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BAJAJ FINSERV DIRECT LIMITED

Gold Loan in Mumbai

A gold loan allows you to borrow money by pledging your gold as collateral, offering quick funds without selling your valuables. If you are a resident of Mumbai,

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Required Gold Weight

10 gms

Monthly EMI

₹ 8,367

Total Interest

₹ 401

Total Payment

₹ 1,00,401

Today’s Gold Rate @ ₹ 14715 / Gm for 22k purity

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Required Loan Amount

Interest Rate

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Tenure

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Check Eligibility

You can also make instant comparisons between gold loan offers from over 6 loan providers on Bajaj Markets

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Features and Benefits of a Gold Loan in Mumbai

Gold loans provide a fast and easy way to access funds by using your gold jewellery as collateral. They offer flexible options and simple processes, making them suitable for a variety of financial needs. Here are some benefits:

Fast Processing and Quick Access to Funds

Gold loans are processed swiftly, with funds often released within minutes. This makes them ideal for urgent personal, business, or emergency expenses.

Secure and Insured Gold Storage

Your pledged gold is stored in highly secure, insured vaults. It is returned in the same condition once the loan is fully repaid.

Simple Documentation

The application process is straightforward, usually requiring only basic KYC documents. No income proof is needed, making it accessible for homemakers and freelancers.

Competitive Interest Rates

Since the loan is secured against gold, interest rates are generally lower than unsecured loans. Rates may vary depending on lender policies and gold purity.

No Credit History Requirement

A poor credit score does not hinder approval, as the pledged gold serves as collateral. This makes gold loans accessible even to individuals with low or no credit history.

How to Apply for a Gold Loan in Mumbai?

You can easily apply for a gold loan in Mumbai online or offline, making it a convenient way to meet urgent financial needs. Follow these steps:

Online Application

Visit the official website or install the mobile app of your chosen lender
Navigate to the gold loan section and select ‘Apply Now’
Fill in the application form with personal details and loan requirements
Submit the form for review by the lender
A representative may contact you to verify your gold and documents
Receive approval and have funds credited to your account

Offline Application

Visit the nearest branch of your preferred lender
Collect and fill in the gold loan application form
Submit the completed form along with the required documents
Lender evaluates your gold and verifies your application
Receive approval and disbursal in cash or bank transfer

Calculation of the Loan Amount Against Gold

Before pledging your gold, it is useful to know how much you can borrow. The loan amount depends on several factors, including the prevailing gold loan interest rate in Mumbai. Here are the steps to calculate it:

Step 1: Determine Gold Weight

First, find the net weight of your gold in grams. Only the actual gold content counts, excluding gemstones or alloys.

Step 2: Check Gold Purity

Identify the purity of your gold in karats. Higher purity, such as 22 or 24 karats, increases the loan amount per gram.

Step 3: Know the Current Market Price

Check the prevailing market price of gold. Lenders often use the average market rate of recent weeks to set the value.

Step 4: Apply the Loan-to-Value (LTV) Ratio

Multiply the gold’s value by the LTV ratio offered by the lender. RBI allows up to 75%, though some lenders may offer a lower percentage.

Step 5: Calculate Estimated Loan Amount

Use the formula:

Loan Amount = (Purity/24) × Market Price × LTV Ratio × Weight of Gold
This gives an approximate amount you can borrow against your gold

Step 6: Consider Fees and Verification

Lenders may deduct processing fees, and they will independently verify the weight and purity before final disbursal. The applicable gold loan interest rate in Mumbai can affect the total repayment, so it is important to factor it in.
Many banks and NBFCs offer online gold loan calculators to quickly estimate your eligible loan amount. You simply enter the weight and purity of your gold, and the tool applies the current market price and LTV ratio. This is a convenient way to plan your finances before visiting the lender.

Eligibility Criteria to Apply for Gold Loans in Mumbai

Before applying for a gold loan in Mumbai, you need to meet some basic requirements. Meeting these ensures your application is processed smoothly and quickly.

