Starts at 12.50%
Loan Per Gram
From Rs. 2,472 to Rs. 3,023
Up to 36 months
Up to 1% + GST
About Bank of Baroda Gold Loan
Bank of Baroda (BoB) is set on 20 July 1908 country International banking as well as financial services company headquartered in Vadodara (earlier known as Baroda) in state Gujarat, India. The bank has a corporate office in Mumbai city. Besides, that government of India announced the merger of Bank of Baroda, Vijaya Bank, and Dena Bank on September 17, 2018, to create the country’s third-largest lender.
Bank of Baroda Gold Loan has certain benefits, such as quick processing time, low-interest rates, medium-term tenure, etc. The Bank of Baroda loan can help you meet an urgent need for cash. Different gold assets are eligible to get the Bank of Baroda Gold loan, but mostly the preferred gold type is jewellery and coins and not biscuits or bars. Bank of Baroda offers loan against gold at contentious interest rates. The pledged gold ornament is locked safely in the Bank of Baroda locker, and the borrower does not have to worry about their Gold safety.
Why choose Bank of Baroda Gold Loan?
- The Bank of Baroda follows a very simple and hassles free process.
- Faster loan disbursal.
- Minimum documentation.
- Improves customer service in a much shorter response turn around time.
- Lastly100% safety as well as protection of gold ornaments.
Advantages of Bank of Baroda Gold Loan
- Bank of Baroda Gold Loan is very easy to apply. One can apply for the gold loan online within a few minutes.
- If a borrower is eligible, the loan can be approved within 30 minutes
- The approval of the loan, if the borrower has its complete documents, it can be disbursed quickly.
- The rates of interest provided by the Bank of Baroda are quite affordable.
- Bank of Baroda Gold Loan comes with competitive interest rates on Term Loan, Overdraft and EMI based loan. Repay your gold loan in easy lower EMIs, over a tenor of your choice.
- The documentation process is easy and simple
- Bank of Baroda will not ask the reason behind the gold loan; one can use this loan amount according to their requirement.
- Different forms of Gold ornaments accepted
- Gold Bangles, Gold rings, Gold anklets, and Gold necklace, as well as Gold coins, are acceptable. The purity of gold that is acceptable here is 18karat-22karat.
Bank of Baroda Gold Loan Eligibility
Gold Loan is a financial product provided by the bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by banks at low rates of interest and also requires minimal documentation for the same. Bank of Baroda gives you the Loan amount within an hour of application as the valuation and approval process is quickly done, keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the Bank of Baroda Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the gold that he/she wishes to pledge with the bank.
- The Minimum weight of gold that can be pledged is 10 grams, and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold.
- The Minimum purity of gold required to be eligible for a loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, etc. are not recognised as valid forms of gold to be kept as security for the Bank of Baroda Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your gold as collateral security.
Bank of Baroda Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Bank of Baroda wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire bank of Baroda Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.
Documents required for Applying for Bank of Baroda Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Basic KYC documents:
Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, etc.
Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant have required in the case the applicant wants the Bank of Baroda Gold Loan for Agricultural purposes.
- If you are an existing customer of the bank, you may not be required to submit any documents as the bank will already have your verified details.
**Any other documents as requested by the bank shall be duly submitted.**
Bank of Baroda Gold Loan Interest Rate, Fees and Charges
A Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Bank of Baroda are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Bank of Baroda starts at 12.50% per annum.
The bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
- The bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
Bank of Baroda Gold Loan Rate per Gram
The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of gold in the market. The rate of gold changes daily in the market and therefore, the Bank of Baroda Gold Loan Rate per Gram also varies every day. Bank of Baroda gives funding of up to 70% of the total market price of your gold keeping the remaining 30% as a security margin.
You will get ₹1600 to ₹2800 for a gram of gold depending on its purity and the market price for your Bank of Baroda Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Bank of Baroda Gold Loan Apply Online
Applying for the Gold Loan service is a simple and hassle-free process which can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with necessary information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your gold.
You can also apply with Dialabank by following the below-mentioned steps to get a Gold Loan as per your need.
- Visit Dialabank’s digital platform, where you will have just to fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service, giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank, you can compare the different offers and schemes from various banks based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
Bank of Baroda Gold Loan EMI Calculator
How to Pay Your Bank of Baroda Gold Loan EMI?
