Bank of Baroda Gold Loan Highlights |
|
|---|---|
| Interest Rate | 9.40% p.a. |
| Processing Fees | NIL for up to Rs 3 lakhs |
| Loan Tenure | 1 year to 3 years |
| Loan Amount | Up to Rs 50 lakhs |
| Gold Loan Repayment Facility | EMI, Bullet repayment, Overdraft |
| Collateral | Security of minimum 18 carat gold ornaments /jewellery/specially minted gold coins sold by banks |
Bank of Baroda Gold Loan Interest Rate
Bank of Baroda offers a gold loan interest rate of 9.40% per annum. The bank does not consider CIBIL scores when setting gold loan interest rates for its applicants.
| Particulars | Interest Rates (p.a.) |
|---|---|
| EMI (LA241) | 9.40% |
| Overdraft (LA043) | 9.40% |
| Demand Loan (LA180) | 9.40% |
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
Features of Bank of Baroda Retail Gold Loan
Purpose
Bank of Baroda provides 'Retail Gold Loan' against the security of a minimum of 18-carat gold jewelry or ornaments. Applicants can utilize this loan for various personal purposes including car purchase, marriage, education, or other expenses, except for speculation.
Margin
The gold loan per gram comes with a 25% margin.
Loan amount
Applicants can avail Bank of Baroda gold loans for amounts up to Rs 50 lakhs.
Tenure
Bank of Baroda Gold Loans are provided for tenures ranging from 1 year to 3 years under the EMI repayment scheme.
Repayment Facility
Applicants have the option to repay the interest on their gold loans through the EMI scheme, which entails monthly payments. The principal amount can be repaid through the bullet payment option at any time during the loan tenure. Additionally, the overdraft facility and Demand Draft option are available.
Also read: Best Gold Loan EMI Calculator
Bank of Baroda Gold Loan Processing Fees & Other Charges
| Particulars | Charges |
|---|---|
| Processing Fees | NIL for loan amount of up to Rs 3 lakhs |
| Pre closure/Pre payment | NIL |
Bank of Baroda Gold Loan Eligibility Criteria
Bank of Baroda provides gold loans against gold jewellery/ornaments and specially minted gold coins sold by the banks (up to a maximum of 50 grams per applicant) to resident Indian applicants.
Also read: Best Gold Loan Eligibility
Documents Required for Bank of Baroda Gold Loan Application
The detailed list of documents required for availing a Bank of Baroda Gold Loan includes:
- Passport size photographs
- Proof of identity
- Proof of residence
- Proof of signature
Also Read : Best Gold Loan Documents Required
FAQs on Bank of Baroda Gold Loan
1. What is the maximum repayment tenure for Bank of Baroda Gold loan?
The borrower can take up to 36 months to repay the Bank of Baroda gold loan.
2. What is the nature of credit offered under Bank of Baroda Gold Loan?
The gold loan from Bank of Baroda will be provided in the form of a demand loan.
3. For what purposes can I use Bank of Baroda Gold Loan?
You can utilize the loan amount for various general purposes such as education, travel, house repair, hospitalization, etc. However, it cannot be used for speculative purposes like investment in risky avenues.
4. Will I have to pay a processing fee for Bank of Baroda Gold Loan?
Yes, you will be required to pay a processing fee depending on the loan amount availed. However, no processing fee will be charged for a loan amount of up to Rs. 3 lakh.