Bajaj Finserv revises gold loan interest rates, offers loans at 9.50%

Since gold jewellery serves as a security, the interest rate on the loan is usually lower than that on an unsecured loan.

Borrowers can apply for a Bajaj Finserv Gold Loan of up to Rs 2 crore by pledging gold jewellery. {Source: Pixabay}

Bajaj Finance Limited, the lending and investment arm of the Bajaj Finserv Group, has announced a revision to its gold loan interest rate. The lender now offers secured gold loans starting from 9.50 per cent per annum.

A borrower can get access to the loan amount they need by mortgaging gold jewellery that may be lying idle at home.

Since gold jewellery serves as a security, the interest rate on the loan is usually lower than that on an unsecured loan. This is one of the main reasons that make secured loans the preferred alternative to unsecured loans and credit cards.

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Borrowers can apply for a Bajaj Finserv Gold Loan of up to Rs 2 crore by pledging gold jewellery.

Bajaj Finserv Gold Loan: Part-release facility

Borrowers can also take advantage of the part-release facility - which lets one get back a part of their pledged jewellery by repaying the equivalent amount. Zero charges on part and full prepayment.

Besides competitive interest rates, Bajaj Finserv also offers the borrower the option to pay back a part of or the entire loan amount at no extra cost.

Bajaj Finserv Gold Loan Criteria

The borrower should be between 21 and 70 years of age

The borrower should be a self-employed professional, salaried, trader, businessperson, or farmer and must have 22 carat gold jewellery Easy application process

Bajaj Finserv Gold Loan: Online, Offline

Online: The borrower can visit Bajaj Finserv's website and fill-in the simple online form. Once done, a representative from the company will call the borrower to guide them on the next steps.

Offline: Bajaj Finserv has more than 300 branches across India, and new branches are being opened every month. The borrower can visit the nearest branch in their city to apply for the loan.

{With PTI inputs}

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