A gold loan is a one-stop solution for all your financial emergencies. You can take a loan by pledging your gold ornaments as collateral to fulfill your urgent needs. Taking a gold loan is a quick and easy process. You can take a gold loan with amounts ranging from Rs. 5000 to Rs. 2 Crores, at interest rates starting from 10% per annum. A gold loan requires only a few documents for processing.
You shall need only the following documents while taking a gold loan from Bajaj MARKETS:
Address Proof (any one of the following): Aadhaar card/Voter ID card/Driving license/Utility bill/Passport copy/NREGA job card
Please also note the eligibility criteria as listed below to avail a gold loan.
Any Indian citizen can take a loan against their gold ornaments and jewellery. You can check the following eligibility criteria before applying for a gold loan:
Age: You must be above 21 years and below 70 years of age
Profession: You can be a salaried employee., self-employed individual, business person, trader, farmer etc.
Only 18 to 24 karat gold jewellery and ornaments can be pledged for a gold loan. Gold coins that weigh up to 50 grams and are issued by banks are also eligible. Gold bars are not eligible as collateral for gold loans.
You can use the gold loan eligibility calculator to check the amount that can be borrowed based on the number of gold ornaments and jewellery, their respective weights and their purity in karats.
The rate of gold per gram is the maximum sum that you can get in exchange for 1 gram of gold that you’ve pledged. This rate is also known as LTV (Loan to Value) and is evaluated based on the current market value of gold. As per RBI guidelines, this amount is limited to 75% of the value of your gold ornaments or jewellery. Gold loan per gram eligibility is calculated from several factors such as the nature of your gold articles, the weight of the gold, its purity, and the current market value of gold.
No, you do not need to provide any income documents or salary proof for a gold loan. A gold loan requires only your identity and address proof.
You can get a gold loan from most banks and NBFCs even if you are not an existing customer if you have a good credit score. Sometimes, an existing customer might have to introduce you to the lender before you can apply for a gold loan.
You are eligible for a gold loan amount within Rs. 5000 and Rs. 2 Crores. The value depends on factors like the interest rate, purity and weight of your gold. In general, you can get a loan amount up to 75% of your gold’s value.