Know about the processing charges for a gold loan
Gold loans are affordable financing options that offer competitive interest rates and other associated charges. You must check applicable charges like gold loan processing fees when deciding on a suitable loan offer to assess affordability.
You can use an online Gold Loan Calculator to determine your maximum loan liability to meet per month. Accordingly, you can select a suitable financing option from the available gold loan offers.
Applicable gold loan processing fees
Thanks to improved customer-friendly features, gold loan is now available at low to no processing fees. With Bajaj Finserv, it is convenient to secure 0.12% of the loan amount (inclusive of applicable taxes) for a gold loan.
Subject to a minimum Rs 99/- (Inclusive of applicable taxes) & maximum of Rs 600/- (Inclusive of applicable taxes)
Other charges levied on the advance include:
- Stamp duty charges
- Penal interest (In the case of delay in scheduled repayment)
- Auction charges (In case of complete non-repayment)
However, all these charges are levied at a nominal rate, adding minimal additional financial burden for the borrower.
Know about interest charged on gold loans
In addition to the processing charges, borrowers are also responsible for paying interest on the gold loan amount. The Gold loan interest rate may vary based on factors such as the loan-to-value ratio, tenure, and prevailing market conditions.
As secured advances, gold loans attract low rates of interest as against several unsecured advances availed for the same purpose. With Bajaj Finance, you can avail of financing with a gold loan minimum interest rate starting at 9.50% per annum.
You have the option to repay interest only initially and postpone principal repayment until the end of the gold loan tenure. It allows the flexibility of managing finances as per your repayment capacity.
With Bajaj Finance, you can obtain a high-value gold loan of up to Rs. 2 crore easily, catering to your financial needs. Your valuable gold jewellery is securely stored in state-of-the-art vaults, safeguarded by round-the-clock surveillance. Additionally, you can rely on the appraisal process for your gold jewellery to be precise and transparent. Bajaj Finance has advanced karat metres, ensuring that you receive the optimal loan amount.
As long as you are an Indian citizen aged between 21 and 70 years, you can easily apply for a Bajaj Finserv Gold Loan. You only need to submit one of the accepted KYC documents, including your Aadhaar Card, voter ID card, driving licence, or passport.
