not paid earlier, will also be due at the time of loan maturity.
  

The loan tenure can range from 1 day to 12 months, giving customers the freedom to choose what works best for them.

Conclusion

A gold loan in India is a practical way to raise quick funds without selling precious assets. With minimal paperwork, quick approval, and convenient repayment options, Bajaj Finserv Gold Loan offers a seamless experience for customers from all walks of life.

By understanding the documents required for gold loan and how the process works, one can apply with full confidence. Bajaj Finance continues to make gold loans accessible, safe, and quick for everyone across India.

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About Bajaj Finance Limited
Bajaj Finance Ltd. ('BFL', 'Bajaj Finance', or 'the Company'), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 80.41 million customers. Bajaj Finance has a credit rating of AAA/Stable for its Fixed Deposit program from CRISIL and ICRA, AAA/Stable for long-term borrowing from CRISIL, India Ratings, CARE and ICRA, and A1+ for short-term borrowing from CRISIL, India Ratings and ICRA. It has a long-term issuer credit rating of BBB-/Stable and a short-term rating of A-3 by S&P Global ratings.

To know more, visit www.bajajfinserv.in.