Gold Loan for Medical Emergency

Medical emergencies can cause sudden financial pressure on anyone. A gold loan can provide a reliable and affordable solution in such times. Here are some advantages of choosing a gold loan during medical crisis:

• Instant Access to Funds

You can secure funds with a gold loan within hours. Lenders accept jewellery as collateral immediately. 

All you need to do is submit KYC documents and pledge your assets as security. This will make sure you can pay for hospitalisation, treatment, and medicines as soon as possible. 

• Maximum Value of Gold

These loans offer a loan-to-value (LTV) ratio of up to 75%. For example, if the value of your jewellery is ₹2 Lakhs, you can borrow up to ₹1.5 Lakhs. You can get substantial amounts against your assets, which will help cover all expenses with ease.

• Flexible Repayment Options

You can choose a short or long repayment tenure. Depending on your income, you may repay within a few months or over several years. This flexibility will help you to plan a repayment strategy that comfortably fits with your budget.

• Low Borrowing Costs

Gold loans may come with lower interest rates than unsecured loans. For instance, if you get a gold loan from one of the lenders available on Bajaj Markets, the starting interest rate is 9.48% p.a. 

• Fast and Simple Processing

The purity of your gold is the key factor that affects the gold loan approval. Lenders typically require minimal documentation and simple gold loan eligibility criteria. By pledging your gold ornaments and submitting the necessary documents, you can receive funds within hours.

• Early Closure Benefits

Most lenders allow foreclosure without penalties. If your finances improve, you can repay earlier. This saves interest and will help you retrieve your gold sooner. 

• Freedom of Usage

You can use the loan amount as you need. It can be for hospital bills, surgery, or medicines; lenders do not restrict the usage. This will make gold loans ideal for medical emergencies.

You can apply for a gold loan for medical emergencies via Bajaj Markets. This platform allows you to compare various lenders and choose an option that best suits your needs. Here are the steps to apply:

1. Click on ‘CHECK ELIGIBILITY’ on this page

2. Enter your personal details and the required loan amount

3. Click on ‘SUBMIT’ to proceed

4. The system will review your application, and an executive will contact you for the next steps

Compare gold loans and personal loans in the table below to determine the fastest and most cost-effective way to cover urgent medical expenses:

When to Choose a Gold Loan

• Suitable to address urgent medical expenses since the funds are disbursed quickly.

• Recommended for individuals with a low or no credit score.

• Best suited for short-term medical requirements, such as hospitalisation or treatment costs.

When to Choose a Personal Loan

• Appropriate if pledging gold for medical financing is not an option.

• Suitable for covering treatment expenses with longer repayment tenures and structured EMIs.

Securing funds against your gold jewellery is a simple and convenient way to arrange funds during emergencies. Here are some notable features of a gold loan that make it a reliable choice:

• Part-release Facility

You can repay part of your loan and release some pledged gold before the tenure ends. This feature will let you reclaim jewellery by clearing the equivalent loan amount. It is useful when you need only a portion of the pledged gold before full repayment.

• No Part-prepayment or Foreclosure Fee

You can prepay or foreclose your loan without paying extra charges. The charges remain zero, but if you close the loan, prorated interest will apply.

• Transparent Evaluation

Lenders will evaluate the gold that you have pledged using advanced karat meters to ensure accuracy. This process will guarantee that you are receiving a fair and transparent value for your jewellery.

• Convenient Repayment Options

You can choose to pay monthly, bi-monthly, quarterly, half-yearly, or annually. These flexible options will help you align repayments with your income flow.

• Easy Application Process

You can apply for the loan online in a few simple steps or visit the nearest branch. An executive will assist you throughout the process to ensure quick approval.

• High Gold Loan Amount

You can borrow high amounts depending on the value of your gold. This flexibility will make sure the loan is suitable for different types of medical expenses.

• Gold Loan Renewal

You can renew a gold loan at the end of its tenure. Submit a renewal request with minimal documents to continue access to funds without repaying the full principal.

• Gold Loan Top-up

You can apply for a top-up on your gold loan through the lender’s website, mobile app, or by visiting a branch. Once approved, the lender will close your existing account and open a new one that includes the top-up amount.

A gold loan for medical emergencies provides quick funds to cover urgent healthcare and hospitalisation expenses. You can use the loan to cover several types of expenses, such as: 

• Medication Costs

A gold loan will help you pay for costly medicines. You can maintain a steady supply without financial pressure.

• Hospitalisation Expenses

You can use the loan to cover room upgrades, meals, or special care. It ensures comfort during the stay in the hospital.

• Surgical Treatments

You can manage expenses for surgeries not fully covered by insurance. The loan can allow you to meet urgent surgical costs.

• Lab Tests and Scans

You can pay for diagnostic procedures like MRIs and lab tests. The loan will ensure you are not delaying critical physical assessments.