Gold has always been a prized possession in Indian households. Often passed on as family heirlooms, gold has religious, spiritual, and sentimental value. This yellow metal is so versatile that, apart from being revered as jewellery, it also serves as a valuable financial asset.
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Bajaj Finance Gold Loan
A gold loan is an excellent way to access cash quickly without selling precious gold jewellery. Today, many financial institutions offer loans against gold, which can be an excellent resource during emergencies. However, to get the best value for available gold borrowers must be aware of concepts like the gold loan gram rate and how it is calculated.
Understanding the gold loan gram rate
The gold loan gram rate is the value of a gram of gold on any given day and determines the loan amount borrowers can get per gram of gold. The value fluctuates daily based on the market rate of gold. This rate is impacted by several factors, including:
1. Market price of gold: The international gold price directly affects the gold rate in India.
2. Purity of gold: The higher the purity (18K to 22K), the better the loan amount one can get.
3. Loan-to-value (LTV) ratio: Lenders offer up to 75% of the gold’s value based on RBI regulations.
Staying updated on gold rates of different cities such as today’s gold rate in Kolkata is essential for making smart financial decisions, whether someone is buying, selling, or considering a gold loan. Bajaj Finance’s gold rate page provides real-time updates, helping them track prices accurately and make confident choices as market rates change.
How is the gold loan gram rate calculated?
The gold loan gram rate calculation involves assessing the gold’s purity and weight. Here is a step-by-step breakdown of the process.
Step 1: Gold is evaluated using a karat meter to determine its purity, typically between 18K and 22K for gold loans.
Step 2: The net weight of gold (excluding stones and other materials) is taken into account.
Step 3: Based on the purity and current market rate, the loan-to-value ratio is applied to calculate the loan amount.
For example, with 10 grams of 22K gold at a gram rate of Rs. 4,700 and an LTV of 75%, the loan amount would be Rs. 35,250.
Borrowers can always use a reliable tool like the Bajaj Finserv Gold Loan Calculator to get an accurate loan estimate before applying.
Reasons to choose the Bajaj Finserv Gold Loan
Choosing the right loan is important to have a smooth borrowing journey. Bajaj Finserv Gold Loan offers access to multiple benefits and quick access to the funds one needs when they need it. Here is what applicants can expect when opting for this loan:
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High loan amount: Avail loans starting from Rs. 5,000 up to Rs. 2 crore depending on the gold’s value. -
Quick disbursal: Funds are disbursed swiftly, ensuring borrowers can tackle emergencies without delay. -
Transparent evaluation: All Bajaj Finance branches are equipped with top-notch karat meters to guarantee fair valuation. -
Part-release facility: Pay back part of the loan and retrieve a portion of gold before the tenure ends. -
No foreclosure or part-prepayment charges: Repay a portion or the full loan amount at no extra fee. -
Free insurance of gold: Get complete assurance that the pledged gold is protected against theft or loss while in their custody. -
Multiple repayment options: Choose from multiple repayment schedules as per their convenience. Borrowers can choose to repay their gold loan interest on monthly, bi-monthly, quarterly, half-yearly, or annual basis.
Applying for a Bajaj Finserv Gold Loan is extremely simple, with minimal eligibility requirements and documentation. To be eligible, applicant must be an Indian national aged 21 to 70, with gold access to 18K to 22K worth of gold jewellery. They just need their basic KYC documents that include, Aadhaar card, Voter ID card, passport, driving licence, NREGA job card, or a letter issued by the National Population Registration.
A Bajaj Finserv Gold Loan is ideal for those looking to unlock the value of their gold without having to sell it. With transparent processes, convenient repayment options, and a high loan amount, Bajaj Finance ensures the applicants get the most value for their gold. Whether one is covering emergency expenses, funding a home renovation, or meeting medical needs, a gold loan offers fast access to funds and peace of mind.
T&C Apply.
About Bajaj Finance Limited
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 80.41 million customers. Bajaj Finance has a credit rating of AAA/Stable for its Fixed Deposit program from CRISIL and ICRA, AAA/Stable for long-term borrowing from CRISIL, India Ratings, CARE and ICRA, and A1+ for short-term borrowing from CRISIL, India Ratings and ICRA. It has a long-term issuer credit rating of BBB-/Stable and a short-term rating of A-3 by S&P Global ratings.
To know more, visit www.bajajfinserv.in.