Bank of Maharashtra Gold Loan Highlights |
|
|---|---|
| Interest Rate | 9.30% p.a. onwards |
| Processing Fees | NIL |
| Loan Amount | Rs 20,000- Rs 25 lakh |
| LTV Ratio | Up to 75% of gold’s market value |
| Collateral | Pledge of gold jewellery/ornaments |
| Tenure |
Term Loan EMI based- Up to 2 years Term Loan Bullet Repayment- Up to 1 year Cash Credit- Repaid once a year |
Bank of Maharashtra Gold Loan Interest Rates
Bank of Maharashtra Gold Loan interest rates start from 9.30% per annum onwards. The lender provides different interest rates based on the category of gold loans offered to the applicants.
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 |
Bank of Maharashtra Maha Gold Loan
Purpose: Maha Gold Loan is a term loan or cash credit facility provided to applicants to acquire funds for various purposes, excluding speculation.
Tenure:
Cash Credit Facility: To be repaid once a year
Term Loan Facility –
- EMI based- Up to 2 years
- Bullet Repayment- Up to 1 year
Loan Amount: Rs 20,000 to Rs 25 lakh
Also read: Best Gold Loan EMI Calculator
Eligibility Criteria for Bank of Maharashtra Gold Loan
Bank of Maharashtra provides gold loans to all individuals, including its staff, using gold jewelry or ornaments owned by the applicant as collateral. The lender does not take into account the CIBIL score or any other credit score when assessing the eligibility of applicants for the gold loan.
Also read: Best Gold Loan Eligibility
Bank of Maharashtra Gold Loan Documents
- Two passport-sized photographs
- Address Proof: Aadhaar card, Voter ID, telephone bill, electricity bill, driving license, or passport
- Identity Proof: PAN card, Aadhaar card, Voter ID, passport, or photo ID card issued by the current employer
Also Read : Best Gold Loan Documents Required
Features of Bank of Maharashtra Gold Loan
- Processing Fee - Processing fees will be charged by the bank as applicable.
- Maximum Loan Amount - The maximum loan amount you can get from Mahabank under this scheme is Rs. 5 lakh. This is determined based on an LTV ratio of not more than 75% of the loan amount during the loan tenure.
- Minimum Loan Amount - The minimum loan amount you can receive against the pledged gold is Rs. 20,000.
- Repayment Tenure - The maximum repayment tenure for this gold loan scheme is 12 months.
- Scale of Finance - You're eligible for a loan amount of Rs. 2,000 per gram for 22 carat Gold ornaments or 75% of the market value of the gold ornament (excluding the weight of attached stones), whichever is lower.
- Collateral/Security - The collateral/security required for this gold loan scheme is the gold jewelry itself.
- Type of Gold - All types of gold ornaments are accepted, but the bank doesn't provide loans for primary gold or bullion.
- Repayment Options:
- For the term loan facility, the principal can be repaid within a maximum loan tenure of 12 months, with monthly interest payments or bullet payments.
- For the cash credit facility, the entire loan amount must be repaid once a year, subject to an annual review. Monthly interest payments are charged, revised as needed by the bank.
Bank of Maharashtra Gold Loan FAQs
1. Do I require a guarantor to get Bank of Maharashtra gold loan?
You do not need a guarantor to obtain a Bank of Maharashtra gold loan.
2. What is the quality range accepted by Bank of Maharashtra for jewellery loan?
The bank only accepts gold of 18 karats and above.
3. Is the pledged gold safe with Bank of Maharashtra?
The bank securely stores your gold in a well-maintained locker, so you don't have to worry about its safety.
4. How long does it take to get Bank of Maharashtra gold loan?
You can obtain a loan against gold jewelry within an hour with the required documents.
5. What happens if the loan amount is not repaid on due date?
If the loan amount is not repaid by the due date, penal interest will be charged. If there are continuous defaults, the lender will secure the loan amount by auctioning the gold.
6. What is the tenure of Bank of Maharashtra loan on gold?
The tenure of Bank of Maharashtra gold loan is up to 12 months.
Bank of Maharashtra Credit Cards
