Facing a financial emergency? Consider these 4 benefits of availing an instant gold loan
Pune (Maharashtra) [India], June 9: In times of emergency, you may find yourself needing financial assistance to cover unforeseen expenses. Whether it is for urgent medical bills, your children's tuition fees, a wedding, or starting a new business, relying on loans becomes essential when emergency funds are insufficient.
If you own gold jewellery, availing a loan against it can be a wise choice for immediate financing. Many Indian households possess gold jewellery, and a significant portion of it remains unused. Therefore, utilising your gold as collateral for a loan can be a smart financing option during emergencies. Bajaj Finance offers the convenience of obtaining a quick gold loan ranging from Rs 5,000 up to Rs 2 crore against your 22-karat gold jewellery.
Let's explore the benefits of choosing a gold loan for meeting your urgent financial crisis needs.
Quick approval and disbursal
One of the primary reasons to consider a gold loan is the immediate access to funds. Unlike unsecured loans that often involve lengthy approval processes, documentation requirements, and credit checks, a gold loan provides a swift solution. By pledging your gold as collateral, lenders can quickly evaluate its value and disburse the loan amount, ensuring you receive the much-needed funds quickly.
No credit history or income proof required
Traditional loans rely on credit scores to determine eligibility. However, gold loans are secured by the collateral, i.e., the gold itself. Even if you have a poor credit history or no credit score at all, you can still avail an instant gold loan. You also do not need a proof of income to avail of a gold loan.
Lower interest rates
Compared to unsecured loans or credit cards,
are typically lower. The interest rates on gold loans are determined based on the loan-to-value (LTV) ratio and market rates. As gold acts as collateral, lenders consider it a secure form of borrowing, thereby reducing the risk associated with the loan. You can easily avail of a gold loan from Bajaj Finance with interest rates starting at just 9.50% per annum.
High loan value
Getting a significant amount of money at the last minute can be challenging and burdensome. However, using your idle gold to raise funds is much easier. Gold loans offer a high loan-to-value ratio, with Bajaj Finance offering loans for up to 75% of the gold's market value. Bajaj Finance also offers a free online gold loan calculator, allowing you to determine the gold loan per gram rate. This helps you in evaluating the maximum loan amount based on the weight of your gold jewellery.
How to obtain an instant gold loan from Bajaj Finance
If you are seeking immediate funds to fulfil your urgent needs, consider exploring
. If you are an Indian citizen aged between 21 and 70 years, you can conveniently apply for the loan using your KYC documents. Typically, a voter ID card, Aadhaar Card, passport, or driver's licence is all that is required to secure the loan.
To apply for a gold loan, simply visit a nearby Bajaj Finance branch or choose the convenience of applying online through the Bajaj Finance website. Follow these easy steps to apply:
- Step 1: Visit the Gold Loan section of the website
- Step 2: Click on the online application form
- Step 2: Enter your 10-digit mobile number and click on 'GET OTP'
- Step 3: Enter OTP to verify your details
- Step 4: Select your state and city to locate your nearest branch
- Step 5: Enter your full name and date of birth as per your PAN
- Step 6: Set up your appointment at the nearest branch in your city.
Apply now and manage your expenses with an instant gold loan from Bajaj Finance.
Terms and conditions apply.
Bajaj Finance Ltd. ('BFL', 'Bajaj Finance', or 'the Company'), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 66.05 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings.
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