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Bajaj Finserv, one of India’s leading NBFCs, offers gold loans that can help fulfil your needs. Pledge your gold assets to get the needed funds. Use the loan to fulfil all your financial needs, be it a medical emergency or an investment opportunity. A Bajaj Finserv Gold Loan comes with several benefits and attractive loan terms.

Features and Benefits of a Bajaj Finserv Gold Loan

  1. Higher Loan Amount: With Bajaj Finserv, get a loan amount of up to ₹2 Crores to meet your diverse financial needs
  2. Competitive Interest Rates: Bajaj Finserv offers gold loan interest rates starting at 9.50% p.a. This ensures that your borrowing costs are manageable and affordable.
  3. Flexible Repayment Options: You can repay the loan through EMIs or partial prepayments. This flexibility enables you to repay the loan at your convenience.
  4. No Prepayment Charges: With Bajaj Finserv, close your gold loan anytime. You do not have to worry about any prepayment or foreclosure charges. This flexibility allows you to manage your finances effectively.
  5. Part-release Facility: You can access a part of your pledged gold during the loan tenure. For this, you need to deposit an amount equivalent to the value of the gold you wish to withdraw. This convenient facility enables you to retrieve your gold before the tenure ends.

Interest Rates and Charges

Here’s a breakdown of the charges that you will need to pay:

  1. Interest Rates: The interest rates for Bajaj Finserv Gold Loan ranges from 9.50% p.a. to 28% p.a.
  2. Convenience Fee: A convenience fee of ₹149 is applicable for part release of the pledged gold
  3. Stamp Duty: This amount is payable as per the state laws and deducted from the loan amount
  4. Processing Fee: The processing fee usually amounts to 0.12% of the loan amount. Else the amount will be between ₹99 and ₹600. This is inclusive of applicable taxes.
  5. Penal Charge: A default in any payment will attract a penal charge of ₹8 per day on the outstanding balance. An extra fee is applicable in case of default in paying the outstanding dues after maturity.
  6. Cash Handling Charges: A charge of ₹50 is applicable for cash disbursements
  7. Auction Charges: In case your gold is being auctioned due to default, there are some charges you must pay. These include recovery charges of ₹500 and physical notice charges of ₹40 per notice. You may also have to pay an advertisement fee of ₹200 (inclusive of applicable taxes).

Please note that the values mentioned may vary as per the policies of Bajaj Finserv. Penal interest rates are usually charged over and above the interest rates mentioned.

Eligibility Criteria and Document Requirements

To apply for a Bajaj Finserv Gold Loan, you must meet the following eligibility criteria:

  1. Age Criteria: You must fall under the age bracket of 21 to 70 years
  2. Gold Eligibility: The gold you pledge as collateral must be between 18 and 24 karats. Gold bars or coins do not qualify as collateral.

When applying for a Bajaj Finserv Gold Loan, you may have to submit the following documents:

  1. Address Proof: You can provide any one of the following documents:
  • Aadhaar Card
  • Passport
  • Driving Licence
  • NREGA Job Card
  • Letter issued from the National Population Register
  • Voter ID Card
  1. Identity Proof: Furnish any one of the following:
  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving Licence
  • NREGA Job Card

If there are any discrepancies in the address as per the officially valid documents (OVDs), provide any of the following:

  • Pension or family pension document
  • Utility bill of the current or previous month
  • Property or Municipal tax receipt
  • Letter of allotment of accommodation from your employer

Do note that you will have to submit OVDs with the updated address within 3 months of applying for the loan.

Bajaj Finserv Gold Loan is a reliable solution for those who need finances instantly. Moreover, the eligibility criteria and document requirements make the application process simpler. Leverage the value of your gold without having to sell the asset. When facing unexpected expenses and emergencies, a Bajaj Finserv Gold Loan can help. You can apply for this loan by visiting the official website of Bajaj Finserv. You can also head to online financial marketplaces like Bajaj Markets and apply.