The Gold Loan Affair

A gold loan is a secured loan where you pledge gold items like jewellery or coins as collateral to obtain funds. Lenders appraise the gold's purity and weight to determine the loan amount. You could get up to 75% of your gold’s market value as loan. Repayment options for a loan against gold include bullet repayment, EMI-based repayment, partial payment, and more, each with pros and cons. Eligibility criteria typically requires you to be between ages 18 and 70 years and possess 18-24 carat pure gold, with necessary documents like identity proof and address proof. You could determine loan amounts, interest rates, EMIs, and total repayment amounts using a gold loan calculator. This tool may help you plan your finances accurately by taking gold weight and purity into consideration.

Episodes

E01: Golden Gateways Exploring the World of Gold Loans

03 mins

A gold loan, or a loan against gold, is a secured loan where you pledge your gold items, like jewellery, coins, or bars, as collateral. The process involves evaluating your gold’s purity and weight, after which lenders offer up to 75% of its market value. Once approved, you could hand over the gold and receive the loan amount, that could be used for various purposes. Gold loans are popular due to lower interest rates, quick processing, and versatility. Ensure timely repayment to retrieve your precious gold safely.

E02: Golden Wisdom Managing Your Gold Loan Payments

03 mins

When managing a loan against gold, you have various repayment options. The Interest-Only EMI option allows you to pay just the interest monthly and the principal at the end. Partial Principal Repayment lets you repay the principal in parts, reducing your interest burden. Easy Monthly Instalments (EMIs) spread your payments evenly over time. Partial Payments could reduce interest and shorten your loan tenure. Refinancing involves replacing your loan with a new one at better terms. Foreclosure lets you repay the entire loan early to save on interest. Use a gold loan EMI calculator to find the best option for you.

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Repayment options for a gold loan include bullet repayment, partial principal repayment with flexible interest payment, EMIs, partial repayment, foreclosure, and refinancing.

To apply for a gold loan, you might need identity proof such as PAN card, driving licence, passport, voter’s ID and Aadhaar card. Additionally, address proof like voter’s ID, Aadhaar card, rental agreement, utility bills, and bank statement might also be required.

A gold loan EMI calculator could give your precise repayment estimates when you enter accurate details of gold weight, purity, loan tenure, and interest rate.

Gold loan interest rates could be influenced by market conditions, loan amount, loan-to-value ratio, and tenure.

Lenders may auction off the pledged gold to recover the outstanding loan amount. It's essential to communicate with the lender if you’re facing difficulties in repayment.

Bajaj Finserv Direct Limited ("Bajaj Markets") offers to its customers, various financial products and services through its digital platform as a registered Corporate Agent with IRDAI, registered Investment Adviser with SEBI, registered Third-Party App Provider (UPI payments), and as DSA or Digital lending platform of its Partners. Further, Bajaj Markets also offers a marketplace e-commerce platform to facilitate transactions between customers and sellers on-boarded on the platform. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522 Corporate Agency (Composite) Registration no.CA0551 (valid till 10-Apr-2027) Investment Adviser, SEBI registration: INA000016083 (Validity - Aug 11, 2021 - Perpetual)