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Bajaj Finserv revises gold loan interest rates, offer starts at 9.50%

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Bajaj Finance Limited announced a revision in its gold loan interest rate, starting at 9.50% per annum.

A borrower can get access to the loan amount they need by mortgaging gold jewellery that may be lying idle at home. Since the gold jewellery serves as a security, the interest rate on the loan is usually lower than that on an unsecured loan.

This is one of the main reasons that make secured loans the preferred alternative to unsecured loans and credit cards.

Borrowers can apply for a Bajaj Finserv Gold Loan of up to 2 crore by pledging gold jewellery. The loan can be used to meet any planned or unplanned financial requirement – from medical emergencies to urgent home repair or any other unforeseen event.

Here are some of the top reasons why one should apply for a Bajaj Finserv Gold Loan:

Part-release facility: Borrowers can also take advantage of the part-release facility – which lets one get back a part of their pledged jewellery by repaying the equivalent amount.

Zero charges on part and full prepayment: Besides competitive interest rates, Bajaj Finserv also offers the borrower the option to pay back a part of or the entire loan amount at no extra cost.

Accurate gold evaluation and high loan amount per gram: Bajaj Finserv uses an industry-grade carat meter, which ensures a high loan amount per gram of gold.

Simple eligibility criteria: To get a gold loan from Bajaj Finserv, one needs to meet the following basic eligibility criteria:

The borrower should be between 21 and 70 years of age

The borrower should be a self-employed professional, salaried, trader, businessperson, or farmer and must have 22 carat gold jewellery

Easy application process: One can apply for a gold loan online as well as offline.

Online – The borrower can visit Bajaj Finserv’s website and fill-in the simple online form. Once done, a representative from the company will call the borrower to guide them on the next steps.

Offline – Bajaj Finserv has more than 300 branches across India, and new branches are being opened every month. The borrower can visit the nearest branch in their city to apply for the loan.

Minimal documentation: If the borrower meets the basic eligibility criteria, he or she will be asked to submit any of the documents as proof of identity and residential address. These are Aadhaar Card, Passport, Driving Licence, Voter ID, NREGA Card

Flexible repayment option: Borrowers can choose from convenient tenure options to manage their loan repayment. One can pay regular EMIs or choose to pay interest periodically – monthly, bi-monthly, quarterly, half-yearly or even yearly. If one is looking to get a loan, think of a secured gold loan from Bajaj Finserv. With attractive interest rates of 9.50% p.a. and loan amounts ranging from Rs. 5,000 to Rs. 2 crore, one can get funds with ease.

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