Bank of Baroda Gold Loan

• Bank of Baroda provides instant retail gold loans to women borrowers at a concessional bank gold loan interest rate of up to 0.40%.
• Avail of safe gold loans with up to 36 months payback tenure on Equated Monthly Instalment (EMI).
• BOB gold loan can be used for any personal as well as business purposes, other than speculative ones.
• Bank of Baroda also offers Agri Gold Loan for Agriculture & Allied activities and other priority sectors.
• The bank charges zero processing charges for gold loans up to Rs. 3 Lakhs.
• There are no pre-closure or prepayment charges.
• You can use the Online Gold Loan Calculator or Gold Loan Eligibility Calculator available for free on the bank’s official website.

Bank of Baroda offers gold loans at floating interest rates, which are linked to either the Baroda Repo Linked Lending Rate (BRLLR) or the 1-Year Marginal Cost of Funds Based Lending Rate (MCLR). These rates are subject to change based on movements in the BRLLR or MCLR.

Retail Gold Loan Interest Rates

Agricultural Gold Loan Interest Rates

Bank of Baroda offers two types of gold loan schemes. The names and features of both the Bank of Baroda Gold Loan schemes are described below in detail:

• Retail Gold Loan
  • Type of facility: Demand Loan, Overdraft and EMI.
  • Purpose: This loan can be used for any purpose other than speculation.
  • Eligibility: All Indian residents who are the true owners of the gold ornaments/jewellery and specially minted gold coins sold by the banks (up to a maximum of 50 gm per borrower) can apply for this loan.
  • Maximum loan amount: Up to Rs. 25 Lakhs per borrower.
  • Tenure: Minimum 12 months and maximum 36 months for the EMI scheme.
  • Repayment mode: Interest will be charged on a monthly basis. The principal has to be repaid through bullet payment at any time during the loan tenure.
  • EMI: EMIs to be paid on a monthly basis.Interest rate: 9.20% p.a. for Demand Loan and EMI schemes, and 9.30% p.a. for Overdraft
  • Processing charges: Nil 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. 25 Lakhs.
  • Security: This loan can be secured by minimum of 18-carat gold jewellery/ornaments.
  • Preclosure/ prepayment charges: Nil.
• Agri Gold Loan
  • Type of facility: Cash Credit and Demand Loan.
  • Purpose: Agriculture and allied activities, and other priority sectors.
  • Eligibility: All Indian residents who are the true owner of the gold ornaments/jewellery and specially minted gold coins sold by the banks (up to a maximum of 50 gm per borrower) can apply for this loan.
  • Maximum loan amount: Up to Rs. 25 Lakhs per borrower.
  • Tenure: 12 months
  • Repayment mode: The repayment schedule is as per the borrower’s income generation. The interest/principal servicing is synchronized with the harvest of crops and the cash flow of the borrower. Loans other than crop loans should be repaid in monthly/ quarterly/half-yearly instalments with a maximum moratorium period of 12 months according to cash accrual. However, the tenure of the loan should not exceed 12 months.
  • Interest rate: 7.70% to 8.20% p.a. for Agri and 7.95% to 8.45% p.a. for Other Priority, depending on the loan amount.
  • Processing charges: Nil 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 25 Lakhs.
  • Security: This loan can be secured by a minimum of 18-carat gold jewellery/ornaments.
  • Pre-closure/ prepayment charges: Nil.

• The applicant must be an Indian resident.
• Applicants must be the true owners of the gold ornaments/jewellery and specially minted gold coins sold by the banks (up to a maximum of 50 gm per borrower) to be eligible for the BOB gold loan for loan.
• Security: The Bank of Baroda gold loan can be secured by a minimum of 18-carat gold jewellery/ornaments.

You must submit the following documents when you apply for a Bank of Baroda gold loan:

• Duly filled in and signed the gold loan application form
• Recent passport-size photographs of the applicant
• Identity proof such as PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License (any one).
• Residence proof such as Passport, Ration Card, Utility Bills or Aadhaar Card (any one).

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

Steps to use of Bank of Baroda gold loan calculator:

• Visit the official website of the bank and click on the ‘Personal’ tab in the top left corner of the home page.
• You can also click the link https://www.bankofbaroda.in/calculators
• Now, you will see multiple calculators; select ‘Gold Loan Calculator ' and click on the ‘Calculate Now’ button.
• On the gold loan calculator page, select the number of ornaments to be pledged for the loan. You can select up to 4 ornaments. The tenure and LTV fields will remain unchanged.
• Now, you will have to mention the Karat and weight (in grams) details of each gold ornament you are going to pledge.
• The loan amount eligibility will be displayed on the screen against each gold ornament to be pledged.
• You will also be able to see the total loan amount eligibility based on the value of all the gold ornaments mentioned by you in the table.

Below is a comparison of the Bank of Baroda gold loan with gold loan schemes of other banks. You can check the lowest gold loan interest rate in which bank is available before applying for the loan.

The following are the fees and charges associated with the Bank of Baroda Gold Loan:

• Interest rate: 9.40% to 9.50% p.a.
• Processing charges: Nil for loan amount up to Rs. 3 Lakhs and 0.50% of the loan limit (minimum Rs. 500 and maximum Rs. 2,500 for loans up to Rs. 5 Lakhs & Rs. 3,500 for loans above Rs. 5 Lakhs) + GST for loans above Rs. 3 Lakhs up to Rs. 25 Lakhs.
• Prepayment/preclosure charges: Nil.

Follow the steps below to apply for a Bank of Baroda gold loan:

• Visit the official website of Bank of Baroda at https://www.bankofbaroda.in/.
• Click on the ‘Loans’ tab and select the ‘Retail Gold Loan’ option mentioned under the ‘Gold Loan’ section.
• Now, click on the ‘Apply Now’ button 
• Enter all the required details like your name, email ID, and 10-digit mobile number.
• Click on the ‘Send OTP’ button and enter the received OTP in the given space.
• Click on the ‘Terms & Conditions’ checkbox and then click on the ‘Submit button.
• After you sign up successfully, you will receive a call from the bank regarding the completion of the BOB gold loan application process