Bank of Maharashtra Gold Loan

Bank of Maharashtra Gold Loan is one of the best ways to overcome a financial hurdle. Under the Mahabank Gold Loan Scheme, the bank offers loans against the gold assets owned by the customers. The loan is sanctioned provided that the customer has pledged his/her gold (ornaments, jewelry, coins, etc.) to the bank. In Mahabank Gold Loan Scheme by the bank, the individuals can pledge their gold to the bank to get the loan under the Mahabank Gold Loan Scheme. The borrower can use this loan for catering his/her personal needs such as wedding expenses, traveling, education or medical emergencies.

You can find details about Bank of Maharashtra gold loan on Loanbaba.com, so keep a check on this page for further updated information.

Bank of Maharashtra Gold Loan Details Updated on 2nd July 2020
Loan Amount	Rs. 20,000 to Rs. 5 lakhs
Loan Tenure	Up to 12 months
Interest Rate	Base rate 9.60%

Why Choose Bank of Maharashtra Gold loan?

The bank has attractive offer on gold loan. It charges nominal rate of interest. The loan amount can be used for desirable purpose. Loan tenure is flexible and one can get maximum amount as per the gold weight. The procedure for loan sanctioning is transparent and the bank has helped several customers fulfil their financial needs with loan against gold.

Features of Gold Loan by Bank of Maharashtra

• Rs. 20000/- is the minimum loan amount sanctioned whereas; the maximum will depend on the purity of gold pledged. However, it is set to Rs.5 lakhs but can vary depending on the actual value of the gold.
• The bank will take gold (jewelry, ornaments, coins, biscuits, etc) as security. Loan repayment period is flexible.
• For 22 carat gold, it is valued at Rs.1950/- per gram. Thus, the margin of 75% is set considering the market value of gold. However, the total loan amount will be lower than the Loan to Value (LTV) ratio and valuation of gold per gram. That is, it will subject to vary from Rs.20000/- to Rs.5 lakhs.
• Rs. 500/- is charged as the loan processing fee by the bank.
• The valuation of gold (ornaments, jewelry, coins, etc.) will be done by the Jewel Appraiser/Shroff approved by the bank. The borrower has to pay the valuation charges.
• The bank will disburse the loan via credit to the borrower’s CC or SB account or any other relevant account.

Why Apply for Gold loan on Loanbaba.com?

At Loanbaba, you can compare and apply for gold loans online. You can check out several gold loan schemes go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page. The application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

Bank of Maharashtra Gold Loan Interest Rates

The Bank of Maharashtra Gold Loan interest rate charged is related to various factors. The base interest rate is 9.60% per year. The bank has the right to change its interest rates and borrowers have to clarify with the bank about the existing bank rate.

Particulars	Existing Interest Rate	Proposed Interest Rate
General Citizens	BR + 3.00%	MCLR + 3.00%
Senior Citizens	BR + 2.50%	MCLR + 2.50%
Loan against Hall Mark Gold Jewelry	0.25%  as concession on above rates	0.25%  as concession on above rates

Bank of Maharashtra Gold Loan Eligibility Calculator

Gold loan eligibility may differ from one candidate to another. You can also use free-of-cost gold loan eligibility calculator at Loanbaba.com

Types of Bank of Maharashtra Gold loans

The bank has gold loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.

Gold loan Bank of Maharashtra FAQs

Below provided is important Bank of Maharashtra Gold Loan FAQs.

• addFAQs
  1. What are the Mahabank Gold Loan Scheme Eligibility Criteria?

  The eligibility criteria for gold loan by the bank are mentioned below:

  • Anyone can apply for the gold loan provided that they have to pledge their gold (ornaments, jewelry, coins, etc) to the bank.
  • 18 years is the minimum age for applying for the loan while 70 years is the maximum.
  2. What are the repayment terms and conditions?

  The borrower has to repay the loan within one year as one year is the maximum holding period for the loan under this scheme. It says what it is in the papers, but the actual repayment period will depend on the borrower’s loan repayment capacity. The borrower can prefer bullet payment method for loan repayment but has to pay the interest attached to it on a monthly basis.

  3. What are the conditions to grant the loan against gold?

  The loan will not be sanctioned against gold which is lower than 22 carats. The bank will not grant the loan in case of primary gold or bullion. The customer can avail the loan as cash credit facility or in the form of a term loan.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Bank of Maharashtra.