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Bank of India is a state-owned commercial bank with headquarters in Mumbai. It is India's 9th largest PSU bank owned by Indian Government in 1969. It has 4187 branches all over India and about 1679 ATMs in the country. The bank is a leading provider of financial services and is also one of the premier funding institutions. It provides instant loan against gold. Gold Loan is basically taken to overcome short-term requirements of a person.


What is a Gold Loan?

Gold is one of the most precious and costly metals in India. Its value in our lives cannot be ignored because every person is attached to it emotionally. However, what is the point of keeping your gold in a closed drawer when it can help you in times of emergency? Taking a Loan against Gold can help you to overcome any drastic situation. Gold Loan is the best way to get cash in a short span.

Advantages of the Gold Loan

1.       First of all gold loan is approved quickly and disbursed very easily.

2.       After that, you can use the amount of gold loan to fulfill your personal needs.

3.       You can apply for the gold loan online.

4.       Besides, that banks don’t ask the credit score while providing you the gold loan.

5.       One more important thing about the gold loan is that the documentation is very simple and easy.

Why should one apply for a Gold Loan?

A person who wishes to avail immediate finance, but, is not eligible for Personal Loan or Business Loan can apply. A loan against gold is a very quick and convenient, as it requires only simple documentation. The only thing that is important is the gold quality. There are many banks that provide loans to the people. There are many Features of Gold Loan that make it an attractive option for the people who need instant finance.


Purpose of Loan

The loan is provided for the specific purchase of Gold ornaments (preferably hallmarked), from any reputed Jewelers and/or Gold coins of the bank.

Target Group

The lady should be a resident of India

Working Women: Women who are at the present permanently employed in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. Aided Institutions

Professionals: Doctors/ C.As/Chartered Engineers etc.

Non-Working Women: Will does not have any income proof. Can include spouse/ another close relative who satisfies the income criteria to join as co-borrower.

Age Criteria

Minimum:18 years

Maximum: 60 years

Type of Advance

Demand/ Term Loan

Amount of Advance Provided

Working/Non-working women: 10 times of monthly net emoluments (take-home salary of a self/spouse, in the case of nonworking women)

Professional: 50% of Gross Annual Income as per latest Income Tax Return Minimum Rs. 50000/- Maximum Rs.2 Lacs.


Maximum 60 EMIs. However, the repayment period not to exceed the age of 65 or retirement age of the borrower, whichever is earlier. Repayment through salary deduction /post-dated cheques.

Net take home pay (net of EMI )

Min. 50% of the gross income of the applicant/ spouse, in the case of non-working women.


For Loan over Rs.50,000/- liquid securities [NSC/KVP/Insurance Policies-surrender value] for the amount exceeding Rs.50,000/-.

Processing Charges

For Loan up to Rs.50, 000 - Rs.500/-. Over Rs.50,000- 1.10% of the loan amount Min. Rs.500/-

Other Charges

Stamp charges for documents at actual. Loan Agreement copy charges: As applicable



Bank of India Gold Loan Interest Rates:

Interest Rate

3% above the Base Rate charged by the bank.

Penal Interest

To be levied as per prevailing guidelines in this regard with changes introduced every time.




To get a Bank of Baroda gold loan the applicant has to fulfill some criteria’s.

1.       First of all the applicant should be a citizen of India.

2.       After that, her/his age should be more than 18 years.

3.       He/she should have a minimum of 10 grams of gold.

Who can Apply?

Any person who is a citizen of India and older than 18 years can apply for the Bank of Baroda gold loan.

1.       Besides that, any salaried/self-employed person can apply for a gold loan.

2.       Furthermore, housewives can also apply for the gold loan.

3.       Students can also apply for the gold loan but the age of the student should be more than 18 years.

Forms of Gold

1.       First of all quality of the gold should be 18 carats to 22 carats.

2.       After that, all the gold in the form of jewelry can be accepted.

3.       Any gold asset in the raw form is not acceptable.

4.       Gold bars and gold bricks are not acceptable.

5.       Minted gold coins are not accepted.

6.       Gold coins less than 50 grams can be accepted.

Base Rate of the Bank of India is currently 10.25%

So many banks provide gold finance, that it becomes difficult to choose the right product. The different Gold Loan Interest Rate provided by the different banks is not easy to compare them. Therefore, it is advised to do thorough research before applying for one.


Bank of India Gold Loan Procedure

1.       First of all, Apply online for Loan against Gold.

2.       Afterward, the borrower will have to submit an application form along with his / her valuable Gold asset.

3.       Then the bank will evaluate the real value of your Gold in terms of its purity and weight.

4.       Finally, the Loan is sanctioned to the applicant after checking the genuineness of the asset provided.

5.       The whole Gold Loan process takes around.

How to Apply

It is very easy and convenient to apply for a gold loan in the Bank of India. There is no need to go to the bank branch. You can apply for the Bank of India gold loan online. There are a few steps to apply for a gold loan.

1.       Open Google.

2.       Search for the Bank of India gold loan online.

3.       An application form will open up.

4.       Enter your basic information along with your contact number and e-mail address.


You are always advised to apply for the Bank of India gold loan online on the website of there are certain reasons behind this. The first one and the most important is that dialabank is India’s first financial helpline it is trustable. Besides that, if you get a good loan on the rates of interest will be low. Furthermore, there is no need to go to the bank to submit the documents. Your documents will be picked up from your doorstep. You will get a proper and unbiased guidance from the experts.



* For any assistance regarding Gold Loan, call us on 60011600, our trained Relationship Managers will provide you best information.




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