Bank of India Gold Loan

AT 0.75%* INTEREST RATE
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Bank of India Gold Loan

Bank of India Gold Loan Key Features – Apply Now

Bank of India Gold Loan Interest Rate 7.25% per annum
Bank of India Gold Loan Per Gram Rate
₹ 3,800 to ₹ 4,350
Bank of India Processing Fee
1% of the Principal Loan Amount
Bank of India Loan Amount
Up to Rs. 1 Crore (With Income Proof)
Bank of India Prepayment Charges
NIL
Bank of India Repayment Tenure
18 Months
Bank of India Repayment Scheme
Bullet Payment Scheme, Overdraft Scheme

Bank of India issues a Gold Loan per gram rate of₹ 3,800 to ₹ 4,350 in line with the current gold rate. The best Bank of India Gold Loan Rate per gram is ₹ 4,129 for 22 Carat gold, measured at a maximum 75% loan to value, and the average gold price for the last one month for 22-carat is ₹ 4,129

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Advantages of Bank of India Gold Loan

  1. Documentation required is minimal in comparison to other types of services.
  2. This type of loan is readily available by a lot of banks.
  3. The CIBIL score is not considered to be necessary for this service.
  4. The cost of processing a gold loan is negligible.

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How Much Gold Loan can I Get through BOI Gold Loan?

As per the ultra-modern riches prices, the Bank of India affords a gold loan through thorp regarding Rs. 5,121. The highest Bank of India riches mortgage dimension per village lately is Rs. 5,121 for 22-carat jewellery considered at the most LTV concerning 75% then average gold loan expenditures of the remaining 30 days of 2020 are Rs. 5,121 regarding 22 carats.

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Bank of India Gold Loan Per Gram – Apr 15 2024

Bank of India (BOI) Gold Loan Eligibility

Age
18-75 years of age
Nationality Indian
Employment Status
Salaried, Self-Employed
Requirements
Gold Ornaments (Minimum 18 Carats)

Gold Loan is a commercial good produced by the bank which provides a solution to your requirements of short term or long term funds. It is comfortable to avail of business services offered by banks at low rates of interest and also needs insignificant documentation. Bank of India proffers you the Loan amount within an hour of administration as the appraisal and approval process is quickly done, storing in mind your seriousness regarding the need for funds.

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Bank of India (BOI) Gold Loan At Home

With the changing needs of the times, Bank of India (BOI) has come across a simple yet valuable solution that will make everything easy for you. Just like your necessary commodities such as groceries, clothes and much more, everything is provided at your doorstep, in the same way, now, you can quickly get a gold loan at the comfort of your home.

If you are in urgent need of funds or too busy to visit a bank or prefer social distancing, Bank of India (BOI) Gold Loan At home is a one-step solution. The process is straightforward. You need to give us a call to put in your request for a gold loan. Our executive from the nearest branch will visit your home at the earliest. Everything will be done at your home in your presence, from the evaluation of the loan documentation to the transfer of the loan amount. Furthermore, there are many benefits of Bank of India (BOI) Gold Loan at Home:

  • Fast loan approval
  • Lower interest rates
  • Maximum value of gold
  • Flexible repay tenures
  • Easy payment options
  • No additional charges
  • 24*7 customer support
  • Full security of the gold
  • No hidden fees
  • Service at your doorstep within 30 minutes

Benefits of Bank of India Gold Loan

  1. The borrower can choose the tenure of the loan.
  2. The bank does the safety of ornaments without any charges.
  3. The system of this service is apparent.
  4. Bank of India charges a borrower up to .50% on the principal amount in case of a Gold Loan Foreclosure.

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Bank of India Gold Loan Documents Required

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 the high security of your gold ornaments till the loan is closed.

A duly filled and signed Gold Loan application form shall be submitted along with the following documents:

Documents required for Applying for the Bank of India Gold Loan are:

Identity Proof
Aadhar Card/Pan Card/ Passport/ Voter ID
Residence Proof
Aadhar Card /Pan Card/ Ration Card/ Rental Agreement of applicant/ Voter ID card/Utility Bills on the name of the applicant.
Agriculture Proof ( only if applicable)
Agriculture Land Ownership Proof
Photographs
2 Passport sized coloured

 

Bank of India 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 depends on the total loan amount as well as the quality/purity of the Gold you are to keep as security with the bank. Best Gold Loan interest rates offered by the Bank of India are lower in comparison to other loans because it is a fully secured loan.

BOI Gold Loan Interest Rate
Interest Rate Starting 7.0%
Processing Fee
1% of the Principal Loan Amount
Prepayment/Foreclosure Charges
NIL
Documentation Charges
Rs 250 upwards

Types of Bank of India Gold Loan

  • Loan Against Gold – Bank of India provides Gold Loan at attractive rates of interest to fulfil anyone’s dire need of funds for any purpose whether personal or professional. The rate starts at just 7.00% making it one of the most affordable rates.
  • Loan for Agriculture – Bank of India offers loans against gold at special rates which are way lower than the original rates for farmers seeking a loan for agriculture purposes.

