Bank of Baroda (BOB) Gold Loan Interest Rate 2024
Bank of Baroda Gold Loan Interest Rates
Bank of Baroda provides a convenient solution for those in need of quick funds by offering gold loans. These loans are secured against gold jewellery, ornaments, or specially minted gold coins. You can use these loans for wedding expenses, education, home renovation, or business expansion. Let’s dive deeper into understanding all about BoB gold loan schemes before you apply.
Bank of Baroda Gold Loan Details
Bank of Baroda offers gold loans at a moderate rate compared to other lenders. With this rate, you can easily apply for gold loans as per your requirements.
- Bank of Baroda gold loan interest rate: Starting at 9.15% per annum.
- Collateral: Minimum 18-carat gold jewellery or specially minted gold coins by banks.
- Loan tenure: Options of 12 months or up to 36 months with EMI (equated monthly instalment) schemes.
- Loan amount: Up to Rs. 50 lakhs.
- Repayment methods: EMI, bullet repayment (single lump-sum repayment usually made at maturity date), or overdraft facilities.
- Processing fee: No fee for loans up to Rs. 3 lakhs.
- Pre-closure/pre-payment charges: No charges applied.
Features of Bank of Baroda Gold Loan Schemes
- Flexible loan amount: You can avail of loans starting at Rs. 25,000, with a maximum limit of Rs. 50,000.
- Secure storage: The pledged gold remains safely stored in the bank’s vault and is returned upon complete payment.
- No guarantor required: To obtain Bank of Baroda gold loans, you do not need a guarantor. This makes the application process simpler and hassle-free for you.
- Income proof not required: You do not need to submit income proof, ensuring that individuals from all income levels can access loans easily.
- Easily convertible into cash: The approved loan amount can be seamlessly converted into cash, providing immediate financial support to meet urgent needs.
- Minimal paperwork and faster processing: The loan application requires minimal documentation, ensuring a smoother process and quicker loan approval and disbursal.
- No impact on credit score: The gold loan interest rates are not influenced by your CIBIL score. This makes it accessible to anybody with varying credit histories.
Types of Gold Loan Schemes from Bank of Baroda Based on Interest Rates
- Fixed-rate loans: The interest rate remains unchanged throughout the loan tenure, ensuring stable EMI.
- Floating-rate loans: Interest rates are linked to external benchmarks, which may fluctuate, affecting the EMI amount.
- Non-agricultural gold loans: Available for salaried individuals, self-employed professionals, and students for non-agricultural purposes.
- Agricultural gold loans: Offered at lower interest rates to support farmers with cultivation-related expenses.
Bank of Baroda Gold Loan Rate Per Gram
The BoB gold loan per gram is based on the purity and market value of the gold. For this bank, the amount ranges from Rs. 4,289 to Rs. 4,679 per gram.
Bank of Baroda Gold Loan Interest Rate
The BoB gold loan interest rate starts from 9.15%. The biggest advantage of obtaining your loan from this bank is that it does not consider your CIBIL score while setting the interest rates.
| Particulars | Interest rates (p.a.) starting from | Tenure | | ----- | ----- | ----- | | Demand Loan (LA180) | 9.15% | Up to 12 months | | Agri Gold Loan | 8.70% (varies as per 1-year marginal cost of funds based lending rate or MCLR rates) | Up to 12 months | | EMI (LA241) | 9.15% | Up to 36 months | | Overdraft (LA043) | 9.15% | Up to 12 months |
You must also provide the gold loan appraiser charges which may vary based on your holdings. These charges are implemented by lenders to analyse the worth of your pledged gold.
Bank of Baroda Gold Loan Interest Rate Calculator
You can easily check the EMI of your loan using the Bank of Baroda gold loan calculator. This BoB gold loan calculator helps you to calculate your EMI based on the loan amount, interest rate, and chosen tenure. This makes repayment planning easier and more transparent.
