Central Bank of India Gold Loan Interest Rates

When compared to other loan kinds, the interest rates on gold loans obtained by gold pledge range from 7.35% to 29% p.a. India's banks and other financial institutions provide gold loans with loan amounts ranging from 1500 to 1.5 crore rupees. These gold loans have repayment terms ranging from 7 days to 240 months.

Details of the Gold Loan Scheme from the Central Bank of India

Central Bank of India Gold Loan Interest Rate

7.35%

Amounts

Rs. 1 crore

Tenures

20 Years

Processing Charges

0.5% + GST

Characteristics of the Gold Loan Scheme from the Central Bank of India

Below are some of the key characteristics of a gold loan-

  • The loan might be made available in five minutes.
  • The documentation procedure is straightforward, and the majority of lenders merely require proof of identity and address.
  • When you first make a payment, you can just pay the interest portion; the principal will be due when the loan is due.
  • To choose a gold loan, your credit history is not needed to be stellar.

Central Bank of India Gold Loan Interest Rate 2022

 

Interest Rate

7.35%

Gold Loan Interest Rate Compared Other Banks

Axis Bank

13.50%

HDFC Bank

11%

Canara Bank

7.35%

SBI 

7%

Kotak Mahindra Bank

10%

Muthoot Gold Loan

12%

Central Bank of India Gold Loan Rate Per Gram Today

  • 70% of the current market price for 22-carat gold, or Rs. 1,750 per gram of gold jewelry, whichever is less.
  • The loan maximum is Rs. 1,850 per gram of gold jewelry or 70% of the current market price of 24-carat gold, whichever is less, in the event that the gold coin is sold by the Central Bank of India.
  • Gold coin pledges for advance security should not total more than 50 grams per borrower.
  • Depending on the gold's market worth, the withdrawing power will change each month.

Types of Gold Loan Schemes from the Central Bank of India

These are the bank's top three gold loan schemes-

1) Cent Personal Gold Loan Scheme

The loan is intended to cover urgent personal needs, including those related to healthcare, travel, education, marriage, etc. It could be used for agricultural purposes as well.

The facility is offered as a demand loan secured by jewelry made of gold guaranteed to the bank. Assets made of gold should be at least 22 carats pure. The most that can be pledged in gold coins is 50 grams per borrower. Only the bank's gold coins are accepted as collateral.

2) Cent Agri Gold Loan Scheme

The beneficiaries of this Central Bank of India gold loan include individuals and farmers who engage in agricultural and related enterprises. Thus, the credit can only be used for agricultural purposes. Crop production needs or investing in particular needs are included.

The main facility is for short-term production credit, often known as CC/CKCC/OD or Demand Loan (single transaction). You have a year to pay the debt back. However, the duration for the Term Loan facility is up to 60 months.

3) Cent Business Gold Loan Scheme

People between the age criteria of 18 and 60 can apply for a Central Bank of India Business Gold Loan. The option is open to both new and returning clients. Individuals, partnerships, and proprietorship firms that are engaged in commercial activity are the qualifying consumers.

Therefore, the loan can only be utilized for business purposes. The loan ranges in size from 10,000 to 20 lakhs of rupees.

Benefits of the Central Bank of India Gold Loan Scheme

  • Process: Central Bank of India loans are disbursed quickly, without problems, and conveniently. In an hour, the loan is approved.
  • Less Documentation: The Central Bank of India's gold loan has a clear documentation process, and only a few essential documents are needed.
  • Transparent System: The financial institution makes every effort to provide total transparency to the client, which means that there are no unstated fees associated with you.
  • Security of Jewelry: It's important to keep in mind that the bank is entirely responsible for the security of your gold. As a result, the gold is safe and secure in a fireproof vault.
  • Loan Term: The loan term may be between three months and two years. From this point forward, you could make a choice based on your comfort.
  • Benefits for Farmers: The Central Bank of India makes a number of excellent suggestions for agricultural use. In other words, the bank specifically lowers the rate on Gold loans for agricultural usage.
  • Size of Loan: The Central Bank of India offers its customers a loan with a minimum base amount of Rs. 15,000. In rural areas, it must also not exceed Rs 10,000.
  • No Burden of Debt: There are also situations where the investor is unable to repay the loan amount; in these circumstances, the lender will no longer be responsible, and the bank will take possession of the gold jewelry on its own.
  • No Income Restrictions: Since there are no restrictions on the lender's salary or profits, anyone with any pay range can now obtain a gold loan.

How to Apply for the Central Bank of India Gold Loan Scheme?

By visiting the lender's official website, selecting the appropriate form under the Cent Gold Loan area, and submitting your application, you can obtain a gold loan from the Central Bank of India.

It is available for download in both formats - word and pdf formats. Complete the form and include all required documentation. The application form and supporting documentation can then be submitted to the Central Bank of India branch that is the closest to you.

You can also go to the closest branch of the Central Bank of India with the required paperwork and gold as the pledged security. You will be contacted by a bank representative who will assist you with the gold loan application procedure.

You can phone the bank's local branch or use the toll-free number 1800 22 1911 if you have questions about the Central Bank of India's gold lending program.

Accepted Ornaments

The Central Bank of India will take gold jewelry such as gold anklets, gold necklaces, gold bracelets, and gold rings in order to provide a gold loan.

Gold must be between 18 and 22 carats in weight to be considered acceptable quality. A 24-carat gold ornament cannot be used to secure a gold loan.

Who is Eligible for the Central Bank of India Gold Loan Scheme?

  • A person needs a steady income (optional).
  • The age requirement is at least 18.
  • Anyone who has gold jewelry, coins, or ornaments that the bank needs to mortgage.
  • Individuals who have a current or savings account with the bank (optional).

Documents Required

  • Properly completed and signed a gold loan application.
  • Two photos the size of a passport.
  • Identity documents include a passport, voter ID card, driver's license, PAN card, Aadhar card, and an ID card from a government agency.
  • The most recent utility bill, the most recent phone or mobile bill, the most recent credit card statement, and the current house lease agreement are all acceptable forms of identification.
  • The most recent pay stub that includes all deductions, Form 16, or the income tax returns for the past two fiscal years serves as proof of income (optional).
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