Bank of India Gold Loan Key Features – Apply Now
| Bank of India Gold Loan Interest Rate | 5.88% per annum |
| Bank of India Gold Loan Per Gram Rate | ₹ 2,900 to ₹ 3,450 |
| Bank of India Processing Fee | 1% of the Principal Loan Amount |
| Bank of India Loan Amount | Up to Rs. 1 Crore (With Income Proof) |
| Bank of India Prepayment Charges | NIL |
| Bank of India Repayment Tenure | 18 Months |
| Bank of India Repayment Scheme | Bullet Payment Scheme, Overdraft Scheme |
Bank of India issues a Gold Loan per gram rate of₹ 2,900 to ₹ 3,450 in line with the current gold rate. The best Bank of India Gold Loan Rate per gram is ₹ 3,329 for 22 Carat gold, measured at a maximum 75% loan to value, and the average gold price for the last one month for 22-carat is ₹ 3,329
Advantages of Bank of India Gold Loan
- Documentation required is minimal in comparison to other types of services.
- This type of loan is readily available by a lot of banks.
- The CIBIL score is not considered to be necessary for this service.
- The cost of processing a gold loan is negligible.
How Much Gold Loan can I Get through BOI Gold Loan?
As per the ultra-modern riches prices, the Bank of India affords a gold loan through thorp regarding Rs. 5,121. The highest Bank of India riches mortgage dimension per village lately is Rs. 5,121 for 22-carat jewellery considered at the most LTV concerning 75% then average gold loan expenditures of the remaining 30 days of 2020 are Rs. 5,121 regarding 22 carats.
Introduction to Bank of India Gold Loan
Bank of India is a state-owned commercial bank with headquarters in Mumbai. It is India’s 9th largest PSU (Public Sector Undertaking) bank founded by the Indian Government in 1969. It has 4187 branches all over India and about 1679 ATM’s in the country.The bank is a leading provider of financial services and is also one of the premier funding institutions. It provides instant loans against gold.
Gold Loan is availed to overcome the short-term requirements of a person. Gold is one of the most precious and costly metals in India. Also, most people are emotionally attached to this metal because of its traditional value in our country.
However, what is the point of keeping your Gold in a closed drawer when it can help you overcome financial hurdles? Taking a loan against Gold can help you to overcome any drastic situation. Gold Loan is the best way to get cash in a short span.Know More – Gold Loan Interest Rate
Bank of India (BOI) Gold Loan Eligibility
| Age | 18-75 years of age |
| Nationality | Indian |
| Employment Status | Salaried, Self-Employed |
| Requirements | Gold Ornaments (Minimum 18 Carats) |
Gold Loan is a commercial good produced by the bank which provides a solution to your requirements of short term or long term funds. It is comfortable to avail of business services offered by banks at low rates of interest and also needs insignificant documentation. Bank of India proffers you the Loan amount within an hour of administration as the appraisal and approval process is quickly done, storing in mind your seriousness regarding the need for funds.
Bank of India (BOI) Gold Loan At Home
With the changing needs of the times, Bank of India (BOI) has come across a simple yet valuable solution that will make everything easy for you. Just like your necessary commodities such as groceries, clothes and much more, everything is provided at your doorstep, in the same way, now, you can quickly get a gold loan at the comfort of your home.
If you are in urgent need of funds or too busy to visit a bank or prefer social distancing, Bank of India (BOI) Gold Loan At home is a one-step solution. The process is straightforward. You need to give us a call to put in your request for a gold loan.
- Fast loan approval
- Lower interest rates
- Maximum value of gold
- Flexible repay tenures
- Easy payment options
- No additional charges
- 24*7 customer support
- Full security of the gold
- No hidden fees
- Service at your doorstep within 30 minutes
Benefits of Bank of India Gold Loan
- The borrower can choose the tenure of the loan.
- The bank does the safety of ornaments without any charges.
- The system of this service is apparent.