Your Bank of Baroda gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with Bank of Baroda, Standing Instruction is the best method of repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the Bank of Baroda account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-Bank of Baroda account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Bank of Baroda account at your closest Bank of Baroda Loan branch. A new arrangement of PDCs should be submitted on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
Gold Ornaments Accepted by Bank of Baroda
Gold jewellery such as Gold Bangles, Gold rings, Gold anklets, and Gold necklaces, all of these are accepted for availing a Gold Loan.
Quality: The quality of gold should lie between 18 Carat to 22 Carat. Aby gold ornament which is 24 Carat, cannot be used for availing a gold loan.
Uses of Bank of Baroda Gold Loan
The funds acquired by availing the Bank of Baroda Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, etc.
- For all your business needs, such as buying raw material, expansion of business, etc.
- You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQ About Bank of Baroda Gold Loan
Bank of Baroda provides Gold Loan at attractive interest rates with loan per gram of gold ranging from Rs. 1600 to Rs. 2800 depending on the quality of the gold. 24K gold is not accepted for Gold Loan.
Bank of Baroda Gold Loan can be availed by anyone above the age of 18 years and below 70 years. The bank provides loans at attractive rates for up to a maximum amount of Rs 25 lacs and a maximum tenure of 12 months. Repayment can be made online or offline, and renewal can be done at the end of each tenure after review. The loan availed against gold as security can be used to fulfil any personal or business needs.
Interest rates charged by the bank are based on One Year MCLR + SP +1.75 % which turns out to be approximately 12.60% per annum currently.
For Bank of Baroda account holders, online payments can be made through the bank’s online portal or mobile application.
You can apply for a Gold Loan by Bank of Baroda online on their website or by visiting the nearest branch with your gold and KYC documents. The loan disbursal occurs within the same day after valuation and verification of your gold and documents, respectively.
You can renew your Gold Loan once you have reached the end of tenure by visiting the branch and applying for the same. A small renewal fee may be charged, and your loan will be renewed for the new mandate.
Taking Gold Loan from the Bank of Baroda is a hassle-free and straightforward process where the competitive rates of interests are offered depending on the amount of the loan. All you have to do is visit the branch with your gold and apply for the Gold Loan, or you can apply online with Dialabank to avail the best offers perfectly curated to your needs.
Bank of Baroda Gold Loan is a secured loan scheme that comes with benefits such as, quick processing, low-interest rates, and tenure of your choice. You can meet all your urgent financial needs with a Gold Loan.
To get a Bank of Baroda Gold Loan, you will have to visit the nearest branch with your gold. Once your gold has been valued, and your documents verified the loan amount is disbursed within hours.
You can check the status of your gold loan by contacting the customer care executive of the bank or by visiting the branch physically and meeting the officer in charge of your loan file.
You can quickly close your Bank of Baroda Gold Loan once you have made all the pending payments. The bank will verify the same with the accounts department, and upon verification, your pledged gold will be returned to you.
Renewal of Gold Loan account at Bank of Baroda can be done by visiting the bank branch where the loan was initially approved. You may be required to pay a renewal fee and fill out a renewal form. The gold ornaments kept as security will be revalued, and new loan terms will be decided.
The maximum tenure offered on Gold Loan by Bank of Baroda is 12 months. If someone defaults on the payments, a penalty fee is charged on the total amount due and in case of repeated defaults, the bank has the authority to auction your gold ornaments to recover the amount publically.
Bank of Baroda has over 9500 branches and serves over 120 million customers every year.
Table of Contents
- 1 About Bank of Baroda Gold Loan
- 2 Why choose Bank of Baroda Gold Loan?
- 3 Advantages of Bank of Baroda Gold Loan
- 4 Bank of Baroda Gold Loan Eligibility
- 5 Bank of Baroda Gold Loan Documents Required
- 6 Bank of Baroda Gold Loan Interest Rate, Fees and Charges
- 7 Bank of Baroda Gold Loan Rate per Gram
- 8 Bank of Baroda Gold Loan Apply Online
- 9 Bank of Baroda Gold Loan EMI Calculator
- 10 How to Pay Your Bank of Baroda Gold Loan EMI?
- 11 Gold Ornaments Accepted by Bank of Baroda
- 12 Uses of Bank of Baroda Gold Loan
- 13 FAQ About Bank of Baroda Gold Loan