Gold Loan

*Disclaimer: The rates are subject to change at the lender’s discretion.

Here are some reasons why should consider getting a gold loan to meet your financial needs:

• Faster Disbursement: Gold loans are usually processed quickly, compared to unsecured loans. These usually come with minimal eligibility checks, as the loan is backed by physical gold. This makes it easier for you to get the required funds during emergencies.
  

• Minimal Documentation: You are usually required to submit only your basic KYC documents (ID and address proof) when applying for the loan. Most lenders do not have any strict income or credit score requirements. This helps reduce the processing time compared to personal or business loans.
  

• Safety of Pledged Gold: When you opt for a gold loan, the asset you pledge as collateral remains securely stored with the lender until repayment. Reputed banks and NBFCs provide insured vault storage for added protection.
  

• Flexible Repayment Options: You can choose a repayment option which best suits your needs and preferences. These options usually include bullet payments, EMIs, part payments, and so on.
  

• Lower Interest Rates: Since gold loans are secured loans, their interest rates are typically lower than those of unsecured loans like personal loans. On Bajaj Markets, the rates start from just 9.48% p.a.
  

• No End-use Restrictions: The loan amount can be used for any purpose, including business expansion, education, medical emergencies, or weddings. Unlike home or car loans, there are no limitations on the usage of the funds.

*Disclaimer: Terms and conditions apply to the benefits mentioned above, and these may vary from one lender to another.

Before applying for an online Loan Against Gold, understand the Gold Loan Eligibility Criteria you might be required to fulfill for your application to be approved:

Nationality

You must be an Indian citizen

Age

You must be at least 18 years old

Employment

You must be a salaried employee/self-employed individual/ entrepreneur/ farmer/ trader

Gold Purity

The purity of the gold submitted as collateral should be at least 18 karats

Furthermore, you may also be required to present the following documents when applying for a gold loan online:

• Identity Proof: Any one of the following

  • Aadhaar card

  • Passport

  • Driving licence

  • Voter ID

• Address Proof: Any one of the following

  • Aadhaar card

  • Passport

  • Driving licence

  • Utility bills

Here are some simple steps you can follow to apply for a gold loan on Bajaj Markets:

• Click on ‘CHECK ELIGIBILITY’ on this page

• Enter your basic personal details and the required loan amount
  

• Click on ‘SUBMIT’
  

• After this, your application will be reviewed and an executive will contact you for further proceeding

Some major benefits of applying for a gold loan on Bajaj Markets are as follows:

• Quick Processing

With the quick digital application process, your loan application can be reviewed and verified rapidly

• Minimal Paperwork

The digital documentation process makes applying for a gold loan on Bajaj Markets quite convenient

• Zero Hidden Charges

When you apply for a Gold Loan on Bajaj Markets, you can be assured of complete transparency with zero hidden charges

• Security and Trustworthiness

When you opt for this loan, be assured that your gold will be stored safely in vaults with advanced surveillance. Additionally, the loan process is completely transparent, ensuring trust and reliability.

On Bajaj Markets, you can choose from 5+ renowned lenders that offer gold loans in India. Compare and choose an offer that best suits your needs. This can be beneficial for first-time borrowers as well as those looking to opt for a gold loan balance transfer.

Here are some essential points to keep in mind when applying for a gold loan:

Loan-to-Value (LTV) Ratio

The LTV ratio represents the percentage of your gold's value that the lender will provide as a loan.  This is regulated by the RBI and is capped at 75%.  A higher LTV means you receive a higher loan amount, but it also signifies a higher risk for the lender.

Gold Purity and Valuation

The loan amount is determined by the value of your gold, which depends on its purity and weight. Lenders usually accept gold jewellery, coins, and bars with a minimum purity of 18 karats. The gold valuation is done by the lender's appraiser, and it's crucial to understand how they assess the value of your gold.

Interest Rates and Charges

Gold loan interest rates are generally lower than those of personal loans. However, the rates offered typically differ depending on the lender you choose. Apart from the interest rate, be aware of other charges like processing fees, valuation fees, and prepayment penalties.

Repayment Options

Lenders offer various repayment options, such as bullet repayment (paying the entire principal at the end of the tenure), EMI, and overdraft facility (paying interest only on the amount you use). Choose a repayment plan that suits your financial situation and ensures you can repay the loan on time.

Loan Tenure

Gold loans available on Bajaj Markets come with a tenure ranging up to 36 months. A shorter gold loan tenure may mean higher EMIs but lower overall interest outgo, while a longer tenure may have lower EMIs but higher total interest.

Security and Insurance

Ensure the lender has adequate security measures to safeguard your pledged gold. Inquire about insurance coverage for your gold while it's in the lender's custody.

Lender's Reputation and Transparency

Choose a reputable lender with a good track record and transparent policies. Read the loan agreement carefully and understand all the terms and conditions before signing.

Be sure to compare the interest rates and charges from multiple lenders before choosing a gold loan. Borrow only the amount you need and can comfortably repay. Make timely repayments to avoid penalties and protect your credit score. Keep all loan-related documents safe and accessible.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions. Basis the information provided during your loan application journey, you may be provided with various offers from our existing loans partners.