Bank of Baroda Eligibility
To qualify for a loan loan at the Bank of Baroda, you have to meet the following criteria:
- You must be Indian residents aged 18 to 70 years.
- Loans are available against 18-carat gold jewellery or ornaments and specially minted gold coins (up to 50 grams per applicant).
Documents Required for Bank of Baroda Gold Loan
To apply for a gold loan, the following documents are necessary:
- A registered mobile number linked to Aadhaar and a Bank of Baroda account.
- PAN card (optional but recommended).
- BoB CIF number or bank account details for existing customers.
- Physical gold for valuation.
- Original Aadhaar and PAN cards for verification purposes.
Processing Charges of Bank of Baroda Gold Loan Scheme
- Processing fee: Nil for loans up to Rs. 3 lakhs. For higher amounts, a fee of 0.50% of the loan amount is applicable.
- Gold assaying charges: Rs. 0.50 per Rs. 100 net value of gold (Minimum Rs. 25; Maximum Rs. 350).
- Prepayment/post-closure charges: No additional costs for early repayment
Bank of Baroda Interest Rate Compared to Other Lenders
The bank gold loan interest rate in BoB starts from 9.15% which is comparatively lower than other lenders.
| Bank | Interest rates | | ----- | ----- | | Canara Bank | 9.25% onwards | | HDFC Bank | 9.30% onwards | | Axis Bank | 9.35% onwards |
How to Apply for the Bank of Baroda Gold Loan Scheme
You can apply for the gold loan schemes using the two approaches:
- Walk-in application: Visit the nearest Bank of Baroda branch with your gold and required documents. After completing a form, the bank evaluates the gold and processes the loan, usually within a day.
- Online application: You can register online via the Bank of Baroda website by submitting the application form and uploading the necessary documents. The final step involves visiting the branch for gold valuation and loan disbursal.
Procedure of Obtaining Gold Loan Scheme from Bank of Baroda
Follow the below steps to avail of your gold loan from the Bank of Baroda:
- Gold evaluation: The bank assesses the purity and weight of the gold to determine its value.
- Market price analysis: The gold’s market price is calculated based on recent rates.
- Loan-to-value (LTV) determination: The loan amount is set according to RBI’s LTV cap of 75%.
- Application processing: After you review the loan terms, the application is processed after deducting any applicable fees.
- Loan disbursal: The approved amount is credited to your account upon signing the loan agreement.
Conclusion
The Bank of Baroda gold loan stands out for its convenience, flexibility, and borrower-friendly terms, catering to a variety of financial needs. With secure storage, fast processing, and no reliance on credit scores, it ensures a smooth borrowing experience. This offering is well-suited for those seeking a trusted and efficient financing option in India.
BOB Gold Loan interest rate
As of 2024, BOB Gold loan interest rate is in the range of 8.70% to 9.40% per annum.
It is important to note that the interest rates are subject to change at the discretion of the bank and can vary based on market conditions. Additionally, Bank of Baroda may also offer lower interest rates to women borrowers.
It is always recommended to check with the bank or visit their website for the latest interest rates before applying for a gold loan. Moreover, it is advisable to compare the interest rates and other terms and conditions of gold loans offered by different banks before finalizing one.
Loan Amount For Bank of Baroda Gold Loan
Bank of Baroda offers gold loans ranging from a minimum of Rs. 10,000 to a maximum of Rs. 1 crore, depending on the purity and weight of the gold.
BOB Gold loan per gram rate
As of April 2024, the per gram rate for Bank of Baroda gold loan is Rs. 4,289 per gram for 22 carat gold and Rs. 4,679 per gram for 24 carat gold.
However, it is important to note that the per gram rate may vary depending on various factors such as the loan amount, loan tenure, and the prevailing market conditions. Additionally, the bank may also have different per gram rates for gold loan schemes targeted at different segments of customers.
BOB Gold Loan Processing fees
Bank of Baroda charges a nominal processing fee for its gold loans. The processing fee for Bank of Baroda gold loan is up to 1% of the loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs. 10,000.
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