Bank of Maharashtra provides borrowers with a gold loan program called Maha Gold Loan that they can use to suit their own financial demands, such as paying for wedding expenses, paying for medical expenses, going on business trips, etc.
Bank of Maharashtra Gold Loan Interest Rate |
9.05% |
Tenure |
12 months |
Guarantor |
NIL |
Processing Fee |
Rs. 500 |
Eligibility |
18 years to 70 years old |
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.
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-
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.