Following are the benefits offered by the Bank of Baroda gold loan:
BOB gold loan interest rates are linked to Baroda Repo Linked Lending Rate (BRLLR) or 1-Year Marginal Cost of Funds Based Lending Rate (MCLR) of the bank. The rates are subject to change in BRLLR/MCLR. Following are the details of Bank of Baroda gold loan interest rates:
Retail Gold Loan Interest Rates:
|Loan Type||Spread||Applicable Rate of Interest|
|Demand Loan||BRLLR+SP+1%||9.20% p.a.|
Agri Gold Loan Interest Rates:
|Sector||Up to Rs. 3 Lakhs||Above Rs. 3 Lakhs & up to Rs. 10 Lakhs||Above Rs. 10 Lakhs & up to Rs. 25 Lakhs|
|Agri||1-year MCLR = 7.70% p.a.||1-year MCLR+SP = 7.95% p.a.||1-Year MCLR+SP+0.25% = 8.20% p.a.|
|Other Priority||1-year MCLR+SP = 7.95% p.a.||1-year MCLR+SP+0.25% = 8.20% p.a.||1-Year MCLR+SP+0.50% = 8.45% p.a.|
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:
You must submit the following documents when you apply for a Bank of Baroda gold loan:
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.
Below is the 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.
|Bank||Rate of Interest (p.a.)||Loan Amount||Processing Fee||Tenure|
|Bank of Baroda||9.20% - 9.30%||Up to Rs. 25 Lakhs||Up to 0.50% + GST||1 year - 3 years|
|Canara Bank||13% onwards||Rs. 5,000 - Rs. 35 Lakhs||1%||6 months - 1 year|
|HDFC Bank||7.60% - 16.81%||Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)||1%||3 months - 2 years|
|SBI||8%||Rs. 20,000 - Rs. 50 Lakhs||Nil till 31.01.2023||Up to 3 years|
|Indian Bank||8.25% onwards||No upper limit||0.50%||Up to 35 months|
|ICICI Bank||10% - 17.95%||Rs. 50,000 - Rs. 1 Crore||1%||6 months - 1 year|
|Kotak Mahindra Bank||8% - 17%||Rs. 20,000 - Rs. 1.5 Crores||Up to 2% + GST|
|Axis Bank||17% - 19%||Rs. 25,001 - Rs. 25 Lakhs||Up to 0.50%||6 months - 3 years|
Following are the fees and charges associated with Bank of Baroda Gold Loan:
Follow the steps below to apply for a Bank of Baroda gold loan:
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.
Bank of Baroda's gold loan per gram rate today is Rs. 2,900 to Rs. 3,450. This rate varies depending on the gold purity, value and gold rate on that particular day.
You can calculate your gold loan amount and eligibility using the Bank of Baroda gold loan calculator available on the official website of the bank.
The gold loan amount available in the Bank of Baroda for 1g gold varies from Rs. 2,846 to Rs. 3,794, depending on the purity of the gold to be pledged.
No, Bank of Baroda offers gold loans for tenure ranging from 12 to 36 months only.
Yes, you can repay your Bank of Baroda gold loan in EMIs.
A retail gold loan is offered to the general public for personal needs against the value of the gold to be pledged as security. This loan can be used for general purposes only.
Yes, the Bank of Baroda provides gold loans for agricultural purposes as well. Following are the features of the Bank of Baroda Agri Gold Loan for agricultural purposes: