Baroda UP Gramin Bank Gold Loan

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Rates as low as 10.00%*
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Loan Amount Up to 1 Crore
Loan Tenure Up to 48 Months
Unbiased Experts Advice

About Baroda UP Gramin Bank Gold Loan

The Regional Rural Banks (RRB’s) were set up in the country under RRB Act 1976. Bank of Baroda had sponsored 19 Regional Rural Banks in the country of which 7 Regional Rural Banks were in eastern Uttar Pradesh state. The government of India vides its notification on 23 February 2006 amalgamated 7 RRBs of Eastern Uttar Pradesh and two Regional Rural Banks of western U.P namely Bareilly Kshetriya Gramin Bank as well as Shahjahanpurr Kshetriya Gramin bank sponsored by BOB.

Thus emerged two new corporates, i.e. Baroda Eastern Uttar Pradesh Gramin Bank as well as Baroda Western Uttar Pradesh Gramin Bank with their Head Offices in Raebareli and Bareilly respectively. After a short while from this restructuring, govt. Of India vide notification it. 31st March 2008, let the two banks amalgamate to form a new entity called Baroda Uttar Pradesh Gramin Bank with its Head Office in Raebareli. The bank provides financial services to people like personal loan, Gold Loan, and Loan against property and many more.

Baroda UP Gramin Bank Gold Loan Interest Rate

In general Loan on Gold, the credit is available at a low-interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of personal loan or any other kind of loans. Though the Gold loan rate keeps on changing with the passage of time as well as person to person. The Baroda UP Gramin Bank Gold Loan is available at 1% per month interest rate.

  • Baroda UP Gramin Bank Gold Loan Interest rate – 10.70 %
  • Offer low processing fee –  0.85%
  • Pre-closer charges range from 0 – 2 %.
  • Tenure minimum six months; maximum five year
  • Amount – Thousand to a crore

Gold Forms Accepted for Baroda UP Gramin Bank Gold Loan

The applicant who wants to avail Baroda UP Gramin Bank Gold Loan should keep the following things in mind:
  • Gold Jewelry include Bangles, necklace, earrings or any other form of jewelry.
  • Gold Coins are not approved for a Gold Loan.
  • Bars of Gold also cannot be used.

Baroda UP Gramin Bank Gold Loan Features

  • Great Availability: First and foremost, Loan against gold is a secured service. Therefore the processing of Baroda UP Gramin Bank Gold Loan is fast as the bank is mostly concerned with the quality and weight of the gold.
  • Low Rate of Interest: In contrast to services like personal loans, the gold loan has the least interest rate as banks keep security against the loan.
  • Negligible foreclosure charges: Generally, banks do not have any prepayment charges, but some banks / NBFC’s can charge a penalty of just 1%.
  • Safety of Ornaments: The ornaments are more secure with the banks due to the strict security In the banking institutions which is quite less at homes.
  • No qualification of Credit Score: As Baroda UP Gramin Bank Gold Loan is a secured loan, therefore, the applicant does not have to worry about bad loan repayment history.
  • Income-proof not required: The salary of an applicant is not an issue for availing a gold loan as it depends majorly on the weight and quality of gold available with the applicant.
  • No loan processing charges: Another advantage is that the applicant does not have to pay extra for this service as the approval solely depends upon the asset kept as security.
  • Flexible tenure: In addition to other advantages,  the applicant can choose the tenure of the loan according to their requirements and needs.
  • Only payment of interest: Lastly, the applicant has the option to pay the principal amount at the end of the tenure and only the interest every month.

Baroda UP Gramin Bank Gold Loan Documentation

  • Identity Proof is required. It can be an Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport.
  • One proof of residence is also required while applying for a gold loan; it can also be an Aadhar Card/ Card/ Voter ID card/ PAN Card/Driving License/ passport/Ration Card/Electricity/water bills of last three months with the name of the applicant.
  • Two colored photographs.

Additional Documentation for Baroda UP Gramin Bank Gold Loan

The bank needs a Proof of ownership of Land if you are applying for an agriculture gold loan.

