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Bank of Maharashtra Gold Loan

Home Gold Loan Bank of Maharashtra

Bank of Maharashtra offers Maha Gold Loan scheme against gold jewellery or ornaments at interest rates starting from 9.30% p.a. onwards for loan amount of up to Rs. 1 crore and for repayment tenure of up to 2 years. Bank of Maharashtra Gold Loan applicants can repay their gold loan either through bullet repayment option or EMI based option.

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Updated: 27-01-2025 11:41:08 AM

Bank of Maharashtra Gold Loan Highlights
Interest Rate 9.30% p.a. onwards
Loan Amount Rs 20,000 – Rs 1 crore
LTV Ratio Up to 75% of gold’s market value
Repayment Tenure
  • EMI based- Up to 2 years
  • Bullet Repayment- Up to 1 year
Collateral Pledge of Gold jewellery/ornaments
Processing Fees Up to Rs. 2000
Margin Up to 30%
Pre-payment/pre-closure/part-payment charges Nil

Rates as of 27 Jan 2025.

Bank of Maharashtra Gold Loan Interest Rates

Bank of Maharashtra Gold Loan interest rates start from 9.30% p.a. onwards. The lender offers differential gold loan interest rates based on the category of gold loans offered to the applicants.

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Bank of Maharashtra Maha Gold Loan

Purpose: Maha Gold Loan is a term loan or cash credit facility offered to applicants to raise funds for various purposes, except speculation.

Type of Facility: Term Loan/ Cash credit

Loan Amount: Rs. 20,000 to Rs. 1 crore

Tenure: Up to 2 years

Term Loan Facility –

  • Term Loan / Cash Credit – Up to 2 years
  • Bullet Repayment- Up to 1 year

Cash Credit Facility – To be repaid once a year

Eligible Loan Limit: Rs. 5240 per gram of 22 carat gold ornament or 75% of market value of gold’s net weight.

Margin: Up to 30% on bullet repayments  (Max. up to 12 months) & 25% in all other cases, such as Term Loan or Cash Credit

LTV Ratio: Loan-to-Value Ratio of 75% to be maintained throughout the loan tenure.

Eligibility Criteria for Bank of Maharashtra Gold Loan

Bank of Maharashtra offers gold loan to all individuals including its staff against gold jewellery or gold ornaments owned by the applicant. The applicant should meet all the required KYC documents. The lender does not consider the CIBIL score or any other credit score while evaluating the gold loan eligibility of its applicants.

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Bank of Maharashtra Gold Loan Documents

  • Two passport sized photographs
  • Identity Proof- PAN card, Aadhaar card, Voter ID, passport, photo ID card issued by the current employer
  • Address Proof- Aadhaar card, telephone bill, electricity bill, voter ID, driving license, passport
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