Gold Loan Documents needed to submit after you have checked your gold loan eligibility. You can apply for a loan against gold by submitting your KYC documents. You only have to meet basic criteria to be eligible. 

The documents needed to submit are 

  • Aadhar Card, 
  • Valid Passport, 
  • valid driving license, 
  • voter ID card,
  • PAN Card, 
  • NREGA Job Card as proof of identity

These are the documents needed for a gold loan. If the submitted OVD’s do not have the updated address, the following documents may be considered as OVD’s only for the proof of address:

  • Utility Bill (for the current or previous month) 
  • Property or municipal tax receipt
  • Pension or family pension document
  • Letter of Allotment of Accommodation from Employer, such as those issued by SG/CG or Statutory/ Regulatory Bodies, PSUs, SCBs, Fls and listed co. and all agreements with such employees allotting official accommodation. 

To be eligible for a gold loan, an applicant must be between 21 to 70 years of age. Sometimes, a financial institution may even ask for income proof to establish repayment capability. 

Interest Rates and Charges

We can get a gold loan up to 2 crore INR. The lowest gold loan interest rate at Bajaj Finserv is 9.50% to 28% per annum. The processing fee is 75/- of the loan amount. Stamp duty (as per the respective state) is payable as per state laws and deducted upfront from the loan amount. Cash handling charges are 50/- for cash nodes of disbursement. 

Penal interest of 3% per annum on outstanding balance – penal interest margin/ rate will be over and above the interest rate slab mentioned above, which shall be applicable / chargeable in case of default in repayment of the outstanding dues post maturity. Charge for Physical notice is 40/- per Notice. Recovery charges are 500/-. The advertisement fee is 200/- and the Minimum period for charging interest is 7 days. Additional cess will be applicable on all charges in accordance with state- specific laws. 

The interest rates applicable on gold loans are dynamic and can be influenced by several factors. You can also choose to pay only the interest and settle the principal loan amount at the end of your repayment tenor.

Bajaj Finserv offers three gold loan repayment options

  • Pay only interest component monthly, bi-monthly, quarterly, half yearly or yearly and repay the principal amount at the end of the tenor. 
  • Repay both interest and principal components against the gold loan as affordable EMI
  • Pay the interest at the beginning of the loan tenor and repay the principal amount throughout the loan tenor. 

The highest gold loan per gram refers to the maximum loan amount a borrower can avail against the market value of one-gram gold. This rate is also known as LTV, denoted in percentage (%). An appraiser evaluates the market value of gold items and determines the LTV to decide the available amount of gold loan today or on the day of application. 

Once you have checked your gold loan documents. You can apply for a loan against gold by submitting your KYC documents. To be eligible for a gold loan, an applicant must be between 21 to 70 years of age. Sometimes, the financial institution may even ask for income proof to establish repayment capability. Lowest gold interest rate in Bajaj Finserv is 10% to 28% per Annum. The interest rates applicable on gold loans are dynamic and can be influenced by several factors. 

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