Bank of India Gold Loan
You can avail of up to Rs. 30 Lakhs under the Bank of India gold loan scheme for a variety of financial requirements, just like a personal loan. The bank assures faster processing without any income proof or CIBIL Score. You can get a Bank of India gold loan at the low gold rate of interest starting from 8.35% p.a.
Apply for Bank of India Gold Loan @ 8.35% Interest Rate
Features & Benefits of Bank of India Gold Loan
The following are the key features and benefits of a Bank of India gold loan:
- Multipurpose loan: The gold loan from the Bank of India can be used for meeting agriculture, MSME, OPS, retail, and personal financial needs, like a wedding, medicines, or repairs.
- Loan amount: There is no minimum loan limit, and the maximum loan available is Rs. 50 Lakhs.
- Low interest rate: The bank gold loan interest rate is extremely low and affordable for anyone who needs cash. The current interest rate starts from just 7.25% p.a.
- Low processing fee & foreclosure charges: You will be required to pay a minimal processing fee of up to Rs. 1000 for gold loans in the Bank of India. The bank does not charge any foreclosure charges on loan prepayment.
- Security: Pledge of gold jewellery, ornaments, or coins belonging to the borrower. The coins should not weigh more than a maximum of 50 grams.
- Margin: The margin requirements are 15% to 35% for agricultural purposes and 25% to 35% for non-agricultural purposes, based on the purity of gold and loan tenure.
- Repayment: Loan principal repayment schedules can be fixed at monthly, quarterly, half-yearly, or yearly instalments or even as a bullet repayment, depending on the income generation and/or seasonality.
- Faster processing: These loans are processed very fast as they do nt need any documentation. The quick disbursal of gold loans makes them a good choice.
- No income proof & credit score: Bank of India does not require a borrower to have a CIBIL score or income proof to approve a loan.
- Easily accessible: Bank of India gold loan is accessible to anybody aged above 18 years.
- High loan amount eligibility: With the increasing cost of gold, borrowers can get a better gold advance rate per gram.
Bank of India Gold Loan Interest Rate
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. |
Compare Bank of India Gold Loan to Other Lenders
Below is a 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 |
Types of Gold Loan Offerings by the Bank of India
The various types of Bank of India gold loan schemes are mentioned below:
- Fixed rate of interest: The rate of interest for such loans remains consistent throughout the loan tenure.
- Floating rate of interest: For this scheme, the gold loan interest rate is not fixed and keeps changing depending on the outside benchmarks decided by the bank. Since the rate is not fixed, the gold loan EMI might also fluctuate unexpectedly.
- Purpose-based types: The type of gold loan can also be classified according to the purpose of the loan. Bank of India offers gold loans for Agriculture, Food & Agro, MSME/OPS, and Consumption/Nonpriority activities. The interest rate and features may vary accordingly.
- Non-Agricultural Gold Loans: Loans offered to anyone who is not in agriculture are known as non-farming gold advances. These loans can be availed of by everyone, including the salaried class, independently employed experts, financial specialists, women, students, etc.
Bank of India Gold Loan Eligibility
- Any Individual or Proprietorship Firm that is a lawful owner of gold jewellery, ornaments, or coins can avail of the Bank of India Gold Loan.
- Finance to a proprietorship firm is available for business purposes only.
- Security through the way of pledge of gold jewellery, ornaments, or coins belonging to the borrower will be required.
- Gold coins should not weigh more than 50 grams.
Documents Required for Bank of India Gold Loan
To avail of a Bank of India Gold Loan, you will need to submit any of the following documents for identity and address proof:
- Rent agreement
- Passport
- Driving License
- Utility Bills
- Aadhaar Card
- Voter's ID Card
The lender may also ask for gold jewellery certificate(s) during the gold loan application process.
Bank of India Gold Loan Calculator
The 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, quickly and accurately.
Fees & Charges of Bank of India Gold Loan
The following are the charges involved in taking a Bank of India gold loan:
- Rate of interest: 8.35% - 9.05%
- Processing fees: Nil for loans up to Rs. 1 Lakh, Rs. 125 per lakh (maximum Rs. 250) for loans above Rs. 1 Lakh up to Rs. 5 Lakhs, and Rs. 125 per lakh (maximum Rs. 1,000) for loans above Rs. 5 Lakhs.
- Part prepayment/ foreclosure charges: Nil.
- Documentation changes: Rs. 250 onwards.
Process to Apply for the Bank of India Gold Loan
You can apply for a Bank of India gold loan online or offline. Both processes are explained below in detail:
Online Process
You can apply for a gold loan online through our website by following the steps mentioned below:
- Click on the ‘Gold Loan’ tab given on the homepage of our website under the ‘Loans’ section.
- Click on the ‘Compare and Apply’ button.
- Fill out the online application form by entering all the required details.
- Our gold loan expert will get in touch with you to help you through the process.
Offline Process
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.
Bank of India Gold Loan Customer Care
You can know more about the Bank of India gold loan or other products of the bank by:
- Giving a missed call to 8010968370.
- Sending SMS < GOLD > to 7669021290.
- Calling at 1800 103 1906 (Tollfree), 1800 220 229 (Tollfree - Covid Support), or (022) – 40919191 (chargeable number) 24x7.
FAQs
You can repay your Bank of India gold loan EMIs in any of the following ways:
- Standing Instruction (SI): Existing record holders of the Bank of India can opt for Standing Instruction as their method of repayment. In this method, your EMI amount will be paid automatically towards the end of the month-to-month cycle from your Bank of India account.
- Electronic Clearing Service (ECS): This method can be used if you do not have a Bank of India account but want your EMIs to be paid consequently towards the end of the month-to-month cycle from a different bank account.
- Post-Dated Cheques (PDCs): You can submit post-dated checks for EMI from a non-Bank of India account to your closest Bank of India Loan Center.
The interest of a 1 lakh gold loan in the Bank of India ranges from 8.35% to 9.05% 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.