If someone needs money right away, they can apply for a Bank of Baroda Gold Loan by offering their own gold, jewellery, or coins as security. With rapid processing and disbursal, the Bank of Baroda offers gold loans at an interest rate of 8.85% + SP and higher. Gold-based security or collateral is safely returned upon timely and complete repayment of the loan amount.
Bank of Baroda Gold Loan Interest Rate |
8.85% |
Loan Amounts |
Up to Rs. 50 lakhs |
Age |
18 Years - 75 Years |
Tenures |
1 Year |
Accepted Gold |
Banks sell ornaments, jewellery, and specially struck gold coins (Min. 18 K gold) |
Processing Fees |
Rs. 25 per lakh + GST |
Interest: The interest rate for a gold loan from the Bank of Baroda is one-year MCLR plus a strategic premium plus 0.25% for up to 10 lakh and 0.5% for up to 50 lakh.
The interest rate for an Agri gold loan is 8.85% per year for amounts up to Rs. 3 lakh - 1-year MCLR + Strategic Premium. The interest rate for others is 8.85% p.a.
Agri Gold Loan: More than Rs. 3,00,000 lakh and up to Rs. 10,00,000 lakh - 1-year MCLR + Strategic Premium to 1-year MCLR + Strategic Premium + 0.25%, which is 8.85% p.a. The interest rate for other sorts of gold loans is 9.1% p.a.
More than Rs. 10,00,000 lakh and up to Rs. 25,00,000 lakh: 1-year MCLR + Strategic Premium + 0.25% to 1-year MCLR + Strategic Premium + 0.50%, which works out to 9.1% per year for Agri Gold Loan and 9.6% per year for other forms of Gold Loan.
A gold loan from BOB is available to anyone who has gold jewellery or decorations. With the exception of speculative purposes, the loan can be utilized for any purpose and will take the form of a demand loan.
To apply for a Bank of Baroda Gold Loan, a client must provide the following supporting documentation.
Customers of the Bank of Baroda can easily apply for gold loans from the bank. The loan can be obtained in two ways.
A gold loan process consists of the following steps.
Step 1: The purity of the gold is examined to determine the loan amount.
Step 2: The market price per gram of gold is examined, and the price from the previous day is taken into account.
Step 3: At this point, the Loan to Value (LTV) is chosen. The RBI has established a maximum LTV value of 75%.
Step 4: The lender will begin processing your application when you have agreed to the loan's terms and amount. The loan amount is reduced by processing fees and other costs.
Step 5: The gold loan amount is disbursed to your account when you sign the final contract.