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 jewelry 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.
|Bank of Baroda Gold Loan at a Glance|
|Interest Rate||Starts at 12.50%|
|Gold Loan Per Gram||₹1600 to ₹2800 depending on the purity of gold|
|Tenure||Up to 12 months|
|Processing Fee||1% or ₹1000 whichever is higher|
Bank of Baroda Gold Loan Interest Rate
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 Features
- Firstly, Bank of Baroda Gold Loan is very easy to apply. One can apply for the gold loan online within a few minutes.
- Secondly, If a borrower is eligible, the loan can be approved within 30 minutes
- Thirdly, the approval of the loan, if the borrower has its complete documents, it can be disbursed quickly.
- Moreover, The rates of interest provided by the Bank of Baroda are quite affordable.
- Next 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.
- Also, 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
- Lastly, 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.
Use of Bank of Baroda Gold Loan
The funds acquired by availing the Bank of Baroda Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and 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.
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 a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as 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**
Why Apply for Bank of Baroda Gold Loan?
- Firstly, Bank of Baroda follows a very simple and hassles free process
- Secondly, Faster loan disbursal.
- Thirdly, Minimum documentation.
- Moreover, Improves customer service in a much shorter response turn around time.
- Lastly100% safety as well as protection of gold ornaments.
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 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, and 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, and 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 are 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 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 basic 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 to just 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 different banks on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.
Why Dialabank for online Gold Loan?
- Firstly www.dialabank.com offers a very easy process of application for Online Gold Loan
- After that, the applicant gets a good comparison of the gold interest rates of other banks as well.
- Furthermore, the company provides the document pickup facility from your doorstep.
- Lastly, you will get the best as well as the lowest interest rate. Moreover, for more information call 9592046860 or 60011600 with your city code.
FAQ About Bank of Baroda Gold Loan
Q. How much Gold Loan can I get per gram in Bank of Baroda?
Q. What is Bank of Baroda Gold Loan?
Q. What is the Gold Loan interest rate in Bank of Baroda?
Q. How to pay Bank of Baroda Gold Loan online?
Q. How to apply Gold Loan in Bank of Baroda?
Q. How to renew Bank of Baroda Gold Loan online?
Q. How to take Gold Loan from Bank of Baroda?
Q. What is Gold Loan in Bank of Baroda?
Q. How to get Bank of Baroda Gold Loan?
Q. How to check Bank of Baroda Gold Loan status?
Q. How to close Bank of Baroda Gold Loan?
Q. How to renew Bank of Baroda Gold Loan?
Q. What happens if someone defaults Bank of Baroda Gold Loan?
Q. How many branches of Bank of Baroda Gold Loan?
Table of Contents
- 1 About Bank of Baroda Gold Loan
- 2 Bank of Baroda Gold Loan Interest Rate
- 3 Bank of Baroda Gold Loan Features
- 4 Use of Bank of Baroda Gold Loan
- 5 Bank of Baroda Gold Loan Rate per Gram
- 6 Why Apply for Bank of Baroda Gold Loan?
- 7 Bank of Baroda Gold Loan Eligibility
- 8 Bank of Baroda Gold Loan Documents Required
- 9 Bank of Baroda Gold Loan Apply Online
- 10 FAQ About Bank of Baroda Gold Loan
- 10.1 Q. How much Gold Loan can I get per gram in Bank of Baroda?
- 10.2 Q. What is Bank of Baroda Gold Loan?
- 10.3 Q. What is the Gold Loan interest rate in Bank of Baroda?
- 10.4 Q. How to pay Bank of Baroda Gold Loan online?
- 10.5 Q. How to apply Gold Loan in Bank of Baroda?
- 10.6 Q. How to renew Bank of Baroda Gold Loan online?
- 10.7 Q. How to take Gold Loan from Bank of Baroda?
- 10.8 Q. What is Gold Loan in Bank of Baroda?
- 10.9 Q. How to get Bank of Baroda Gold Loan?
- 10.10 Q. How to check Bank of Baroda Gold Loan status?
- 10.11 Q. How to close Bank of Baroda Gold Loan?
- 10.12 Q. How to renew Bank of Baroda Gold Loan?
- 10.13 Q. What happens if someone defaults Bank of Baroda Gold Loan?
- 10.14 Q. How many branches of Bank of Baroda Gold Loan?