About Bank of India Gold Loan
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.
|Bank of India Gold Loan at a Glance|
|Interest Rate||Starts at 11%|
|Gold Loan Per Gram||Varies depending on the purity of gold|
|Tenure||Up to 12 months|
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 Bank of India 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 the bank without any charges
- Last but not least, the system of this service is very clear
Why Apply for a Bank of India 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 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 India are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Bank of India starts at 11% per annum.
The Bank of India 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 India 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 India 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 India 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 India 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 India 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 India Gold Loan Rate per Gram also varies every day. You will get the amount for a gram of Gold depending on its purity and the market price for your Bank of India Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Forms of Gold Accepted for Bank of India Gold Loan
- The quality of the gold should be 18 carats to 22 carats.
- The loan is provided for the specific Gold ornaments (preferably hallmarked), from any reputed jewellers and/or Gold coins of the bank.
- Any gold asset in the raw form is not acceptable.
- Gold bars and gold bricks are not acceptable.
- Minted gold coins are not accepted.
- Gold coins less than 50 grams can be accepted.
Know More – Gold Loan Per Gram
Bank of India Gold Loan Apply Online
Applying for the Bank of India 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.
- 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.
Use of Bank of India Gold Loan
The funds acquired by availing the Bank of India 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 Bank of India Gold Loan for agricultural purposes. Bank of India offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
Documents Required for Bank of India Gold Loan
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Bank of India 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 India 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 India 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 India Gold Loan for Agricultural purposes.
- If you are an existing customer of the Bank of India 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.**
FAQs About Bank of India Gold Loan
1. How much Gold Loan can I get per gram in Bank of India?
Gold Loan rate per gram depends on the purity of your gold varies depending on the market price prevailing in the market.
2. What is Bank of India Gold Loan?
Bank of India provides the Gold Loan facility at nominal interest rates starting from 11% per annum to 12% per annum. The amount of the loan depends on the quality of the gold ornaments to be pledged and the prevailing price of the gold in the market. The repayment procedure is easy and the bank provides complete security of your ornaments.
3. What is the Gold Loan interest rate in Bank of India?
Interest rates on Gold Loans are less as compared to the rate of interest in other types of loans as these loans are given on full security and can be recovered in case of default. The rate of interest charged by the Bank of India starts from 11% per annum.
4. How to pay Bank of India Gold Loan online?
Bank of India allows you to make a bullet payment at the end of your Gold Loan tenure via either a Cheque or a Demand Draft.
5. How to apply Gold Loan in Bank of India?
You can apply for Bank of India Gold Loan by visiting the nearest branch to you. You will need basic KYC documents and the gold ornaments which are to be kept as security. You will be required to fill a form and pay some processing fees based on the amount of the loan. You can also apply for Gold Loan online at Dialabank’s digital platform and get the deals best suited to your requirements.
6. How to renew Bank of India Gold Loan online?
To renew your Gold Loan for another tenure you will be required to visit the nearest branch with your loan documents and ask your banker for the same.
7. How to take Gold Loan from Bank of India?
You can take a gold loan from Bank of India by walking into any branch with your gold ornaments and documents as required. Your gold will undergo a valuation process and the loan amount will be disbursed once everything is verified.
8. What is Gold Loan in Bank of India?
Gold Loan is a loan in which gold is kept as security with the bank. These loans are provided at competitive rates for any emergency financial requirements to fulfill the monetary needs of the borrower. Bank of India provides a loan of the maximum amount of Rs. 15 lacs for a maximum tenure of 18 months.
9. How to get Bank of India Gold Loan?
Bank of India Gold Loan is a credit service that can be availed to fulfill urgent monetary needs. You can easily get a gold loan by visiting the branch with your gold and applying for the same with the loan officer. You can also apply online with Dialabank for convenience and to get personalized assistance.
10. How to check Bank of India Gold Loan status?
Customers can check the status of their loan application by logging on to the net-banking service provided by the bank. However, a gold loan is usually approved and disbursed on the same day.
11. How to close Bank of India Gold Loan?
You can close your Gold Loan with Bank of India once your loan tenure has reached its end. You will have to visit the branch with your loan documents and once all the pending payments are made your gold loan will be closed and your pledged gold will be returned to you.
12. How to renew Bank of India Gold Loan?
You can renew your Gold Loan from the same branch where the loan was initially approved. Your pledged gold is first released then revalued according to the current market rates.
13. What happens if someone defaults Bank of India Gold Loan?
If someone defaults on the Gold Loan, the bank will charge a penalty fee and may even sell your gold in a public auction to recover the money.
14. How many branches of Bank of India Gold Loan?
Bank of India is a state-owned commercial bank with headquarters in Mumbai with over 4000 branches all over India.
Table of Contents
- 1 About Bank of India Gold Loan
- 2 What is a Gold Loan?
- 3 Advantages of the Bank of India Gold Loan
- 4 Why Apply for a Bank of India Gold Loan?
- 5 Bank of India Gold Loan Interest Rate
- 6 Bank of India Gold Loan Eligibility
- 7 Bank of India Gold Loan Rate per Gram
- 8 Forms of Gold Accepted for Bank of India Gold Loan
- 9 Bank of India Gold Loan Apply Online
- 10 Use of Bank of India Gold Loan
- 11 Documents Required for Bank of India Gold Loan
- 12 FAQs About Bank of India Gold Loan
- 12.1 1. How much Gold Loan can I get per gram in Bank of India?
- 12.2 2. What is Bank of India Gold Loan?
- 12.3 3. What is the Gold Loan interest rate in Bank of India?
- 12.4 4. How to pay Bank of India Gold Loan online?
- 12.5 5. How to apply Gold Loan in Bank of India?
- 12.6 6. How to renew Bank of India Gold Loan online?
- 12.7 7. How to take Gold Loan from Bank of India?
- 12.8 8. What is Gold Loan in Bank of India?
- 12.9 9. How to get Bank of India Gold Loan?
- 12.10 10. How to check Bank of India Gold Loan status?
- 12.11 11. How to close Bank of India Gold Loan?
- 12.12 12. How to renew Bank of India Gold Loan?
- 12.13 13. What happens if someone defaults Bank of India Gold Loan?
- 12.14 14. How many branches of Bank of India Gold Loan?