Gold Loan

Bajaj Finserv offers Gold Loans to salaried or self-employed individuals and also to firms and companies. The loan promises to be reliable, hassle-free, with excellent financial service and the sanction process is simple and instantaneous. Let us take a look at the other features of the loan offered by Bajaj Finserve in details.

Features and benefits of the Gold Loan offered by Bajaj Finserv

  • The company is counted amongst the top gold loan providers in India and they offer Gold Loans across 139 locations in Maharashtra and Gujarat.
  • The company promises doorstep services for loan application and processing wherein the customer is required to just call the company and the representative goes to the individual’s residence to complete the application process
  • The loan processing process is fast at the branches of Bajaj Finserve where loan is issued quickly.
  • The company values gold ornaments with a Carat Meter which is available in-house with the company
  • The minimum amount of loan that can be availed in Rs.25, 000 and the maximum amount of loan available is Rs.25 lakhs. Thus, the borrower has a large range of choice to opt for the loan amount right from as low as Rs.25, 000 to as high as Rs.25 lakhs. For firms and companies, the maximum amount of loan available is Rs.5 lakhs.
  • The loan tenure ranges from 1 month to 36 months. Thus, repayment starts 1 month after availing the loan and has to be completed within 36 months or 3 years depending on the choice of the borrower who may also choose a lower term of repayment. If the borrower is a firm or a company, the maximum tenure of repayment is lowered down to 12 months or 1 year.
  • The loan provides a flexible repayment scheme with multiple options. A customer may choose any of the repayment options as per his requirements which include bullet scheme where only the interest on the loan is payable either monthly or quarterly or even daily in case of firms and companies as borrowers, EMI scheme where a part of the principal and interest is payable together in equal instalments spread over the chosen repayment tenure, flexi scheme which has multiple options of part payments and top-ups without additional charges suitable for builders, big traders or businessmen and the last option is the upfront interest payment option.
  • The customer can choose to prepay or part pay the loan amount before the stipulated time without attractive any additional charges. Thus, this facility helps the customer to lower down the interest burden by prepaying the loan as and when he has surplus cash
  • There is also a part release facility under the loan scheme
  • The gold ornaments deposited with the company are assuredly secured safely in strong rooms to prevent theft or tampering
  • The repayments can be done at all Bajaj Finserve branches or their franchisees and consumer durable outlets across India conveniently
  • The interest and/or the EMI payable can be paid either through cash or through ECS mandate on the borrower’s savings or current account

 

  • Eligibility Criteria

The following eligibility criteria have to be met while availing of the loan from the company:


Bajaj Finserv loans for salaried individuals:
 

  • Farmers, traders, salaried, self-employed professionals and businessmen can apply for a Gold Loan from Bajaj Finserv
  • The individual should be at least 21 years of age at the time of applying for a loan and the maximum age is 70 years

Bajaj Finserv loans and Finances for self-employed
 

  • Farmers, traders, salaried, self-employed professionals and businessmen can apply for a Gold Loan from Bajaj Finserv
  • The individual should be at least 21 years of age at the time of applying for a loan and the maximum age is 70 years for self-employed professionals and non-professionals

Bajaj Finserv loans For firms and companies
 

  • Loan can be availed by salaried or self-employed individuals aged 21 – 70 years

 

  • Documents required

The following documents are required to be submitted to avail of the loan by salaried or self-employed individuals and by firms and companies.

  • Photo ID
  • Aadhar Card
  • KYC Proof

Fees and charges

The following fees and charges are levied by the company from the borrowers who avail a Gold Loan.
 

Description

Charges

Processing Fees for EMI scheme

1%

Processing Fees for upfront interest scheme

NIL

Processing Fees for only interest scheme

1%

Rate of Interest

  • For firms and companies as borrowers, the following rates of interest are charged by the company:
  • EMI Scheme on Gold Loan rates – 8.80% onwards
  • Only Gold Loan Interest Scheme – 14.00% onwards
  • Upfront Interest Scheme – 14.00% onwards

 

  • For self-employed individuals the following rates of interest are charged by the company
  • EMI Scheme on Gold Loan rates – 8.80% onwards
  • Gold Loan Interest Scheme – 14.00% onwards

 

  • For salaried individuals the following rates of interest are charged by the company
  • EMI Scheme on Gold Loan rates – 8.80% onwards
  • Gold Loan Interest Scheme – 14.00% onwards

EMI Calculator

The bank provides the facility of EMI calculation to its customers who can find out the EMI payable when they avail a loan. The following instances show the respective EMIs for the respective loan amounts.
 

  • Mr. Sinha, a salaried individual aged 45 years wants to avail of a loan to take a much-awaited vacation with his wife. Having a shortage of funds, he decides to avail of a Gold Loan form Bajaj Finserv. He pledges his wife’s gold ornaments to avail the loan. After valuation, a loan of Rs.1.5 lakhs is granted to him and he promises to repay the loan in 12 months under the normal EMI Gold Loan scheme. At the applicable rate of interest of say 9.00% his Equated Monthly Installment works out to be Rs.12, 680 payable every month for 12 months.
  • Hema, a self-employed woman running her own boutique wants to renovate her store as per the latest trends. She does not have the required savings to undertake the renovation process and decides to avail of a Gold Loan form the company. She approaches Bajaj Finserv with her jewelry and pledges it to avail a loan. As per the company’s valuation process, the quantum of loan granted to her is Rs.5 lakhs and she undertakes to repay the entire loan within 24 months under the Gold Loan Interest Scheme. At the rate of interest of 14.50%, the company charges her Rs.24, 125 as Equated Monthly Instalments required to pay-off the loan.
  • M/s XYZ, a limited company want Rs.5 lakhs to meet the working capital requirement of their business for which they decide to avail of a Gold Loan from Bajaj Finserv. They choose the Upfront Interest Loan Scheme with an interest rate of 13.50% and undertake to repay the loan in 12 months which is the maximum allowable time for repayment. At the above mentioned parameters, the EMI works out to be Rs.45, 224 payable by the company every month for 12 months


The table below tabulates the above data for a quick reference:
 

Applicant

Loan Amount

Interest Rate

Term

EMI

Mr. Sinha

1.5 lakhs

9.00%

12 months

12, 680

Hema

5 lakhs

14.50%

24 months

24, 125

M/s XYZ Co. Ltd.

5 lakhs

13.50%

12 months

45, 224

 

Applying for a Gold Loan from Bajaj Finserv
 

The company does not provide online loan application for Gold Loans. An applicant needs to visit the company’s branch, fill up the application form and submit the required documents and the loan will be granted in minutes after the necessary processing formalities are completed

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