- Bank of India charges a borrower up to .50% on the principal amount in case of a Gold Loan Foreclosure.
Bank of India Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Bank of India wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire bank of India Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures the high security of your gold ornaments till the loan is closed.A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
Documents required for Applying for the Bank of India Gold Loan are:
| Identity Proof | Aadhar Card/Pan Card/ Passport/ Voter ID |
| Residence Proof | Aadhar Card /Pan Card/ Ration Card/ Rental Agreement of applicant/ Voter ID card/Utility Bills on the name of the applicant. |
| Agriculture Proof ( only if applicable) | Agriculture Land Ownership Proof |
| Photographs | 2 Passport sized coloured |
Bank of India Gold Loan Interest Rate, Fees and Charges
A Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged depends on the total loan amount as well as the quality/purity of the Gold you are to keep as security with the bank. Best Gold Loan interest rates offered by the Bank of India are lower in comparison to other loans because it is a fully secured loan.
| BOI Gold Loan Interest Rate | |
| Interest Rate | Starting 7.0% |
| Processing Fee | 1% of the Principal Loan Amount |
| Prepayment/Foreclosure Charges | NIL |
| Documentation Charges | Rs 250 upwards |
Types of Bank of India Gold Loan
- Loan Against Gold – Bank of India provides Gold Loan at attractive rates of interest to fulfil anyone’s dire need of funds for any purpose whether personal or professional. The rate starts at just 7.00% making it one of the most affordable rates.
- Loan for Agriculture – Bank of India offers loans against gold at special rates which are way lower than the original rates for farmers seeking a loan for agriculture purposes.
Bank of India (BOI) Gold Loan Apply Online
Applying for the Bank of India Gold Loan service is a hassle-free and straightforward process that can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with the necessary information.
Bank of India Gold Loan EMI Calculator
| Rate | 5 Yrs | 4 Yrs | 3 Yrs |
| 10.50% | 2149 | 2560 | 3250 |
| 11.00% | 2174 | 2584 | 3273 |
| 11.50% | 2199 | 2608 | 3297 |
| 12.00% | 2224 | 2633 | 3321 |
| 12.50% | 2249 | 2658 | 3345 |
| 13.00% | 2275 | 2682 | 3369 |
| 13.50% | 2300 | 2707 | 3393 |
| 14.00% | 2326 | 2732 | 3417 |
| 14.50% | 2352 | 2757 | 3442 |
| 15.00% | 2378 | 2783 | 3466 |
- Gold Loan EMI Calculator is an online tool that can be accessed by individuals to calculate the EMI against the gold loan they plan to avail against the self-owned gold.
- The gold ornaments have to be kept as security with the lender until the loan is fully reimbursed.
- Gold Loan EMI calculator can help the applicant to get approx.
- EMI Calculator can try different rates of interest and reimbursement tenure offered by financial institutions
Details of Bank of India Gold Loan
- Purpose – The motive here is to cover the needs for Agriculture/MSME/OPS/Retails/Consumption Purpose.
- Eligibility – Any individual who is the owner of ornaments/gold jewellery/coins and an account holder of the branch is eligible for the Bank of India Gold Loan.
- Quantum of Loan – For Agriculture/MSME/OPS/Retails/Consumption Purpose, the amount is Rs 15-25 lakhs. For other purposes, it is Rs 10 lakhs.
- Security – The belongings like ornaments/gold jewellery/coins should be pledged by the bank.
- Margin – For Agricultural purpose, it is 15-20% and for /MSME/OPS it is 25% (15% till 31.03.2021)
- Interest Rates – For Agriculture, the limit is up to 15 lakhs. Interest against hallmarked jewellery and gold coins is 7.35% and 7.40% for normal jewellery.
- Reimbursement procedure – The reimbursement can be done monthly, quarterly, half-yearly, yearly depending on the income of the person.
- Processing Charges – NIL up to 1 lakh. above 1 lakh is Rs 125 per lakh for hallmarked jewellery and Rs 150 per lakh for the normal jewellery.