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Bank of India (BOI) Gold Loan Apply Online

Applying for the Bank of India Gold Loan service is a hassle-free and straightforward process that 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 the necessary information.

  • 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 personalized 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 based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.

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Bank of India Gold Loan EMI Calculator

Rate
5 Yrs
4 Yrs
3 Yrs
10.50%
2149
2560
3250
11.00%
2174
2584
3273
11.50%
2199
2608
3297
12.00%
2224
2633
3321
12.50%
2249
2658
3345
13.00%
2275
2682
3369
13.50%
2300
2707
3393
14.00%
2326
2732
3417
14.50%
2352
2757
3442
15.00%
2378
2783
3466

  • Gold Loan EMI Calculator is an online tool that can be accessed by individuals to calculate the EMI against the gold loan they plan to avail against the self-owned gold.
  • The gold ornaments have to be kept as security with the lender until the loan is fully reimbursed.
  • Gold Loan EMI calculator can help the applicant to get approx.
  • EMI Calculator can try different rates of interest and reimbursement tenure offered by financial institutions.

Details of Bank of India Gold Loan

  1. Purpose – The motive here is to cover the needs for Agriculture/MSME/OPS/Retails/Consumption Purpose.
  2. Eligibility – Any individual who is the owner of ornaments/gold jewellery/coins and an account holder of the branch is eligible for the Bank of India Gold Loan.
  3. Quantum of Loan – For Agriculture/MSME/OPS/Retails/Consumption Purpose, the amount is Rs 15-25 lakhs. For other purposes, it is Rs 10 lakhs.
  4. Security – The belongings like ornaments/gold jewellery/coins should be pledged by the bank.
  5. Margin – For Agricultural purpose, it is 15-20% and for /MSME/OPS it is 25% (15% till 31.03.2021)
  6. Interest Rates – For Agriculture, the limit is up to 15 lakhs. Interest against hallmarked jewellery and gold coins is 7.35% and 7.40% for normal jewellery.
  7. Reimbursement procedure – The reimbursement can be done monthly, quarterly, half-yearly, yearly depending on the income of the person.
  8. Processing Charges – NIL up to 1 lakh. above 1 lakh is Rs 125 per lakh for hallmarked jewellery and Rs 150 per lakh for the normal jewellery.
Bank of India Gold Loan Rate 7.25% per annum
Processing Fee 0.50% of the loan amount, minimum ₹ 500
Loan Tenure 3 months to 36 months
Loan Amount For Agriculture/MSME/OPS/Retails/Consumption Purpose, the amount is Rs 15-25 lakhs. For other purposes, it is Rs 10 lakhs.
Processing Charges NIL up to 1 lakh. above 1 lakh is Rs 125 per lakh for hallmarked jewellery and Rs 150 per lakh for the normal jewellery.
Gold Loan Scheme Bullet Repayment Scheme

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How to Pay Your Bank of India Gold Loan EMI?

bank of india gold loan

Your Bank of India gold advance can be reimbursed in the following three different ways.

  1. Standing Instruction (SI): If you are a current record holder with the Bank of India, 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 India account you indicate.
  2. Electronic Clearing Service (ECS): This mode can be utilized if you have a non-Bank of India account and might want your EMIs to be charged consequently toward the finish of the month-to-month cycle from this record.
  3. Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Bank of India account at your closest Bank of India Loan Center. A new arrangement of PDCs should be submitted on time.

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Bank of India Bank Gold Loan Contact Number

Call 9878981144 and get instant help and approval for your Bank of India Gold Loan.

 

Gold Ornaments Accepted by 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

 

Uses of Bank of India Gold Loan

The funds acquired by availing the Bank of India Gold Loan service can be used for several purposes such as:

  • To fund any personal expenses such as matrimony, voyage, mortgage of higher education expenses, etc.
  • For all your custom needs, such as ordering raw material, augmentation of business, etc.
  • You can additionally avail of a Bank of India Gold Loan for farming purposes. Bank of India allows lower rates of interest for Gold Loans used for farming or associated activities.

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Bank of India Agricultural Jewel Loan Scheme

Scheme Bank of India Agricultural Jewel Loan Scheme
Interest Rate  Starting from 7.25% per annum (depends on the sum of the loan)
Least amount of Loan Depends on the value of  jewel which is being kept as security
Loan period Adjustment of advance sum inside 2 months from the date of reap of yields

 

Benefits of Bank of India Agricultural Jewel Loan Scheme

  • Bank of India does not charge a processing fee up to ₹ 25,000.
  • 0.30% of the loan amount, a Minimum of ₹ 300 is charged to the amount ranging from above ₹  25,000 – less than ₹ 5 lakh.
  • 0.28% of the credit sum, subject to at least Rs.1,500 is applicable to the amount more than Rs.5 lakh however under Rs.1 crore.

