Bank of Maharashtra Gold Loan Interest Rates

• The Bank of Maharashtra gold loan provides consumers with a straightforward option to meet all kinds of personal needs, including weddings, education, and business expansion.
• Loan Minimum: A loan must be at least 20,000 Indian Rupees.
• Gold Loan Amount Per Gram: The gold loan amount per gram fluctuates depending on the purity of the gold and market prices, ranging from INR 1755 to 2145.
• The maximum loan amount for the Bank of Maharashtra gold loan is INR 5 lakhs because it is a secured loan.
• Storage: After the full loan has been repaid, you can retrieve the gold jewelry you gave the bank as collateral from the bank's safe.
• Gold Loan Tenure: The Bank of Maharashtra gold loan has a maximum 12-month repayment term.
• Processing Cost: For the Bank of Maharashtra gold loan, the borrower must pay a processing fee of 500 INR.
• Bank of Maharashtra gold loan interest rate 2024: The base interest rate for Bank of Maharashtra's gold loans is 9.05%.

Anyone who meets the bank's age requirements and owns gold jewelry or ornaments may apply for a gold loan against those items. To qualify for a loan against gold from Mahabank, the applicant must be at least 18 years old and not older than 70.

• Principal: The maximum repayment duration under the term loan facility is 12 months.
• Cash Credit Facility: Annual Review subject to once-yearly repayment of the total amount.
• Bullet: Another option for the payback schedule is a bullet payment. 
• Interest: Gold loan rate of interest Bank of Maharashtra should be billed on a monthly basis and handled as needed.

Here are the two well-known loans offered by BOM against the gold scheme-

Farmers can apply for a gold loan from the Bank of Maharashtra. They can meet requirements for cash credit for crop production or related agricultural activities.

The money can also be used as credit for investments. The crop production cash credit comes in the form of MKCC. Any person who engages in agricultural or related activity is eligible for term loans. The individual must adhere to the KYC requirements.

Characteristics include-

• Security: Gold jewelry and ornaments must be pledged. Bullion and other kinds of gold are not accepted as collateral by BOM.
• Margin: The minimum margin for MKCC and Agri cash credit against gold is 25% of the asset's market value. A term loan against gold must have a margin of at least 40% of the asset's market value.
• The maximum loan-to-value ratio for a term loan is 60% of the gold asset, or as low as Rs. 3,065 per gram of 22-carat gold. For MKCC, the maximum amount of financing is up to Rs. 3 lakhs. You can only borrow up to Rs. 20 lakhs per applicant in other circumstances.
• Interest Rate: MKCC's fixed annual interest rate is 7%. This applies to loans under the interest subvention scheme of up to Rs. 3 lakhs. The rate is in accordance with the 1-year MCLR for actions related to cash credit. The same holds true for loans with a set term.
• Loan Amount: The amount of credit is determined by the harvests for MKCC in relation to gold. According to your financial requirements, cash will be credited against gold. A term loan for agriculture operates similarly. According to LTV of up to 75% of the gold's current value for a cash credit and MKCC, the loan amount is eligible.
• Repayment: The MKCC repayment is in accordance with the plan's requirements. Based on a yearly assessment, the payback conditions for CC-associated activities are set. Term loans must be repaid within 60 months, depending on their intended use.

This is a facility for term loans and cash credits. The loan is intended to help people with their needs to cover personal expenses. These requirements could include money for a wedding, higher education, medical emergencies, business travel, and more.

You need to state how the money will be used and promise not to use the loan for any speculative endeavours.

• All of the people who are at least 18 years old, including bank employees, are eligible to apply for this lending program. The loan is secured by gold jewelry or accessories. The applicants must adhere to the KYC requirements.
• Gold jewelry and accessories are accepted as collateral by the bank. It won't offer a loan secured by gold bars, coins, or other types of this valuable metal.
• Duration: The bullet repayment plan has a maximum 12-month duration. Other BOM gold loans have terms of up to 24 months.
• Interest Rate: Starting at 7.35%, the rate is. It is RLLR plus 0.45. The interest rates occasionally fluctuate at the bank's discretion.
• Bullet Repayments: Interest is billed on a monthly basis under the Bullet Repayment plan. However, you can settle the interest at the conclusion of the loan term. You must first quickly pay the principal.
• Cash Credit: There is an annual review for the amount you pay once a year for Cash Credit gold loans. Monthly interest payments are made.
• Costs: Out-of-pocket expenses or packing costs are Rs. 100 plus GST. Per loan application, there is a processing cost of Rs. 500 plus GST. For the inspection and documentation, there are no fees.
• Jewelry made out of 22-carat gold costs Rs. 3,065 per gram. Depending on the asset's current rate, the bank may decide to adjust this value.
• Margin: In the case of bullet repayments, the bank retains a 35% margin. In other situations, a 25% buffer is kept.
• Loan Amount: The level of financing is frequently evaluated. The maximum amount that can be borrowed is up to 75% of the asset's net weight and market value in gold, excluding any other precious metals or stones that are affixed to the jewelry that is being pledged.
• LTV: Throughout the term of all sorts of gold loans, the loan-to-value ratio (LTV) is kept at up to 75%.
• Repayment for Term Loans: There are two different ways to repay a Term Facility. You can first select an EMI plan. In this case, you have 24 months to repay the borrowed principal. Repayment schedules can be fixed at quarterly, monthly, half-yearly, or yearly intervals. The interest on a term loan facility is charged monthly and must be determined as it is applied.

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