Any Indian resident aged 18 or above with gold jewellery
The legal owner of the gold you want to pledge
The gold you pledge should have a minimum purity of 18 karats, with 22–24 karats accepted for coins or bank-minted gold

Your credit history usually does not affect approval since the loan is secured against your gold.

Documents Required for a Gold Loan in Mumbai

To apply for a gold loan in Mumbai, you need to provide certain documents that verify your identity and other legal details. These are standard requirements across most banks and NBFCs and ensure a smooth approval process:

Document Type	Examples
Identity Proof	Aadhaar Card, PAN Card, Passport, Driving Licence, Voter ID
Address Proof	Aadhaar Card, Passport, Utility Bills, Driving Licence, Bank Statement
Application Form	Duly filled and signed gold loan application form
Photographs	Recent passport-size photographs of the applicant
Age Proof	Birth certificate, school leaving certificate, or other valid proof

Disclaimer: The documents listed above may vary depending on the lender’s policies.

Why Choose Bajaj Markets Gold Loan in Mumbai?

Lenders on Bajaj Markets offer flexible gold loans in Mumbai, tailored to your financial needs. They provide a quick and reliable way to unlock the value of your gold. With competitive gold loan rates in Mumbai, you can access funds without straining your budget.

High Loan Amounts

You can borrow up to 75% of the current market value of your gold, allowing you to access a substantial amount while keeping your asset intact.

Flexible Repayment Options

Repay the loan at your convenience with monthly, quarterly, or lump-sum payments, along with partial payment options.

Competitive Interest Rates

Start with interest rates as low as 9.48% p.a., giving you an easy borrowing option.

Quick Approval and Disbursal

You get your gold loan approved and disbursed rapidly, so you can access funds exactly when you need them.

Minimal Documentation

You only need to submit basic documents, keeping the process simple, hassle-free, and convenient for you.

No Prepayment or Foreclosure Charges

Close your loan early without incurring extra fees or penalties.

Uses of Loan against Gold in Mumbai

Gold loans provide a flexible way to meet a range of personal and business financial needs. They give you quick access to funds while keeping your gold secure. Here are some ways you can use the loan amount:

Fund medical emergencies such as treatments, surgeries, or hospital stays
Cover higher education expenses for yourself or family members
Finance business growth, operational costs, or short-term working capital
Manage wedding or festive season expenses efficiently
Renovate or improve your home without straining your daily finances
Consolidate existing debts and simplify repayment with lower interest rates
Invest in personal or business opportunities without selling your gold

Why Gold Loan is the Most Feasible Borrowing Mode in Mumbai?

Gold loans are one of the most practical borrowing options in Mumbai because they allow you to leverage idle assets without selling them. Unlike unsecured loans, they require minimal eligibility criteria, making it easier for a wider range of people to access funds.

Additionally, gold loans are cost-effective and flexible, allowing you to borrow larger amounts at lower interest rates. Repayment options are also adjustable to suit your short-term financial needs.

This combination of accessibility, affordability, and adaptability makes gold loans a highly feasible choice for meeting urgent or planned financial requirements.

Frequently Asked Questions

What is the maximum tenure for a gold loan in Mumbai?

If you apply for a gold loan through Bajaj Markets, you can benefit from a maximum tenure of up to 3 years. This flexible repayment period allows you to manage your finances comfortably while making the most of your borrowed funds.

What is the interest rate of a gold loan in Mumbai?

Gold loan interest rates are influenced by the lenders’ policies, the purity of the pledged gold, and the length of the loan tenure. With gold loan lenders available on Bajaj Markets, you can secure high loan amounts at low rates starting from 9.48% p.a.

What is the current gold rate in Mumbai today?

As of today, the per-gram gold rates in Mumbai are:

24K gold: ₹10,135
22K gold: ₹9,290
18K gold: ₹7,601

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Yara AI

Gold Loan in Mumbai

Features and Benefits of a Gold Loan in Mumbai

Fast Processing and Quick Access to Funds

Secure and Insured Gold Storage

Simple Documentation

Competitive Interest Rates

No Credit History Requirement