Following are the key features and benefits of a Bank of India gold loan:
High loan amount eligibility: With the increasing cost of gold, borrowers can get a better gold advance rate per gram.
Following is the table of details of Bank of India gold loan interest rates based on activities and tenure:
|Activity||Tenure up to 12 months||Tenure above 12 months up to 36 months|
|Agriculture||7.25% p.a.||7.55% p.a.|
|Food & Agro||7.35% p.a.||7.65% p.a.|
|MSME/OPS||7.65% p.a.||8.15% p.a.|
|Consumption/Nonpriority||8.40% p.a.||8.90% p.a.|
Below is the comparison of the Bank of India gold loan with the gold loan schemes of other lenders. You can check the various key features of top gold loan providers to see which lender offers the lowest gold loan interest rate in which bank before you apply for the loan.
|Bank||Rate of Interest (p.a.)||Loan Amount||Processing Fee||Tenure|
|Bank of India Gold Loan||7.25% - 8.90%||Up to Rs. 50 Lakhs||Up to Rs. 125 per lakh; Maximum Rs. 1,000||Up to 18 months|
|Muthoot Gold Loan||9% - 26%||Rs. 1,500 to Rs. 5 Crores||Up to 1%||Up to 12 months|
|Bajaj Finserv Gold Loan||10% - 28%||Up to Rs. 2 Crores||Rs. 75 (inclusive of applicable taxes)||As applicable|
|Bank of Baroda Gold Loan||9.20% - 9.30%||Up to Rs. 25 Lakhs||Up to 0.50% + GST||1 year - 3 years|
|Canara Bank Gold Loan||13% onwards||Rs. 5,000 - Rs. 35 Lakhs||1%||6 months - 1 year|
|HDFC Bank Gold Loan||7.60% - 16.81%||Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)||1%||3 months - 2 years|
|SBI Gold Loan||8%||Rs. 20,000 - Rs. 50 Lakhs||Nil till 31.01.2023||Up to 3 years|
|Indian Bank Gold Loan||8.25% onwards||No upper limit||0.50%||Up to 35 months|
|ICICI Bank Gold Loan||10% - 17.95%||Rs. 50,000 - Rs. 1 Crore||1%||6 months - 1 year|
|Kotak Bank Gold Loan||8% - 17%||Rs. 20,000 - Rs. 1.5 Crores||Up to 2% + GST||Up to 4 years|
|Axis Bank Gold Loan||17% - 19%||Rs. 25,001 - Rs. 25 Lakhs||Up to 0.50%||6 months - 3 years|
The various types of Bank of India gold loan schemes are mentioned below:
To avail of a Bank of India Gold Loan, you will need to submit any of the following documents for identity and address proof:
The lender may also ask for gold jewellery certificate(s) during the gold loan application process.
Bank of India gold loan calculator is an easy-to-use tool for people who want to borrow funds utilising the gold ornaments they own as collateral. This online calculator is available on various platforms, and it can help you find out the equated monthly instalment (EMI) amount that you would need to pay for your borrowed loan amount as per the gold loan rate today.
By using the gold loan interest rate calculator, you can try different rates of interest and tenure combinations offered by the bank to make sure you get the best available option.
The Bank of India Gold Loan Calculator helps you find the best value for your pledged gold items as well as the gold loan per gram rate today in a quick and accurate manner.
Following are the fees and charges involved in taking a Bank of India gold loan:
You can apply for a Bank of India gold loan online or offline. Both the processes are explained below in detail:
You can apply for a gold loan online through our website by following the steps mentioned below:\
You can locate and visit the nearest branch of the Bank of India to avail of a gold loan. The bank staff will help you to apply for a gold loan.
You can know more about the Bank of India gold loan or other products of the bank by:
You can repay your Bank of India gold loan EMIs in any of the following ways:
The funds obtained through the Bank of India gold loan can be used for several purposes, including the ones mentioned below:
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 interest of a 1 lakh gold loan in the Bank of India ranges from 7.25% to 8.90% p.a., depending on the activity for which the loan is availed and the repayment tenure of the loan.
LTV or Loan-to-Value ratio is the amount of loan that a borrower can get against the pledged gold. Most lenders do not offer an LTV ratio of more than 75% for loans granted against the collateral of gold jewellery.
Principal repayment schedules for gold loans in the Bank of India may be fixed at monthly, quarterly, half-yearly, yearly instalments or even bullet repayment, depending on the income generation and/or seasonality.
Any salaried or self-employed women aged above 18 years old with a regular source of income can apply for the BOI Star Mahila gold loan scheme.
The margin for agricultural purposes is 15% to 35% and 25% to 35% for non-agricultural purposes based on the purity of gold and the tenure of the loan.
The rate of interest varies 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/Nonpriority activities.