Central Bank of India Gold Loan

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Loan Amount Up to 1 Crore
Loan Tenure Up to 48 Months
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About Central Bank of India Gold Loan

Life is full of uncertainties. Thus you may need money to cope up with financial obstacles in your life. In this case, you can get a Gold Loan  to fight with the financial crisis. Gold loan is a secured loan. Therefore, people with low CIBIL score can also easily avail this service. Central Bank of India Gold Loan  is one of the best gold loans in India.

Central Bank of India was set up in 1911. Gold Loan from Central Bank of India comes with a lot of benefits and special features. Thus, make use of your gold in your bad time, and overcome the financial problems. Though, there are a lot of financial banking and non-banking companies that provide you with a gold loan, but Central Bank of India Gold Loan is considered the best. This Bank is one of the most reliable and  known for its brilliant financial services.

Central Bank of India Gold Loan at a Glance
Interest RateStarts at 10.25%
Gold Loan Per GramStarts from ₹1750, depending on the purity of gold
TenureUp to 12 months
Processing Fee0.5% or ₹1000 whichever is higher

Central 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 Central Bank of India at low rates of interest and also requires minimal documentation for the same. Central 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 Central 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 Central 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.

Central 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 Central Bank of India Gold Loan Rate per Gram also varies every day. Central Bank of India gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.

Rate starts from ₹1750 for a gram of Gold depending on its purity and the market price for your Central 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**

Central Bank of India Gold Loan Details

There are some Features of the gold loan. Let us discuss them.Central Bank of India Gold Loan

  1. Fast Process: First of all, the approval and disbursal process for Central Bank of India Gold Loan is very quick and easy. The loan gets approved within an hour.
  2. Easy Documentation: Next, the documentation process for availaing the Central Bank of India Gold Loan is very easy. Very basic documents are required for availing gold loan.
  3. Transparency : Central Bank of India provides full transparency to its customers and there are no kind of hidden charges.
  4. Loan Amount : the minimum amount of loan that the bank provides to its customer is Rs. 50000. It can be less than Rs. 50000 for customers based in rural areas.
  5. Safety of your Gold : One of the most important things to conider and note is that the bank is liable completely for the security of your gold ornaments. Therefore, your gold is kept in fireproof security inside the branch.
  6. Loan Tenure: The tenure of Central Bank of India Gold Loan can be from 1 year to 3 years. Hence, you can choose the duration of the loan according to your choice.
  7. Benefits for Farmers: Central Bank of India provides some special gold loan offers for agricultural purposes. The bank offers a slight lower Gold loan interest rate for Gold loan for agricultural use.
  8. No Debt Burden: There can be a situation when the loan taker cannot repay the loan. In such a case since the gold has aleady been pledged and is used for recovering the outstanding amount, the loan taker does not reel under any kind of debt burden.
  9. No Income requirements : There are no minimum income requirements for availing Central Bank of India Gold Loan and therefore anyone can apply and avail this loan.

Know More – 5 Must factor to keep in mind before availing a Gold Loan

Central Bank of India Gold Loan Documents Required

Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Central 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 Central 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 Central Bank of India Gold Loan are :

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

  1. 2 latest passport-sized photographs
  2. 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). 
  3. Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Gold Loan for Agricultural purposes.  
  4. 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.**

Central 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 Central Bank of India is lower in comparison to other loans because it is a fully secured loan.

The Gold Loan interest rates in the Central Bank of India starts at 10.25% per annum.

The bank also charges some additional fees along with the rate of interest in some cases, which are :

  • Processing fee – 0.5% of the loan amount or ₹1000 whichever is higher
  • Documentation charges 
  • Gold Valuation charges
  • Central Bank of India charges no additional fees for part payment or the foreclosure of the Gold Loan.

Central Bank of India 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.

Use of Central Bank of India Gold Loan

The funds acquired by availing the Central 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 Central Bank of India Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities. 

FAQs About Central Bank of India Gold Loan

Q. How much Gold Loan can I get per gram in Central Bank of India?

The maximum per gram Gold Loan rate in Central Bank of India is ₹1750 or 70% of the current market price of 22 Carat Gold, whichever is less.

Q. What is Central Bank of India Gold Loan?

Central Bank of India Gold Loan is your ideal credit option when in need of urgent lump sum money. The Bank provides loans starting from ₹10000 to ₹25 lacs for a maximum tenure of 12 months at attractive interest rates.

Q. What is the Gold Loan interest rate in Central Bank of India?

The rate of interest charged by Central Bank of India varies as One Year MCLR + 2%. They also charge a 0.5% processing fee.

Q. How to pay Central Bank of India Gold Loan online?

You can easily pay your Gold Loan with Central Bank of India through automatic deduction from your account in the form of EMIs. For further information, you shall contact the customer care number of the bank.

Q. How to apply Gold Loan in Central Bank of India?

You can apply for a Gold Loan by visiting the nearest branch of the Central Bank of India and submitting the required documents with your gold. You may also apply online with Dialabank for personalized assistance.

Q. How to renew Central Bank of India Gold Loan online?

To renew your Gold Loan you will need to visit the branch where your Gold will be revalued and new loan terms will be decided on. You may have to pay a small renewal fee.

Q. How to take Gold Loan from Central Bank of India?

Gold Loan can fulfill all your urgent financial needs. To take a Gold Loan from Central Bank of India visit the nearest branch with your gold. The loan disbursal occurs within hours and your pledged gold is safely kept in bank locker/vault.

Q. What is Gold Loan in Central Bank of India?

Gold Loan is a loan against your gold ornaments or coins which can be used to fulfill any emergency money requirements. The rate of interest charged on such loans is less as compared to home loans or personal loans as these are fully secured loans. Central Bank of India provides Gold Loan facilities at an attractive rate of interest for a maximum period of 12 months.

Q. How to get Central Bank of India Gold Loan?

Visit the nearest branch of Central Bank of India and get a Gold Loan in a few hours. You can also apply online for your Gold Loan with Dialabank and avail the best offers and deals suiting your needs.

Q. How to check Central Bank of India Gold Loan status?

You can check for your Gold Loan status online at Central Bank of India’s website using your loan reference number. You can also visit your branch or contact the customer care number.

Q. How to close Central Bank of India Gold Loan?

When you need to close your Gold Loan all you have to do is visit the branch and pay any pending amount. The bank will return to you the pledged gold upon verification and close your Gold Loan.

Q. How to renew Central Bank of India Gold Loan?

Renewal of your Gold Loan can be done by visiting the branch personally with all the loan-related documents. The gold will be released and then revalued as per the prevailing prices in the market. Upon agreement of new terms, your loan will be renewed.

Q. What happens if someone defaults Central Bank of India Gold Loan?

Central Bank of India will charge you a penalty fee if you default on your Gold Loan. On continuous defaults, the bank will have the legal rights to sell your Gold in an auction and recover the amount.

Q. How many branches of Central Bank of India Gold Loan?

The Central Bank of India has more than 4500 branches across India to cater to your finance needs.

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