Bank of India is a state-owned commercial bank with headquarters in Mumbai. It is India's 9th largest PSU (Public Sector Undertaking) bank founded by Indian Government in 1969. It has 4187 branches all over India and about 1679 ATM's 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 the short-term requirements of a person.
What is a Gold Loan?
Gold is one of the most precious and costly metals in India. Also, most of the people are emotionally attached to this metal because of its traditional value in our country. However, what is the point of keeping your gold in a closed drawer when it can help you overcome financial hurdles? 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
- Firstly, Documentation required is minimal in comparison to other types of services.
- Another feature is, this type of loan is readily available by a lot of banks
- In addition to this, the CIBIL score is not considered to be important for this service.
- Furthermore, the cost of processing a gold loan is negligible
- Also, the borrower can choose tenure of the loan
- Moreover, the safety of ornaments is done by of the bank without any charges
- Last but not least, the system of this service is very clear
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.
Know More - Gold Loan: Factors to Remember
Bank of India Gold Loan Interest Rates
The Gold Loan Interest Rates are quite reasonable in contrast to other services.
- Firstly, The interest rate of this service starts at 10.5%-12% p.a.
- Secondly, The financial organizations provide these loans for 1 to 4 years.
- Also, The pre-closure charges are in between 0% to 2% of the value of the loans.
Eligibility of Bank of India Gold Loan
Being eligible for a gold loan is easier in comparison to other loans:
- To begin with, the age of the applicant should lie between 18 years to 70 years.
- Secondly, the applicant should be a citizen of India.
- The quality of gold should be from 18 Carat to 22 Carat, in order to, get a loan.
- Another equally important criteria are the weight of gold which should be more than 10 grams.
- Anyone can apply for a Gold Loan whether you are a salaried applicant or self-employed.
Forms of Gold
1. First of all, the quality of the gold should be 18 carats to 22 carats.
2. After that, The loan is provided for the specific Gold ornaments (preferably hallmarked), from any reputed Jewelers and/or Gold coins of the bank.
3. Next, Any gold asset in the raw form is not acceptable.
4. Also, Gold bars and gold bricks are not acceptable.
5. Furthermore, Minted gold coins are not accepted.
6. Finally, Gold coins less than 50 grams can be accepted.
Know More - Gold Loan Per Gram
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.
Besides that, any salaried/self-employed person can apply for a gold loan.
Furthermore, housewives can also apply for the gold loan. In fact, women get rebates on the Gold Loan Interest Rates by some banks
Moreover, Students can also apply for the gold loan but the age of the student should be more than 18 years.
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.
Documents Required for Gold Loan
Applicant’s Identity Proof: Verification documents required should be specifically among the following:
Voter ID /Ration card /Aadhar card / Valid Passport
Signature Proof: The documents required as signature proof includes:
Passport Copy/Driving License/Banker's verification/cheque
Proof of Residence: The documents required as proof of residence are:
Telephone Bill/ Electricity Bill/ Rental bill /Trade license /Shop & Est. License/Sales Tax certificate.
Documents required for the farmers are namely: Land Proof and Income proof
Other: Two passports sized colored photographs.
How to Apply?
To begin, the applicant has the option to apply for a gold loan in two ways:
To initiate, The applicant can apply for a Gold Loan through the nearby branch of Bank of India. In order to find a branch nearby, search Gold Loan near me on google. Next, google enlists all the nearby branches where one can avail a gold loan. You can go to the most suitable branch for you and get the loan. But, this procedure is quite tiring.
The applicant can apply for a Gold Loan at the comfort of their home.
- To begin with, you can easily Apply Online through our website.
- Next, the loan seeker has to fill a form Online with current information.
- After this, you will get a call from our Relationship Manager to clear all doubts and to assist you in the entire process of the loan.
- After this, you can check your eligibility for further clarification of the approval of a loan.
- Furthermore, submit all the documents required as proofs in the banks.
- Finally, the loan is approved in some minutes and disbursed within a day.
- Lastly, you can also give a call on 95920-46860
FAQs About Gold Loan
How does Gold Loan work?
Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
Gold Loan is secured?
Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.
What happens when you don’t repay a Gold Loan?
If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
To get a gold loan do I need a co-applicant?
No, to avail Gold loan you don’t need any co-applicant
Is Gold loan better than a Personal loan?
Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is un-secured and hence carries higher interest than a gold loan.
What is the best online platform to avail gold loan?
Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
Is there any fee payable for the Gold Loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.
Gold Loan Interest Rate of Different Banks - Updated on 2019
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