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

Bajaj Finance Limited has announced a revision of its interest rate on gold loans, starting from 9.50% per annum.

A borrower can access the loan amount they need by mortgaging gold jewelry that might be unused at home. Since the gold jewelry serves as collateral, the interest rate on the loan is usually lower than 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 promising gold jewelry. The loan can be used to meet any planned or unforeseen financial need – from medical emergencies to urgent home repairs or any other unforeseen event.

Here are some of the main reasons why one should apply for a Bajaj Finserv gold loan:

Partial Release Facility: Borrowers can also take advantage of the Partial Release Facility – which allows part of their pledged jewelry to be recovered by repaying the equivalent amount.

No Fees on Partial or Full Prepayment: Along with competitive interest rates, Bajaj Finserv also offers the borrower the option of repaying part or the entire loan amount at no additional cost.

Accurate gold valuation and high loan amount per gram: Bajaj Finserv uses an industrial grade caratmeter, which guarantees a high loan amount per gram of gold.

Simple eligibility criteria: To obtain a gold loan from Bajaj Finserv, one must meet the following basic eligibility criteria:

The borrower must be between 21 and 70 years old

The borrower must be an independent professional, salaried worker, trader, businessman or farmer and must own 22-karat gold jewelery

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

Online – Borrower can visit Bajaj Finserv website and fill the simple online form. Once done, a company representative will call the borrower to walk them through the next steps.

Offline – Bajaj Finserv has over 300 branches across India and new branches are opening every month. The borrower can go to the nearest branch in his city to apply for the loan.

Minimum documentation: If the borrower meets the basic eligibility criteria, they will be asked to submit one of the documents as proof of identity and residential address. These are Aadhaar Card, Passport, Driving License, Voter Card, 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, semi-annually or even annually. If one is looking to get a loan, consider a secured gold loan from Bajaj Finserv. With attractive interest rates of 9.50% per annum and loan amounts ranging from Rs. 5,000 to Rs. 2 crore, one can obtain funds easily.

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