Bank of Maharashtra (BOM) Gold Loan is for personal expenses as well as agricultural activities. You can pledge gold jewellery/ornaments and avail of funds up to Rs. 20 lakhs. The loan comes to the rescue during financial emergencies such as medical contingency, higher education, marriage, big-ticket purchase, travel, etc. Individuals in the age group of 18-70 can apply for a loan against gold. The tenure is flexible and as per your repayment capacity. You can choose from different repayment modes.
In this post, we will discuss BOM gold loans features, interest rates, types of schemes and their details, and frequently asked questions.
Here are the features of BOM loan against gold:
For the Maha Gold loan scheme, which is a retail gold loan facility, the rate of interest starts at 7.35%. This is based on Repo Linked Lending Rate (RLLR). The current interest rate is RLLR + 0.45%. For gold loans related to agriculture and allied activities, the rate is fixed at 7% onward under the interest subvention scheme. The rate is according to 1-year MCLR for cash credit facility for allied activities and term loans.
The gold loan interest rate otherwise depends on the following factors:
Here are the two popular loans against the gold scheme by BOM:
1. Maha Gold Loan Scheme
This is a cash credit/term loan facility. The purpose of the loan is to serve the requirements of people to meet personal expenses. These needs may include funds for higher education, wedding, medical contingencies, business travel, and more. You have to specify the end-use of the funds with an undertaking that you will not utilize the loan for any speculative purposes.
2. Mahabank Gold Loan – Agriculture
The Bank of Maharashtra Gold Loan for agriculture is for farmers. They can fulfil requirements regarding cash credit for allied agricultural activities or crop production. The funds are also available for investment credit. The cash credit for crop production is in the form of MKCC. For term loans, the eligibility is any individual who participates in agriculture or allied activities. The person must satisfy the KYC guidelines.
The loan to value ratio is up to 60% of the gold asset for a term loan, or as per gram rate of Rs. 3,065 for 22-carat gold, whichever is lower. The maximum quantum of finance is up to Rs. 3 lakhs for MKCC. The maximum amount you can borrow otherwise is up to Rs. 20 lakhs per applicant.
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Here are Bank of Maharashtra gold loan FAQs:
Individuals who are over 18 years of age and up to 70 years old, with self-owned gold for retail or agriculture purposes, can apply for a BOM loan against gold. They must have documents as per the KYC requirements.
You need to submit 2 passport-sized photographs. One of the photographs needs to be affixed on the duly filled and signed loan application form. PAN Card is mandatory. You have to provide identity proof (any one) such as Driving Licence, Voter ID, Aadhaar Card, Ration Card, Passport, etc. Also, you have to submit address proof (any one) such as telephone bill, utility bill, Passport, Aadhaar Card, Driving Licence, Voter ID Card, etc. If using the amount for agriculture purposes, then necessary proof for Agri-activity.
For crop loans/MKCC, there are no charges for documentation for loans up to Rs. 3 lakhs. For loans over Rs. 3 lakhs, the applicable charges are 0.25% of the loan amount. This is subject to a minimum and a maximum charge of up to Rs. 750 and Rs. 25,000, respectively. For the Mahabank gold loan scheme, the charges are 0.20% of the loan amount.
No charges for the issuance of no dues certificate. This is for government-sponsored agriculture gold loan schemes by BOM. There are no fees for inspection as well.
For MKCC or crop loans there is no processing fee. For the standard Maha Bank gold loan, the processing fee is Rs. 500 per loan account.
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