Bank of India Gold Loan Per Gram

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Bank of India Gold Loan Per Gram

Bank of India Gold Loan Per Gram Today is ₹ 2,900 to ₹ 3,450

Gold Loan Per Gram Today Gold Loan Rate Per Gram Today is ₹ 4,676
Eligible Age 18 to 75 years
Loan Amount Eligibility Rs. 1,000 to Rs. 2 Cr
Documents Required Basic KYC documents for address and identity proof. No income documents and no CIBIL score documents are required.
Purity of Gold 18 carat to 22 carat
Type of Gold Gold jewellery and gold coins of 18-24 carats
Margin in Gold Loan for the Bank 25% of the gold ornament’s market value

About Bank of India Gold Loan Per Gram Rate

Gold is one of the most celebrated metals in India. Everyone owns gold which was initially bought as a tradition in our country, but now, they are being purchased as security today so that one can exchange or pledge them in times of need. This is why the Gold Loan facility has become one of the most important services as compared to any of the other services provided to us.

If you are having some financial issues, you simply apply for a gold loan by pledging your gold ornaments to the bank. To apply for a gold loan, you have to submit your ornaments as collateral to the bank in exchange for money. Once you repay the loan amount, the bank will return the jewellery.

What is a Bank of India Gold Loan?

The Bank of India Gold Loan is a service that is provided by the bank where one can use the gold in their possession to apply for a gold loan and fulfil their needs. The Bank of India also allows one with many benefits and rates of interest that anyone can afford.

Benefits of a Bank of India Gold Loan

Gold loans have become very common due to the benefits that it provides. Some of the advantages of gold loan are as following:

  • Faster Processing: The loans are processed very fast as they don’t need any documentation. The fast disbursal of the gold loan makes it a good choice.
  • Multipurpose loan: A gold loan can be used for any purpose like to pay for a wedding or medicines or repairs.
  • Low-interest rate: The interest rate decided by the bank for a gold loan is extremely low and affordable for anyone who needs cash.
  • Low processing and foreclosure charges: Most banks don’t charge any prepayment charges on gold loans, although some banks might charge some amount.
  • No income proof and credit score:  Banks and non-banking financial companies don’t need the CIBIL score of a person to approve a loan.
  • Easily Accessible: Gold loans are accessible to anybody who is above the age of 18 who can apply for a gold loan.
  • High Amount Eligibility: With the cost of gold increasing, and the rising gold cost has been further assisting borrowers with bettering the gold advance rate per gram.

Types of Bank of India Gold Loan Interest Rates

The various types of gold loans provided by the Bank of India are:

  • Fixed-rate of interests:  The rate of interest in such loans stays consistent throughout the loan tenure.
  • Floating rate of interest: The interest rate of the gold loans isn’t fixed and keeps changing. In such a situation, the loan cost is related to the outside benchmarks that are decided by the bank. Since the rate isn’t fixed, the EMI on Gold credit might increase or decrease unexpectedly.
  • Reason for Lending: The interest rate on gold loans is usually founded on the motivation behind loaning. The banks normally offer a lower pace of revenue for any horticultural gold credit.
  • Non-Agricultural Gold Loans: Loans stretched out to anyone who is not an agriculturist are known as nonfarming gold advances. These loans are accessible to all people, such as salaried, independently employed experts, financial specialists, ladies, females, homemakers, understudies, etc.

Bank of India Rates Per Gram by Gold Purity

Gold Purity Gold Rate Per Gram- Average Of Past 30 Days Highest Gold Loan Per Gram Lowest Gold Loan Per Gram
22 carat ₹ 4,620 ₹ 4,999 ₹ 4,956
20 carat ₹ 3,939 ₹ 4,178 ₹ 3,795
18 carat ₹ 3,545 ₹ 3,784 ₹ 3,460

The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
  • Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
  • Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784

Bank of India Gold Loan Rates Per Gram

Updated - Gold Loan Per Gram Rate w.e.f Jan 27 2023

Gold Weight Gold Purity
24 Carat
Gold Purity
22 Carat
Gold Purity
20 Carat
Gold Purity
18 Carat
1 gram 4621 4290 3900 3510
10 gram 46210 42900 39000 35100
20 gram 93600 85800 78000 70200
30 gram 140400 128700 117000 105300
40 gram 187200 171600 156000 140400
50 gram 234000 214500 195000 175500
100 gram 468000 429000 390000 351000
200 gram 936000 858000 780000 702000
300 gram 1404000 1287000 1170000 1053000
400 gram 1872000 1716000 1560000 1404000
500 gram 2340000 2145000 1950000 1755000

