Ganesh Chaturthi is a joyous occasion marked by celebration, devotion, and togetherness. As families across India gather for the festivities, managing both planned and unexpected expenses can be tough. A gold loan offers a quick solution, providing funds based on the value of your gold. However, its essential to note that fluctuations in gold prices can influence the loan amount. When gold rates increase, the value of the pledged gold rises, potentially leading to a higher loan amount. Conversely, a decrease in gold prices may limit the borrowing capacity, making it crucial to stay updated on gold rate trends.
Bajaj Finserv Gold Loan
Bajaj Finserv Gold Loan offers a practical way to ease financial stress. With loans ranging from Rs. 5,000 to Rs. 2 crore, Bajaj Finance provides multiple repayment options, free insurance for pledged gold, and more, ensuring that borrowers can focus on enjoying the celebrations. This has made gold loans an increasingly popular choice for managing finances efficiently during festive times.
Unlock financial flexibility with Bajaj Finserv Gold Loan
Bajaj Finance enables individuals to leverage their 18-22 karat gold jewellery to secure immediate funds. With a gold loan, you can access funds quickly instead of navigating complex financial arrangements. They only need to be between the ages of 21 and 70 and provide one of the following basic KYC documents for verification, like Aadhaar Card, Voter ID, passport, driving licence, NREGA job card, or a letter from NPR. Borrowers have the flexibility to repay their gold loan interest on a monthly, bi-monthly, quarterly, half-yearly, or annual basis, depending on their convenience. The loan offers additional benefits, including complimentary insurance for the pledged gold, an easy part-release facility, and no charges for foreclosure or prepayment.
Key benefits of Bajaj Finserv Gold Loan
Here’s a closer look at some of the key benefits of a Bajaj Finserv Gold Loan.
Low interest rate
One of the biggest benefits of a gold loan is that the interest rates are usually lower compared to unsecured loans like personal loans. This is because the gold pledged by borrowers serves as security for the lender. This lowers the lenders risk, allowing them to offer lower interest rates. Bajaj Finserv Gold Loan interest rate start from 9.50%* per annum, making it an attractive option for obtaining funds.
Multiple repayment options
Bajaj Finance also provides customers with a great deal of flexibility when it comes to repayment. Borrowers are free to choose how and when to repay the loan. One option is to pay the entire interest amount at the start of the loan tenure and settle the remaining principal at the end. They can also opt to pay the interest either monthly, bimonthly, quarterly, half-yearly, or annually.
No income proof or CIBIL Score check
The best part about gold loans is that borrowers do not need to have a good CIBIL Score or credit history to avail them. The reason is simple – since the loan is secured by gold jewellery, the lender has a form of collateral to recover the amount in case the borrower defaults. To be eligible for a loan, applicants just need to own jewellery made of 22-karat gold.
Additionally, borrowers do not need to submit any income proof. Any one of the following KYC documents is enough – Aadhaar Card, voter ID card, passport, or driving licence.
Transparent evaluation
When it comes to gold loans, transparency is key. Bajaj Finance uses top-of-the-range karat metres to ensure borrowers receive maximum value for their gold. The pledged gold jewellery is stored in highly secure vaults under 24×7 surveillance.
How to apply for a gold loan
Applying for a gold loan is convenient and can be done in two ways. The first option is to visit a nearby Bajaj Finserv Gold Loan branch and apply in person. Alternatively, borrowers can save time by applying from the comfort of their home. They can do this by visiting the Bajaj Finance website or downloading the Bajaj Finserv App and completing a few simple steps.
Step 1: Click on ‘APPLY’ to access the online application form.
Step 2: Enter the 10-digit mobile number and click on ‘GET OTP’
Step 3: Submit the OTP to verify identity
Step 4: Select the state and city to locate the nearest branch
Step 5: Enter the full name and date of birth as per the PAN card
Step 6: Schedule an appointment at the chosen branch
After submitting the online application, borrowers will be assisted by a Bajaj Finance representative to book an appointment at their preferred gold loan branch. With over 800 branches across the country, Bajaj Finserv ensures quick and hassle-free loan processing, making the loan disbursement experience convenient for borrowers.
*Terms and conditions apply.
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. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings.
To know more, visit www.bajajfinserv.in.
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