Bank of India Gold Loan Highlights |
|
|---|---|
| Interest Rate | 8.80% p.a. onwards |
| Processing Fees |
|
| Collateral | Pledge of gold jewellery or coin |
| LTV Ratio | Up to 85% of gold value |
| Loan Amount | Up to Rs 50 lakh |
Bank of India Gold Loan Interest Rates
Bank of India Gold Loan interest rates start from 8.80% p.a. onwards. The lender offers differential gold loan interest rates based on the type of gold loan scheme offered by Bank of India.
| Products | Interest Rates (p.a.) |
|---|---|
| Gold Loan and Overdraft for MSME and OPS | 9.25% |
| Gold Loan and Overdraft for Food and Agro | 9.25% |
| Gold Loan for Consumption/Non-Priority Sector | 8.80% |
| Gold Loan and Overdraft for Agriculture | 8.80% |
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 India Gold Loan
Purpose
Bank of India offers gold loans to its applicants for various types of agriculture-related activities, personal requirements, or business-related activities. Individuals can avail gold loans pledged against gold jewellery or gold coins.
Security
Individuals can avail a gold loan from Bank of India by pledging their gold jewellery or gold coins as collateral.
Loan Amount
Bank of India offers Gold Loan for MSME, retail, agricultural, and personal purposes, with loan amounts of up to Rs 50 lakh.
LTV Ratio
The lender offers Bank of India Gold Loan for up to 85% of the gold's value.
Also read: Best Gold Loan EMI Calculator
Bank of India Gold Loan Fees and Charges
| Loan Amount | Charges |
|---|---|
| Above Rs 5 lakh | Rs 125 per lakh; Max Rs 1,000 |
| Above Rs 1 lakh to Rs 5 lakh | Rs 125 per lakh; Max Rs 250 |
| Up to Rs 1 lakh | NIL |
Eligibility Criteria for Availing Bank of India Gold Loan
To be eligible for a gold loan from Bank of India, applicants must meet certain criteria:
- Citizenship: Applicants must be Indian residents.
- Age: Applicants must be between 18 years and 75 years old.
- Ownership of Gold: Applicants should own gold ornaments eligible for pledging.
- Gold Purity: The purity of the gold ornaments should be at least 18 carats.
- Source of Income: Applicants should have a regular source of income.
Also read: Best Gold Loan Eligibility
Documents Required for Availing Bank of India Gold Loan
Below are the documents required by Bank of India for availing a Gold Loan:
- KYC Documents:
- Identity Proof
- Address Proof
- Land Holding Particulars:
- Required if the loan is availed for agricultural purposes and the loan amount is more than Rs. 2 lakh.
Also Read : Best Gold Loan Documents Required
Frequently Asked Questions
1. What is the gold loan interest rate in the Bank of India?
Bank of India offers gold loans at competitive interest rates starting from as low as 8.80% per annum. Please note that these rates are subject to change, and it's recommended to visit BOI's official website for the most updated gold loan interest rates.
2. How to calculate gold loan interest in BOI?
To calculate the interest payable on a gold loan from Bank of India, you can use the simple interest formula:
Interest Payable = (Principal Amount × Interest Rate × Loan Tenure) / 100. Where:
- Principal Amount is the initial amount of the loan.
- Interest Rate is the annual interest rate charged on the loan.
- Loan Tenure is the duration for which the loan is availed, usually in years.
3. How to check gold loan balance in BOI?
To check your gold loan balance in Bank of India, you have two options:
1. Visit the nearest branch and inquire with the bank officials about your loan balance.
2. Log in to your BOI net banking portal and access your loan details online.
4. How to check gold loan status in BOI?
To check your gold loan status in BOI, you have several options:
1. Give a missed call to the BOI gold loan contact number at 8010968370.
2. Send an SMS with the text 'GOLD' to 7669021290.
3. Contact their customer care support at 1800 103 1906.
4. Visit the branch where you applied for the loan and inquire with the bank officials. They will provide you with the necessary information regarding your loan status.