Learn how to qualify for a gold loan on Bajaj Markets and the documents you need to prove your eligibility.
A gold loan can be a one-stop solution for emergencies. Since it is a secured loan, the process is simple.A borrower pledges gold as security to receive up to 75% of its current market value as a loan.
On Bajaj Markets, you can explore gold loan options from a range of lenders. There are minimal documents required for a gold loan, and you can apply online. Get a loan at attractive interest rates starting from 9.48% p.a.
To apply for a loan via Bajaj Markets, ensure you meet the following gold loan eligibility criteria:
Minimum age to apply is 18 years, though some lenders may require applicants to be at least 21
You need to be an Indian citizen
You have to be self-employed, a salaried employee, an entrepreneur, a farmer, or a trader
The purity of the gold assets must be at least 18 karats
Gold loan eligibility per gram refers to how much of your gold’s value lenders use to determine your loan amount. You can use a gold loan eligibility calculator to get an estimate of the loan amount you can receive against your jewellery.
Key factors influencing this calculation include:
Here are the documents required for a gold loan when applying on Bajaj Markets:
Identity Proof
Any one of the following:
Address Proof
Any one of the following:
Once you meet the eligibility criteria, you can submit the required documents and await the approval of your application. You can also forecast your monthly instalments by using the gold loan EMI calculator on Bajaj Markets. It helps you plan your finances better and choose the right loan terms.
To evaluate your gold's value, lenders consider both the current market price and gold’s purity in karats. The key considerations include:
Karat is the unit for measuring gold purity, represented by the symbol K. In India, gold items such as coins, jewellery, and bars are assessed on a karat scale from 0 to 24.
Gold valuation for loans depends on the prevailing market price. Since gold prices fluctuate, a higher rate allows borrowers to obtain a higher loan value.
The gold rate depends on purity. The purest form, 24-karat gold, contains 99.9% gold and has the highest value.
While loan eligibility depends on gold value and purity, the applicable interest rate determines the overall cost of borrowing.
To determine the gold loan value, lenders follow specific valuation methods such as weight measurement and gold hallmark verification. The points below denote the methods in detail:
Lenders first examine gold assets for authenticity and damage. They also check for hallmarks.
After completing the initial assessment, lenders measure the weight of the gold in grams using precise scales.
To determine the exact purity of the gold, lenders use evaluation methods such as acid tests or X-ray fluorescence testing.
If the gold has a hallmark, lenders verify it using authorised verification methods.
Lenders calculate the value based on the current gold price per gram.
As per RBI guidelines, lenders can sanction up to 75% of the gold’s assessed value as a loan.
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As per RBI guidelines, the maximum permissible limit for pledging gold ornaments is 1 kilogram per borrower. For gold coins, the cap is set at 50 grams per borrower. These restrictions help reduce risks like excess fund concentration in a single asset and potential misuse for money laundering.
If you apply for a gold loan through Bajaj Markets, you must be an Indian citizen above 18 years of age. There are no restrictions based on occupation, so salaried individuals, self-employed professionals, entrepreneurs, farmers, and traders are all eligible to apply.
No, you generally do not need to provide income documents or salary proof for a gold loan, since the loan is secured against your gold. You only need to submit KYC documents such as Aadhaar card, PAN card (if applicable), passport, voter ID, or driving licence for identity proof.
For address proof, you can provide documents like utility bills, ration card, or bank statements.
The loan amount depends on the current market value of the gold asset you are pledging as collateral.
On Bajaj Markets, you can get a loan of up to 75% of your gold's value, which is the maximum permitted by RBI regulations. This percentage may vary depending on the gold's purity, but it cannot exceed this cap.
The minimum weight of your gold asset needed for a gold loan may differ from one lender to another. You could confirm the same from your lender.
A PAN card may be required for a gold loan, depending on the loan amount and the lender’s policies. Some lenders ask for it in case of larger loan values, while others may accept alternate KYC documents. It is best to confirm the exact requirement with your lender before applying.
Most lenders offer you a gold loan even when you do not have the bill or receipt. The lender will verify the value of the gold you are planning to pledge.
You can repay your gold loan based on your lender's policies. You can choose an EMI option and select a frequency that suits you. Alternatively, you could make partial payments.
However, if you opt for bullet repayment, you need to repay the principal and interest together at the end of the tenure.
Yes, you can get a gold loan against studded jewellery as well. Most lenders accept studded gold jewellery as collateral for gold loans. However, the loan amount is determined only on the basis of the net gold content and its purity.
The lender will consider the current market value of gold when calculating the loan amount and will exclude the value of stones or other embellishments.
In many cases, a gold loan approval happens instantly. However, in some instances, the processing may take around a few hours to a day due to assessment and valuation processes.
Verification of the gold and related details is usually completed on the same day, often within a few hours. Once the gold is tested and valued, the loan is processed and disbursed quickly.
Yes, most lenders charge processing fees, stamp duty, handling fees, and interest rates. These charges can range from 0% to 1.25% + applicable taxes, depending on the lender.
The minimum age to apply for a gold loan in India is 18 years. However, some banks and lending institutions offer gold loans to individuals only above 21 years.
Since gold loans are secured against physical assets, a CIBIL score is not required for approval.
Gold loans do not depend on your salary, because the pledged gold secures them. However, some lenders may still assess your income stability to ensure timely repayment.