How to Apply for Bank of India Gold Loan
The Bank of India Gold Loan allows individuals to unlock the value of their gold jewellery or coins for various financial needs. With fast processing, flexible repayment options, and minimal documentation, it offers a convenient solution for both agricultural and personal requirements.
Features:
- Loan available up to 85% of Gold value
- Nominal processing charge
- Express credit delivery
- Easy repayment terms
- Overdraft facility available
- No pre-closure charges
- Attractive rate of interest
- Special concession in ROI for hallmarked jewellery*
- TAT - 25 Minutes
Purpose:
To meet credit needs for all types of agriculture-related activities, business requirements, or personal consumption needs.
Eligibility:
- Any individual who is a lawful owner of gold jewellery, ornaments, or coins.
Quantum of Finance:
- Minimum loan amount – ₹20,000
- Maximum loan amount – ₹30.00 Lakh
Before Applying You Must Have:
- KYC documents (identity proof and address proof)
- Gold jewellery/coin that can be pledged
- Land holding particulars if the purpose is Agriculture Allied Activity and the loan amount is above ₹2.50 Lakh
Interest Rates and Charges:
Activity - Rate of Interest
- Agriculture: @ 1 Year MCLR
- Agriculture - Food & Agro: @ RBLR + BSP (0.25%)
- MSME: @ RBLR + BSP (0.40%)
- Retail: @ RBLR + BSP (1.05%)
Processing Charges:
- Up to ₹0.50 lakh – Nil
- Above ₹0.50 lakh to ₹1.00 lakh – ₹250
- Above ₹1.00 lakh to ₹5.00 lakh – ₹500
- Above ₹5.00 lakh to ₹10.00 lakh – ₹1,000
- Above ₹10.00 lakh – ₹1,500
Other Charges:
- Charges regarding the fetching/verification of land records for Agricultural Gold Loan are recovered from the borrower at ₹50 per account/record.
How to Apply:
- Visit your nearest Bank of India branch with your goldld jewellery or coins.
- Carry required documents such as KYC proof and land details (if applicable).
- Fill in the Gold Loan Application Form available at the branch.
- The bank will assess the purity and value of the gold to determine eligibility.
- Upon approval, the loan amount is credited directly to your account — typically within **25 minutes**.
For More Information:
- Send SMS ‘GOLD’ to 7669021290
- Give a missed call to 8010968370
Disclaimer:
- *Terms and Conditions apply.
- The above information is for reference only. Final loan approval, interest rates, processing fees, and eligibility criteria are subject to Bank of India’s discretion.
- Please contact your nearest Bank of India branch for accurate and updated details.
