When financial needs arise, whether it is a medical emergency, higher education, or any other expense, a gold loan can be a convenient and reliable solution. What makes this option even more appealing is the prospect of securing one at low interest rates.
Bajaj Finserv Gold Loan interest rates Alt tag- Bajaj Finance Gold Loan
At the core of gold loans is the interest rate, which is an important factor that significantly impacts the overall cost of borrowing. Bajaj Finserv Gold Loan offers loans starting from Rs. 5,000 up to Rs. 2 crore, against 18-22 karat gold jewellery, with gold loan interest rates starting at just 9.50%* per annum.
Factors influencing gold loan interest rates
The gold loan interest rate can vary based on several factors. The foremost factor is the market value of gold. Fluctuations in gold prices directly impact the interest rates, as lenders often calculate the loan amount based on the golds current market value.
Another important factor is the loan-to-value (LTV) ratio. This ratio determines the loan amount one can secure against their golds value. Bajaj Finserv Gold Loan offers an LTV ratio that ensures customers can access higher loan amounts at competitive interest rates, aligned with their golds worth. As per the RBI guidelines, Bajaj Finance offers up to 75% of the pledged gold’s value.
What makes Bajaj Finserv Gold Loan a smart financing option
1. Quick access to funds: Gold loans provide quick access to funds by using gold as collateral. This means that individuals can secure loans against their 18-22 karat gold jewellery, ensuring immediate financial assistance. With Bajaj Finance, borrowers can avail gold loans starting from Rs. 5,000 up to Rs. 2 crore. This loan comes with no end-use restrictions. Borrowers can utilise it for diverse financial needs such as funding a new business, medical expenses, or home renovation.
2. Multiple repayment options: The flexibility in repayment options also plays a significant role in determining the gold loan interest rates. Bajaj Finserv Gold Loan offers a convenient repayment tenure of up to 12 months, allowing customers to choose a repayment option that suits their financial capacity. Longer tenures might have slightly higher interest rates, whereas shorter durations often offer lower interest rates but higher monthly instalments. Borrowers can also choose to pay the loan interest on a monthly, bi-monthly, quarterly, half-yearly, or annual basis, depending on their financial standing.
3. Security of pledged gold: With Bajaj Finserv Gold Loans, borrowers benefit from stringent security measures. The pledged gold is stored in secured facilities equipped with round-the-clock surveillance and strict safety protocols. These measures ensure the safety and protection of the valuable jewellery throughout the loan tenure, providing borrowers with peace of mind regarding their pledged gold.
4. Gold loan calculator: The gold loan calculator stands as a helpful tool for those considering Bajaj Finserv Gold Loan. It allows borrowers to quickly estimate how much amount they could receive against their gold jewellery, the probable interest rate and the loan tenure. By entering details like the weight and purity of their gold, borrowers can get an idea of the loan amount they might qualify for. This handy tool assists individuals in planning their finances better and understanding the potential loan value that they can access, making the borrowing process easier and more transparent.
5. Easy application process: Customers can apply for a Bajaj Finserv Gold Loan with minimal paperwork, and the best part is that the loan is processed swiftly. This ensures that borrowers receive fair interest rates based on their golds value, providing financial assistance while securing their gold jewellery. With Bajaj Finance, borrowers just need to submit any one of the following KYC documents- Aadhaar Cards, voter ID card, passport, driving licence, NREGA job card, or a letter from the National Population Registration along with their gold jewellery to be pledged to avail of the loan.
To apply for a Bajaj Finserv Gold Loan, borrowers must follow these simple steps.
Step 1: Click on ‘APPLY‘ to open the online application form
Step 2: Enter the 10-digit mobile number and click on ‘GET OTP‘
Step 3: Submit the OTP to verify the details
Step 4: Select the state and city to find the nearest branch
Step 5: Enter full name and date of birth as per the PAN card
Step 6: Set up an appointment at the selected branch
Once done, the applicant will receive a call from a Bajaj Finance representative to confirm the appointment and guide them on the next steps.
Understanding gold loan interest rates is crucial when opting for a Gold Loan. The competitive interest rates, transparent terms, quick disbursal, and flexible repayment options, make gold loans a reliable choice for those seeking financial aid against their gold jewellery.
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.
To know more, visit www.bajajfinserv.in.