Bank of India Gold Loan Interest Rates

The following are the main characteristics of the Bank of India gold loan and with details about the Bank of India gold loan rate per gram today-

• Use the Bank of India gold loan to cover your financial demands for retail, consuming, MSME/OPS, or agriculture.
• Bank of India gold loan interest rate today for BOI gold loans ranges from 7.80% to 8.95% per annum for 12 months.
• Bank of India gold loan interest rate today for BOI gold loans ranges from 8.1% to 9.45% per annum for 36 months.
• Processing fee: Depending on the loan amount to be obtained, the processing fee charged on a Bank of India gold loan may range from Rs. 125 per lakh (up to Rs. 1,000) to Rs.
• Loan amount: The Bank of India does not have a minimum loan amount for gold loans. The most that can be borrowed is 50 lakhs rupees. To find out how much of a loan you qualify for, utilize the online Bank of India gold loan calculator.
• Margin: For agricultural purposes, a margin of 15% to 35% is necessary; for non-agricultural reasons, a margin of 25% to 35% is needed. The margin needed is determined by the gold's purity and the loan's term.
• The Bank of India's gold loan eligibility requirements is straightforward. Any individual or corporation that is the rightful owner of the gold jewelry, accessories, or coins may submit an application for this loan. After completing the eligibility requirements established by the bank, borrowers must submit the documentation needed for a gold loan with the Bank of India.
• Repayment: Depending on the income generation and/or seasonality of the business, principal payback schedules may be arranged in monthly, quarterly, half-yearly, or yearly installments or even as a bullet repayment.
• Security: The borrower must put up personal gold jewellery, decorations, or coins as collateral. The weight of the pledged coins cannot exceed 50 grams.

The Bank of India now offers just one sort of gold loan, which can be used for operations related to agriculture, food and agriculture, MSME/OPS, and consumption/non-priority. For these purposes, the interest rate on a gold loan from the Bank of India may range from 7.80% to 8.95% per annum, and the maximum loan amount is Rs. 50 lakhs.

To determine your eligibility for a BOI gold loan, utilize the gold loan calculator that is available online and on multiple platforms.

You must satisfy the following requirements to be qualified for a BOI gold loan-

• You have to be a minimum of 18 years of age.
• To qualify for a loan, you must hold gold, gold jewellery, or gold coins that the bank will mortgage.
• You ought to be supported by a steady salary.

The list of documents needed for a gold loan with the Bank of India is as follows-

• Completed and signed application for a gold loan.
• Two most recent passport-size photos.
• Identification documentation such as a passport, voter ID card, driver's license, Aadhar card, PAN card, government-issued ID card, etc. 
• A lease agreement for an existing home, a bank statement, the most recent electricity, phone, or another utility bill, a credit card statement, etc., are all examples of proof of address.
• Income documentation, including the most recent W-2, Form 16, and Income Tax Returns from the previous two fiscal years.

Both online and offline applications are accepted for BOI gold loans. Visit the Bank of India location that is most convenient for the offline process to discover all there is to know about the loan program. Keep a physical copy of each required document with you at all times. Along with the completed and signed gold loan application form, which is available at the bank, please attach these papers. 

Additionally, you will need to wait for the results of the gold evaluation before the bank decides on the loan amount, interest rate, and repayment period. The sum will be transferred to your designated bank account once the loan has been approved.

To access the gold loan application form if you're applying for a gold loan online, go to the Bank of India's official website. After that, apply by accurately and completely completing the form's essential fields. If your application is accepted, a gold evaluation will be scheduled for you.

If you are approved for the loan, the approved loan amount will be transferred immediately to your bank account within a few hours.

In accordance with each customer's ability to repay, the Bank of India gives them a personalized jewelry loan plan. You should apply for a jewelry loan with the Bank of India for the reasons listed below-

• The Bank of India is renowned for processing applications for gold loans quickly.
• The loan can be used to meet a variety of financial demands, both personal and professional.
• A jewelry bill may not be required for the BOI gold loan due to the straightforward documentation process.
• The bank's disbursal procedure is quick. The money is available to you in a day or perhaps less.
• A helpful customer service management team at the Bank of India provides prompt responses to all inquiries.
• The loan's fees and expenditures are all disclosed upfront. There are no unstated costs.