Bank of India gold loan interest rate varies according to the activity for which the loan is being availed of and the repayment tenure of the loan. The BOI gold loan interest rate ranges from 7.25% to 7.55% p.a. for Agriculture, 7.35% to 7.65% p.a. for Food & Agro, 7.65% to 8.15% p.a. for MSME/OPS, and 8.40% to 8.90% p.a. for Consumption/Non-priority.
The details of the current gold loan interest rate in Bank of India are mentioned below:
|Tenure||Agriculture||Food & Agro||MSME/OPS||Consumption/Non-Priority|
|Up to 12 months||7.25% p.a.||7.35% p.a.||7.65% p.a.||8.40% p.a.|
|Above 12 months up to 36 months||7.55% p.a.||7.65% p.a.||8.15% p.a.||8.90% p.a.|
Below is the comparison of the Bank of India gold loan interest rate with the gold loan interest rates of other lenders. You can check the interest rates of various lenders to see which is the best gold loan bank available in India before applying for the loan.
|Bank||Rate of Interest (p.a.)||Processing Fee|
|Bank of India||7.25% - 8.90%||Up to Rs. 125 per lakh; Maximum Rs. 1,000|
|Bajaj Finserv||10% - 28%||Rs. 75 (inclusive of applicable taxes)|
|Bank of Baroda||9.20% - 9.30%||Up to 0.50% + GST|
|Canara Bank||13% onwards||1%|
|HDFC Bank||7.60% - 16.81%||1%|
|SBI||8%||Nil till 31.01.2023|
|Indian Bank||8.25% onwards||0.50%|
|ICICI Bank||10% - 17.95%||1%|
|Kotak Mahindra Bank||8% - 17%||Up to 2% + GST|
|Axis Bank||17% - 19%||Up to 0.50%|
Following are the key features of Bank of India gold loan:
Currently, the Bank of India offers only one type of gold loan, which can be used for Agriculture, Food & Agro, MSME/OPS, and Consumption/Non-Priority activities. Bank of India gold loan interest rate for these activities may vary between 7.25% and 8.90% p.a., and you can avail of a maximum loan amount of up to Rs. 50 Lakhs. You can use the gold loan calculator available online on various platforms to know your BOI gold loan eligibility.
Gold loan calculator can be found on various online platforms. Bank of India gold loan calculator can be used to know your eligibility before applying for the loan. All you need to do is enter a few basic details like the number of gold ornaments/items to be pledged, their purity (in karat), and weight (in grams).
The online gold loan calculator can help you find out the amount of Equated Monthly Instalment (EMI) that you will be required to pay for the borrowed loan amount. By using this tool, you can try different interest rates and repayment tenure permutations and combinations offered by the bank to make sure you get the best available option.
Following are the charges associated with the Bank of India gold loan:
You can apply for a BOI gold loan either online or offline. For the offline process, visit the nearest branch of the Bank of India and learn everything about the loan scheme. Don’t forget to carry a hard copy of all the required documents. Attach these documents with the filled and sign gold loan application form available in the bank itself. You will also have to wait for the gold evaluation, after which the loan amount, interest rate, and tenure of repayment will be decided by the bank. On loan approval, the amount will be transferred to your registered bank account.
If you are applying online for gold loan, you have to visit the official website of the Bank of India and access the gold loan application form. Then fill in the required details correctly and completely in the form and apply. If your application gets approved, you will be called for a gold evaluation. If you are eligible for the loan, the approved loan amount will be disbursed within a few hours directly to your bank account.
Bank of India offers its customers customized jewel loan plans according to their repayment capacity. Below are some important reasons why you should apply for a jewellery loan with Bank of India:
The gold loan interest rate is a crucial factor that impacts your budget and finances. Therefore, it is vital to understand the interest rate calculation as well as the factors that lead to its fluctuation. Below are some critical factors that can have an impact on BOI gold loan interest:
To be eligible for a BOI gold loan, you have to meet the following gold loan eligibility criteria:
Following is the list of documents required for gold loan in Bank of India:
Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.
The BOI gold loan interest rate for Rs. 1 Lakh gold loan ranges from 7.25% to 7.55% p.a. for Agriculture, 7.35% to 7.65% p.a. for Food & Agro, 7.65% to 8.15% p.a. for MSME/OPS, and 8.40% to 8.90% p.a. for Consumption/Non-priority.
Bank of India gold loan per gram rate today is Rs. 2,900 to Rs. 3,450, depending on the gold rate, purity and other factors.
You are required to submit only the basic documents such as identity proof, residence proof, signature proof, and 2 passport-size photographs.
To know more about BOI gold loan, give a missed call to 8010968370 or SMS < GOLD >to 7669021290.