  • Land Proof – In the case of Agriculture Loan on gold of more than Rs. 1 lac. The proof is not needed for allied agriculture purposes.
  • Income Proof or Salary Certificate as well as Form No.16

Baroda UP Gramin Bank Gold Loan Process

Baroda UP Gramin Bank Gold Loan

  • The bank checks the purity of the gold.
  • The bank verifies the market rate for gold and the price of the previous day is take into consideration
  • The LTV (Loan to Value) set by the RBI is 75%.
  • If you have acknowledged the Gold loan amount and terms, the lender processes the application. The processing fees & other charges deducted from your Gold loan amount.
  • After signing the agreement, the loan amount is disbursed to your account.

FAQs About Baroda UP Gramin Bank Gold Loan

Q. How much Gold Loan can I get per gram in Baroda UP Gramin Bank?

The per gram Gold Loan rates in Baroda UP Gramin Bank depends on the quality of your Gold. Maximum funding of 70% of your Gold’s market price can be availed. It also depends on the prevailing price of gold in the market.

Q. What is Baroda UP Gramin Bank Gold Loan?

Baroda UP Gramin Bank has the facility of loan against gold to fulfil the requirement of funds of their customers at comparatively low rates of interest than other loans for a tenure of your choosing. The bank provides convenient methods for repayment of the loan and renewal facility as well.

Q. What is the Gold Loan interest rate in Baroda UP Gramin Bank?

Rate of Interest charged by the bank on Gold Loan depends upon the amount of the loan that is to be borrowed and is less than the rate charged on personal or home loan as it is a fully secured form of the loan The bank also charges low processing fees and no documentation charges.

Q. How to pay Baroda UP Gramin Bank Gold Loan online?

You can pay the Gold Loan by making payments through fund transfer as well as Standing Instruction or an ECS on your bank account.

Q. How to apply Gold Loan in Baroda UP Gramin Bank?

Applying for Gold Loan from Baroda UP Gramin Bank is a quick and hassle-free procedure. You just need to visit the bank with your documents and gold and fill a form. You can also apply online through Dialabank from the comfort of your own home.

Q. How to renew Baroda UP Gramin Bank Gold Loan online?

The renewal process is done when you visit the branch with the documents and write a requisite letter for renewal. You need to carry all loan-related documents with you and you might be asked to fill a form for renewal as well.

Q. How to take Gold Loan from Baroda UP Gramin Bank?

Taking Gold Loan from Baroda UP Gramin Bank is convenient. You just need to be eligible for the loan and apply for it either online or offline. The bank gives quick approval and disbursement after evaluation of gold ornaments that are to be pledged as security.

Q. What is Gold Loan in Baroda UP Gramin Bank?

Baroda UP Gramin Bank provides loan against gold as security for fulfilling your urgent requirement of funds. The bank gives the loans at low-interest rates and can be used for personal, business or agricultural use.

Q. How to get Baroda UP Gramin Bank Gold Loan?

You can get a Gold Loan from Baroda UP Gramin Bank by visiting the nearest branch with your Gold. You can also apply online with Dialabank to avail the best deals and offers.

Q. How to check Baroda UP Gramin Bank Gold Loan status?

You can check the status by emailing the bank’s executive and asking them about your application or by visiting the branch and meeting the loan officer in person.

Q. How to close Baroda UP Gramin Bank Gold Loan?

Closure of the loan takes place once you have cleared all your dues for your loan. The bank releases the gold after verifying your payments.

Q. How to renew Baroda UP Gramin Bank Gold Loan?

You need to visit the branch with all your loan-related documents and get the gold revaluated which was earlier kept as security at the latest market rates for completing the renewal process. For more information visit the nearest branch.

Q. What happens if someone defaults Baroda UP Gramin Bank Gold Loan?

If you are unable to make the payment for your Gold Loan from Baroda UP Gramin Bank, the bank charges a penalty fee and this also reflects in your credit score which affects your loan taking capacity.

Q. How many branches of Baroda UP Gramin Bank Gold Loan?

The bank has an extensive network of 669 branches the bank has the privilege of having the highest number of SHGs in the U.P. State.

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