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Top 5 Benefits of Opting for a Loan Against Gold Jewellery

Published: August 28, 2023

In moments of financial urgency, people often face situations where they need quick funds but do not know where to get them. In these moments, their gold jewellery could be the solution they are looking for.

Bajaj Finserv Gold Loan

For those seeking quick and easy access to funds, a Bajaj Finserv Gold Loan provides them with the required funds in as little as 15 minutes*. This not only ensures prompt access to the necessary funds but also prevents them from compromising on the ownership of their jewellery. Whether the expenses are planned or unplanned, a gold loan can be a great option to meet various financial needs.

With Bajaj Finance, borrowers can pledge their gold jewellery as collateral to get a gold loan starting from Rs. 5,000 up to Rs. 2 crore. As the loan is backed by their 18-22 karat gold jewellery, it comes with a lower interest rate compared to other unsecured loans. With Bajaj Finance, the gold loan rate of interest starts at just 9.50%* per annum. Unlike secured loans that involve extensive documentation and credit checks, a gold loan offers a quicker and simpler application process.

What makes gold loan a smart choice for quick finance | Bajaj Finserv

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Here are five benefits of a gold loan that makes it a wise financing option:

Convenient repayment options

With Bajaj Finance, borrowers have multiple repayment options. They can select repayment terms that align with their financial situation. They can choose to pay interest on a monthly, bi-monthly, quarterly, half-yearly, or annual basis as per their convenience. However, the principal amount and pending interest, if any, needs to be settled at the time of loan maturity.

Easy documentation

Applying for loans can sometimes be stressful because of the complex documentation process. But with Bajaj Finserv Gold Loan, it is much easier. Borrowers only need to share their basic KYC documents like Aadhaar Card, voter ID card, passport, driving licence, NREGA job card, or a letter from the National Population Registration to complete the verification.

Transparent evaluation

Transparency is crucial when it comes to gold loans. Bajaj Finance uses top-of-the-line karat metres to ensure borrowers receive maximum value for their gold. The pledged gold jewellery is stored in secure vaults that are monitored around the clock, ensuring utmost safety. Additionally, borrowers also get a free insurance of the pledged gold jewellery. Having their gold covered by insurance assures them that their jewellery is well protected.

No credit score check

Another main advantage of gold loans is that borrowers can secure the loan without any credit history or high CIBIL Score. This is because the loan is backed by collateral in the form of gold jewellery, which provides the lender with a means of recovering the amount in case the borrower defaults. To be eligible for the loan, applicants only need to possess jewellery made of 18-22 karat gold.

Hassle-free application

Gold loans are processed quickly due to minimal documentation and no extensive eligibility checks. Any Indian citizen aged between 21 years and 70 years can obtain a gold loan easily.

Bajaj Finance offers two convenient options to apply for a loan against gold. The first option involves visiting a nearby branch of Bajaj Finance and applying in person. Alternatively, borrowers can apply from the comfort of their own home by visiting the Bajaj Finance website and following a few easy steps.

Visit the Bajaj Finserv Gold Loan page.

Access the online application form.

Provide your 10-digit mobile number and receive the OTP.

Submit the OTP to verify the details.

Choose the state and city to find the nearest branch.

Enter complete name and date of birth as per the PAN.

Schedule an appointment at the nearest branch.

Once the application is submitted, a Bajaj Finance representative will guide the applicant through the next steps. With over 800 branches across India, Bajaj Finance ensures prompt and hassle-free loan processing, ensuring a convenient experience. To apply for a gold loan today, visit the Bajaj Finserv website.

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 72.98 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.

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