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Bank of India Gold Loan Highlights |
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| Interest Rate | 8.80% p.a. onwards |
| Loan Amount | Up to Rs 50 lakh |
| LTV Ratio | Up to 85% of gold value |
| Collateral | Pledge of gold jewellery or coin |
| Processing Fee | Up to Rs 1 lakh- NIL
Above Rs 1 lakh to Rs 5 lakh- Rs 125 per lakh; Max Rs 250 Above Rs 5 lakh- Rs 125 per lakh; Max Rs 1,000 |
Rates as of 7th November 2024
Bank of India Gold Loan Interest Rates
Bank of India Gold Loan interest rates start from 8.80% p.a. onwards. The lender offers differential gold loan interest rates based on the type of gold loan scheme offered by Bank of India.
| Products | Interest Rate (p.a.) |
| Gold Loan and Overdraft for Agriculture | 8.80% |
| Gold Loan and Overdraft for Food and Agro | 9.25% |
| Gold Loan and Overdraft for MSME and OPS | 9.25% |
| Gold Loan for Consumption/Non-Priority Sector | 8.80% |
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Bank of India Gold Loan Fees and Charges
| Loan Amount | Charges |
| Up to Rs 1 lakh | NIL |
| Above Rs 1 lakh to Rs 5 lakh | Rs 125 per lakh; Max Rs 250 |
| Above Rs 5 lakh | Rs 125 per lakh; Max Rs 1,000 |
Features of Bank of India Gold Loan
Purpose
Bank of India offers gold loans to its applicants for various types of agriculture related activity, personal requirements or business related activities. Individuals can avail gold loan pledged against gold jewellery or gold coins.
Loan Amount
Bank of India offers Gold Loan for agricultural, MSME, retail and personal purposes for loan amount of up to Rs 50 lakh.
LTV Ratio
The lender offers Bank of India Gold Loan for loan amount for up to 85% of gold value.
Security
Individuals can avail gold loan from Bank of India against gold jewellery or gold coins.
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Eligibility Criteria for Availing Bank of India Gold Loan
Bank of India has not specified the eligibility criteria for its gold loan applicants in detail. However, it has mentioned that gold loan is offered to lawful owners of gold jewellery, ornaments and coins.
Documents Required for Availing Bank of India Gold Loan
Below-mentioned are the documents required by Bank of India while offering Gold Loan to its applicants.
- KYC documents- Identity proof and address proof
- Land holding particulars if loan is availed for agricultural purposes and loan amount is more than Rs 2 lakh
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Bank of India Gold Loan EMI Calculator
Applicants planning to avail Gold Loan from Bank of India can use our online Gold Loan EMI Calculator, to find out their EMI based on the loan tenure and interest rate.