Bank of India gold loan facility is for farmers. The loan scheme enables agriculturists to meet their farm and non-farm monetary requirements. All local farmers are eligible to avail loan under this scheme. Preference is given to existing customers. Gold jewelries or coins have to be pledged with the bank as security to avail funds.
Usually, a gold loan can help meet any business or personal need such as travel, medical emergency, vehicle repair, education, wedding, event, home repair, working capital, business expansion etc. But at Bank of Baroda, this loan is specifically for farming purpose.
A Loanbaba.com, you will get to know all details of jewelry loan by Bank of India.
Details of Bank of India jewel loan in India
|Up to Rs. 15 lakhs
|As per bank’s discretion
|Up to 18 months
|Up to 2% of the loan amount
Below-given are the features of jewel loan by Bank of India (BOI).
The bank offers customers with customized jewel loan plans as per their repayment capacity. Here are a few more reasons as to why to apply for a jewelry loan with BOI.
BOI charges gold loan interest rate as per the borrower’s repayment capacity, income profile, gold purity and weight, and other factors. To understand the latest rate of interest on jewel loan, keep a check on this page or that of the bank’s official website for gold loan scheme.
Below-provided is a list of documents needed to apply for a jewel loan at the bank.
With Bank of India gold loan eligibility calculator , it is possible to know the loan amount one is suitable for based on the gold weight and purity, repayment capacity, and other factors. As understood, the current gold price influences the quantum of finance, thus borrowers must verify Bank of India gold loan rate per gram to understand the loan amount they can expect.
ping a check on Bank of India gold loan per gram today will help borrowers to avail the highest loan amount when the price of gold is high. With Bank of India Gold Loan Calculator, borrowers will be able to then know the perfect loan amount as per the gold rates.
One can even use the EMI calculator to understand the installment amount to be paid for the loan.
You can apply for gold loan BOI either offline or online. For offline procedure, visit the nearest bank branch and know everything about the loan scheme. Carry the hard copy of required documents, so that you can attach these with the filled and sign loan application form that will be provided in the bank itself. You also have to wait for gold valuation, after which the loan amount, rate of interest, and tenure will be decided. On loan approval, the amount will be sent to your registered bank account.
If applying online, you need to visit the official website of BOI and access the gold loan application form. Fill the details correctly in the form and apply. If your application is approved after review, you will be called for gold valuation. If you are then found to be eligible for the loan, the loan amount will be disbursed within a few hours to your bank account.
Below-mentioned are frequent questions asked about BOI jewel loan scheme.
BOI offers loan to public/ customers who intend to purchase gold coins from BOI or hallmarked gold ornaments from reputed jewelers.
In case of working self/ spouse, loan up to 10 times the monthly take-home salary can be availed; however in case of professionals up to 50% of Annual Income as per ITR can be availed. The minimum and maximum loan amount is between Rs. 50,000 and Rs. 200,000 respectively.
The bank applies a margin of 20% and charges 3% more interest than base rate for this loan.
One can repay the loan in 60 installments but it should be completed before the retirement of the borrower or 65 years of age, whichever is earlier. One can make deductions from salary or present post dated cheques.
No security is required for a loan of up to Rs. 50,000. For a greater amount, one needs to furnish liquid securities such as LIC, Kisan Vikas Patra, etc., for the additional amount.
The bank will disburse the amount in the form of DD or Pay Order in the favor of the seller. Performa Invoice needs to be furnished in case the loan amount is greater than Rs. 1 lakh.
One time processing fee is levied @2% of the loan amount, subject to a minimum and maximum of Rs. 500 and Rs. 2,000 respectively.
Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Bank of India.