Gold Loan Transfer

Gold loan balance transfer refers to a shift of the outstanding gold loan balance from your existing lender to another. You can opt for this facility on Bajaj Markets and benefit from low gold loan interest rates along with other favourable terms. Choose from multiple loan providers to find an option that helps reduce your EMI burden and fits your financial situation.

Here are some benefits of opting for a gold loan balance transfer:

• By transferring your gold loan to another lender, you can get a reduced interest rate, helping to decrease the total borrowing costs

• A balance transfer can provide the opportunity to extend the loan tenure. This offers more flexibility in managing your monthly payments.

• Many lenders offer a top-up loan facility when you transfer your existing gold loan. This enables you to get access to additional funds at low interest rates without submitting extra collateral.

• With a lower interest rate or longer tenure, a balance transfer can help lower your EMIs, easing your financial burden

• You can negotiate better loan terms with a gold loan balance transfer. This includes getting flexible repayment options, lower processing fees, and so on.

• Some lenders may offer a higher loan amount based on the current market value of the pledged gold when you transfer your gold loan. This allows you to access more credit if needed.

• If you are unhappy with the service provided by your existing lender, consider a balance transfer. This can help you access better customer support and a more seamless loan management experience.

The eligibility criteria for a gold loan balance transfer varies from one bank to another. However, the common parameters include:

Age

You must fall under the age bracket of 18 to 75 years

Loan Repayment Status

You must have completed the payment of at least 6-12 EMIs

Gold Purity

The purity of the gold submitted should be over 18 karats

Furthermore, to transfer your gold loan, you will be required to submit some crucial documents. Typically, you will have to provide the basic identification documents for KYC purposes. These include:

1. Identity Proof:

• Aadhaar card
  

• Voter ID
  

• Passport
  

• Driving licence
  

• Other government-issued documents
  

2. Address Proof:

• Latest utility bills
  

• Rent agreements

• Other government-approved documents
  
  

Ensure to check for any other additional documentation requirements your lender may have.

 

There are various charges involved in the transfer process of a gold loan balance. Some of these charges are:

By applying for a gold loan balance transfer on Bajaj Markets, you can benefit from several advantages. You can choose from over 5 popular gold loan providers in India and get lower interest rates starting from just 8.88% p.a. Furthermore, you can get access to part-release, foreclosure, and several other facilities with this balance transfer. 

The digital application process on the Bajaj Markets portal makes it convenient and hassle-free to apply for the transfer. You can also be assured of zero hidden charges for complete transparency and better financial planning.

Follow these below-mentioned steps to transfer the balance of your gold loan on Bajaj Markets:

• Click on ‘CHECK ELIGIBILITY’ on this page or download the Bajaj Markets App through Play Store or App Store

• Choose the ‘Gold Loan BT’ option 

• Provide your personal details

• Cross-check the details and submit your application

Following this, a representative of the loan provider will contact you for further proceedings.