Bank of Baroda Gold Loan Interest Rate

Below is the comparison of the Bank of Baroda gold loan interest rate with the gold loan interest rates of other lenders. You can check which bank offers the lowest interest rate on gold loans in India before applying for a gold loan:

The gold loan per gram rate fluctuates depending on the purity of the gold to be pledged, BOB gold loan interest rate, repayment tenure, market prices, and other factors. Currently, it ranges from Rs. 1,755 to Rs. 2,145.

The following are the key features of the Bank of Baroda gold loan retail scheme:

• Purpose: BOB gold loans can be used for any purpose other than speculation.
• Type of facility: The loan is available as a Demand Loan, EMI, and Overdraft.
• Interest rate: The gold loan interest rate at the Bank of Baroda starts from 8.85% p.a. For all Demand Loan, EMI scheme, and Overdraft facility.
• Processing fees: No processing charges are applicable on loans up to Rs. 3 Lakhs.
• Tenure: Repayment tenure ranges from 12 to 36 months for the EMI scheme.
• Security: Secured by minimum 18-carat Gold Jewellery/ Ornaments/ Coins.
• Prepayment charges: There are no pre-closure and prepayment charges.
• Eligibility: All resident Indians who are the true owners of the gold ornaments/ jewellery/ specially minted gold coins sold by banks (up to a maximum of 50 gm per borrower) are eligible to apply for this loan.

Bank of Baroda offers the following two types of gold loan schemes:

1. Retail Gold Loan:

The loan can be availed of as a Demand Loan, EMI, and Overdraft. It loan can be used for all purposes except speculation.

Key Features:

• All Indian residents who are the true owners of the gold ornaments/ jewellery/ specially minted gold coins sold by banks (up to a maximum of 50 gm per borrower) can apply for this loan.
• The maximum loan amount offered by the bank can go up to Rs. 50 Lakhs per borrower.
• Maximum tenure ranges from 12 months to 36 months for EMI scheme.
• Repayment can be made Monthly, Quarterly or Half-Yearly through instalments or bullet repayment methods as per the borrower’s repayment capacity. Monthly interest as and when charged is required to be serviced.
• BOB gold loan interest rate starts at 8.85% p.a. for Demand Loans, EMI schemes, and Overdraft facility.
• This loan can be availed of by pledging a minimum of 18-carat gold jewellery/ornaments as security.
• Processing charges are nil for loan amount up to Rs. 3 Lakhs and 0.50% of the sanctioned loan amount plus GST for loans above Rs. 3 Lakhs and up to Rs. 50 Lakhs.
• No pre-closure or prepayment charges are levied.
• No guarantor and income proof are required for BOB gold loans.
• Interest rates are not linked to CIBIL score.
• Minimal paperwork and faster processing.

2. Agri Gold Loan:

This loan can be availed of as Cash Credit and Demand Loan for agriculture and allied activities and other priority sectors.

Key Features:

• All Indian residents who are the true owners of the gold ornaments/ jewellery/ specially minted gold coins sold by banks (up to a maximum of 50 gm per borrower) are eligible to apply for this loan.
• The maximum loan amount offered under the scheme is up to Rs. 50 Lakhs per borrower.
• Easy repayment tenure of a maximum of 12 months.
• The repayment schedule depends on the borrower’s income-generating capacity. The interest/principal servicing is in line with the harvest of crops and the cash flow of the borrower. Loans other than crop loans have to be repaid in monthly/ quarterly/ half-yearly instalments with a maximum moratorium period of up to 12 months, according to cash accrual. However, the loan tenure should not exceed 12 months.
• Bank of Baroda gold loan interest rate for this scheme starts from 8.30% p.a. for Agri and 9.05% p.a. for Other Priority, depending on the loan amount.
• Nil processing charges for loans up to Rs. 3 Lakhs and 0.50% of the loan amount plus GST for loans above Rs. 3 Lakhs up to Rs. 50 Lakhs.
• This loan can be availed of by pledging a minimum of 18-carat gold jewellery/ornaments as security.
• No pre-closure or prepayment charges are levied.

You can check your BOB gold loan eligibility by using the Bank of Baroda gold loan calculator available on the official website of the bank. The gold loan calculator gives you an accurate loan amount eligibility depending on the information of the gold ornaments mentioned by you in the table. You can check the total as well as the breakup of the loan amount that you can receive from the bank.

The following are the fees and charges involved in taking a Bank of Baroda Gold Loan:

• Interest rate: 8.30% to 9.05% p.a.
• Processing fees: Nil for loan amount up to Rs. 3 Lakhs and 0.50% of the loan limit (minimum Rs. 500 & maximum Rs. 2,500 for loans up to Rs. 5 Lakhs and Rs. 3,500 for loans above Rs. 5 Lakhs) + GST for loan amount above Rs. 3 Lakhs up to Rs. 50 Lakhs.
• Prepayment/preclosure charges: Nil.