Job losses due to virus-related closures caused by increased gold-backed loans Indian families, sitting on the most independent gold in the world, are rushing to borrow against their jewellery as precious metal collections and the coronavirus plague exacerbates the downturn of the economy. Now, many of the banks and financial firms are in need to attract more clients to stockbrokers and lenders. One of them is Bank of India, now you can apply for Bank of India Plot Loans at cheap rates.
The virus-related closure in India has shut down businesses and left millions homeless, pushing the economy forward with its first annual decline in forty years. Bank lending most likely won’t grow at all for the year ending March 31, 2021, according to the information shared by the local S&P Global rating unit. That makes a gold-based loan very valuable.
The Bank of India is entering the market slowly and also plans to raise the number of branches offering gold loans in both urban as well as rural areas this year from 800 last financial year. Procurement and easy access to credit have made this a simpler and more efficient way, this was conveyed by the bank in its annual report.
Bank of India Gold Loan Rates (Per Gram) |
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|
Weight |
24 Carat |
22 Carat |
20 Carat |
18 Carat |
|
1 gram |
4680 |
4290 |
3900 |
3510 |
|
10 gram |
46800 |
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 |
The Gold Loan EMI is a fixed fee paid by gold loan borrowers that they have to pay, in order to pay their gold loan instalments. EMI payment of Bank of India gold loan, EMI rate remains unchanged; however, the interest rate on loans continues to decline, and key components continue to increase.
The interest rate charged on the Bank of India’s gold loan may change over time so during the event of any change on the floating interest rates, you have two options:
- To keep EMI stable and to change the loan period
- Reduce your EMI and keep your loan time balanced
You can even try to complete the payments in advance of the Bank of India Gold Loan. In advance of paying the Bank of India Gold Loan, you get the same option to keep your monthly EMI and reduce loan time or reduce EMI and keep the same.
The easiest way to get a Gold Loan from the Bank of India, just contact Dialabank at 9878981144 for easy Gold Loans and become financially stable.