Historical Gold Loan Rates Per Gram 

This Table Contains the Average Annual Gold Rate from 1965 - 2022
Year Price (24 karat per 10 grams) Year Price (24 karat per 10 grams)
2022 ₹ 52,950 1993 ₹ 4,140
2021 ₹ 50,045 1992 ₹ 4,334
2020 ₹ 48,651 1991 ₹ 3,466
2019 ₹ 35,220 1990 ₹ 3,200
2018 ₹ 31,438 1989 ₹ 3,140
2017 ₹ 29,667 1988 ₹ 3,130
2016 ₹ 28,623 1987 ₹ 2,570
2015 ₹ 26,343 1986 ₹ 2,140
2014 ₹ 28,006 1985 ₹ 2,130
2013 ₹ 29,600 1984 ₹ 1,970
2012 ₹ 31,050 1983 ₹ 1,800
2011 ₹ 26,400 1982 ₹ 1,645
2010 ₹ 18,500 1981 ₹ 1,800
2009 ₹ 14,500 1980 ₹ 1,330
2008 ₹ 12,500 1979 ₹ 937
2007 ₹ 10,800 1978 ₹ 685
2006 ₹ 8,400 1977 ₹ 486
2005 ₹ 7,000 1976 ₹ 432
2004 ₹ 5,850 1975 ₹ 540
2003 ₹ 5,600 1974 ₹ 506
2002 ₹ 4,990 1973 ₹ 279
2001 ₹ 4,300 1972 ₹ 202
2000 ₹ 4,400 1971 ₹ 193
1999 ₹ 4,234 1970 ₹ 184
1998 ₹ 4,045 1969 ₹ 176
1997 ₹ 4,725 1968 ₹ 162
1996 ₹ 5,160 1967 ₹ 103
1995 ₹ 4,680 1966 ₹ 84
1994 ₹ 4,598 1965 ₹ 72

Major Banks Gold Loan Per Gram Rate Comparison

Feature
Manappuram
Axis Bank
Yes Finance
Interest Rate
9.90%
12.50%
9.99%
Min Loan Amt
Metro : 25000, Non : 15000
25000
15000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
3 months to 24 months
9 months to 24 months
1 month to 24 months
Processing Fee
0.25% to 1.50% of the Loan Amt
0.25% to 1.50%
Nil
Preclosure Chgs
2%, Nil foreclosure charges after 3 months
2%, Nil foreclosure charges after 9 months
Nil
Overdraft Facility
Yes
Yes
Yes
Pay Only Interest Facility
Yes
Yes
Yes
Gold Rate Per Gram
3,124
3,073
3,069

How to Apply for a Bank of India Gold Loan?

If you want to apply for a Gold Loan, you can do it in two ways:

Offline Process

To avail of a Gold Loan, you can find the nearest branch of the Bank of India Bank and take the help of the staff to apply for a gold loan at the bank.

Online Process

You can apply for a gold loan with Dialabank by following the steps mentioned below to get a Gold Loan as per your need.

  • Fill out the registration form at Dialabank’s website.
  • Our Relationship Manager will contact you and help you through the process.
  • You will get personalized service, which will give you the option to compare and take the best deal according to your needs without any extra charges.

GOLD LOAN @ 0.49%*

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Bank of India Gold Loan Customer Care Number

The Bank of India Gold Loan customer care number is 9878981166

FAQs About Bank of India Gold Loan Per Gram

✅ What is today’s gold loan rate per gram?

The gold loan rate per gram is Rs. 4,676 for 24-carat gold, Rs. 4,373 for 22-carat gold, Rs. 3,975 for 20-carat gold and Rs. 3,578 for 18-carat gold.

✅ Does a gold loan have any specific eligibility requirements?

The eligibility criteria for a gold loan is as follows:

  1. the applicant has to be between 18 to 70 years, at the time of loan maturity
  2. the applicant or his/her family member should own gold ranging between 18 to 22 carats
  3. the applicant should be an Indian resident.

✅ Why are gold loans better?

Gold loans are as better if:

  1. They do not depend on the applicant’s credit history and cibil score.
  2. they do not need a minimum income
  3. they don’t require much documentation
  4. they are secure and hence cheaper

✅ What documents do I need for a gold loan? 

Only the basic documents such as identity proof, address proof, signature proof, and 2 photos of the applicant will be required.

✅ Should I worry about my gold?

As your pledged gold is safely kept in the banks’ lockers according to the national standards, you have no reason to worry. Electronic surveillance technologies are also deployed, with well-trained staff.

✅ How do I repay my gold loan?

After availing of a gold loan, you will have to make monthly EMI payments to the banks until the tenure is completed, a failure to do which would affect your credit score negatively. These payments can be made through cash/ DD/ cheque or even online transactions.

✅ What is LTV in a loan against gold?

LTV is Loan to Value Ratio, which is basically the amount of loan you can get against gold as collateral. In India, LTV for a loan against gold is set at 75% by RBI for all the banking and non-banking financial companies.

✅ How much loan can I get on 10 grams of gold?

Depending upon the purity of gold, a person can avail of a loan amount between Rs.18,500 and Rs. 27,000 on 10 grams of gold.

✅ What is the margin in a loan against gold?

Banks maintain a margin of at least 25% in the case of loans against gold. Suppose a person can avail a maximum of 75% of their gold’s market value as the loan amount. For example, if your gold is valued at Rs. 1 Lakh in the market, then banks will offer you a maximum loan amount of Rs. 75,000.

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