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What type of gold is used to secure the Bank of India Gold Loan

Gold jewellery between 18 and 24 karats can be used. Gold bars or gold coins can be used. The third option here is digital gold. The digital gold has to be exchanged for cash or jewellery first so that your loan would remain secure.

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Bank of India Gold Loan Overdraft Scheme

Bank of India offers an Overdraft Scheme. With this, the loan amount is provided as an overdraft facility. It functions as a Credit Card, where you can spend your Gold Loan Amount as per your wishes, anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the Muthoot Finance Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.

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Why should you apply for a Bank of India Gold Loan with Dialabank?

Here are certain points of why one should apply with Dialabank.

  • Firstly, we are here to listen to you and understand your problem and give you a solution for it. We provide customer services to understand you better and build a relationship with you.
  • Secondly, we would not waste your time. We are here to provide you with everything in easier and faster ways.
  • Thirdly, there are easy disbursals. Contact us so that we can understand you and your needs better and help you in every possible way.

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FAQs About Bank of India Gold Loan

What is a Bank of India Gold Loan?

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 fulfil the monetary needs of the borrower. Bank of India offers a credit of the maximum amount of Rs. 15 lacs for a maximum tenure of 18 months.

How can I get Gold Loan from the Bank of India?

Bank of India Gold Loan is a credit service that can be availed to fulfil urgent monetary needs. You can quickly get a gold loan by visiting the branch with your Gold and applying for the same with the loan officer. You can also apply for BOI Gold Loan online with Dialabank for convenience and to get personalized assistance.

How much Gold Loan can I get per gram in the Bank of India?

Bank of India Gold Loan Rate Per Gram today is ₹ 3,800 to ₹ 4,350. Bank of India Gold Loan Per Gram depends on the purity of your Gold varies depending on the market price prevailing in the market

How does the Bank of India Gold Loan work?

Bank of India provides the Gold Loan facility at nominal interest rates starting from 7.25% per annum.

What is the Gold Loan Interest Rate in the Bank of India?

Bank of India Gold Loan Interest Rate today is less as compared to the price of interest in other types of loans as these loans are given full security and can be recovered in case of default. The Gold Loan Rate of Interest in the Bank of India starts from7.25% per annum.

How to check Gold Loan status in Bank of India?

Customers can check the status of their loan applications 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.

How to calculate Gold Loan Interest in Bank of India?

You can calculate Gold Loan Interest payable on your Gold Loan from Bank of India using Dialabank’s EMI Calculator which accurately tells you the Interest as well as the EMI that will be payable on your loan.

What is the maximum loan amount I can avail of on a Gold Loan from the Bank of India?

You can get a maximum Gold Loan of Rs. 1 crore from the Bank of India if you are able to present the required income documents as demanded by the bank. However, in the case of non-salaried personnel this amount is only limited to Rs. 15 lakhs.

What is the loan tenure of Bank of India Bank Gold Loan?

The tenure of your Gold Loan at the Bank of India is chosen by you and could be a maximum of 36 months. You can also get a renewal on this tenure for another term.

How much Processing Fee is applicable to the Bank of India Gold Loan?

Bank of India charges a minimal cost while processing Gold Loan which is usually 1% of the principal loan amount or Rs. 1000 whichever is higher.

What are the charges for renewal in the Bank of India Gold Loan?

Renewal charges at the Bank of India are nil and can be availed if you are regular in paying your due EMIs and have a good relationship with the bank. However, they may charge a valuation fee at the time of renewal as the gold has to be evaluated again at the time of renewal.

What are the charges for Prepayment in Bank of India Gold Loan?

Prepayment charges at Bank of India Gold Loan are minimal and vary between 1-2 % of the principal loan amount. In some cases, this amount is waived off and nothing is charged for the prepayment of the loan.

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.

How to Pay Bank of India Gold Loan Interest 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.

What if I can’t pay the interest on the Bank of India Gold Loan for 3 months?

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.

How can I apply for the EMI Moratorium on Bank of India Gold Loan?

You can apply for EMI Moratorium on your Gold Loan by visiting the nearest loan branch of the bank and checking your eligibility for it as it is not available to all the loan takers.

How to pay Bank of India Gold Loan through Credit Card?

Bank of India gives you many easy and convenient options to pay your Gold Loan quickly but it does not allow you to pay your loan through a credit card.

What is the Overdraft Scheme for Bank of India Gold Loan?

Bank of India does provide an Overdraft Scheme and the overall loan amount will have a Credit/Loan Limit. In the Muthoot Finance Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.

What is the Bank of India Gold Loan closure procedure?

Once the loan is paid, the bank will close your gold loan immediately.

What is the Bank of India customer care number?

The customer care number for Bank of India is 9878981144.

What is the Bank of India Gold Loan Preclosure charges?

Bank of India does not charge any preclosure charges.

What is the maximum gold loan tenure of the Bank of India?

The maximum gold loan tenure of the Bank of India is 36 months.

What is the minimum gold loan tenure of the Bank of India?

The minimum gold loan tenure of the Bank of India is 3 months.