Central Bank of India Gold Loan

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Central Bank of India Gold Loan acts as a financing medium to help borrowers meet any urgent financial expenditure. The bank offers a gold loan to its customers to meet expenses personal in nature like medical expenses, marriage, educational expenses, etc. The borrower needs to be at least 18 years of age for applying this loan. Staff members are also eligible for this scheme as per general/ public terms and conditions. The borrower should already have a savings bank account at any branch of this bank.

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

Central Bank of India Gold Loan Details Updated on 24th February 2020

Loan Amount

Rs. 10,000 to Rs. 25 lakhs and over

Loan Tenure

Up to 12 months

Interest Rate

1-year MCLR + 2%

Why Choose Central Bank of India Gold loan?

The Central Bank of India 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 Central Bank of India Gold Loan

The Cent Personal Gold Loan scheme details are mentioned below.

  • One can avail this loan to meet personal expenses like minor home renovation, meeting an unexpected bill like medical emergency, educational needs, etc.
  • The borrower can avail a demand loan against pledge of gold- ornaments, jewelry, coins, etc, with the bank. A maximum of 50 grams can be pledged by a borrower in case of loan against gold coins.
  • The loan tenure cannot exceed 12 months from sanction date.

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.

Central Bank of India Gold Loan Interest Rates

The Central Bank of India Gold Loan interest rate charged is related to various factors. The interest rate is 1-year MCLR + 2%. The bank has the right to change its interest rates and borrowers have to clarify with the bank about the existing bank rate.

Central Bank of India 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 Central Bank of India 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 Central Bank of India FAQs

Below provided is important Central Bank of India Gold Loan FAQs

  • addFAQs
    1. Which important details should you know about Cent gold loan scheme?
    2. Gold ornaments/ jewelry/ coins act as security for the loan. A margin of 30% is obtained by the bank. Drawing Power of the loan will be revised monthly based on the market value of the security.

    3. What are the charges for a loan against gold by the bank?
    4. Bank charges a processing fee at the rate of 0.50% of the loan amount along with GST against processing charges for the loan. 2.00% over one year MCLR is applicable as rate of interest for the gold loan.

    5. What is the maximum limit of loan per gram?
    • The bank sanctions 70% of the current market price of 22 carat gold or Rs. 1750 per gram of gold; whichever is less.
    • In case of gold coins sold by Central Bank of India, the bank sanctions 70% of the current market price of 24 carat gold or Rs. 1850 per gram of gold; whichever is less.
    • The weight of gold coins that can be pledged by an individual borrower to avail loan cannot exceed 50 grams.

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

Central Bank of India Gold Loan Review

Gold Loan
star star star star star 15.0/5
Central Bank of India provided me an instant response in regards to my Gold Loan application. The processing charges were minimal. It is a trusted service from their team.
Mumbai February 22, 2020
Gold Loan
star star star star star 14.0/5
My experience with Central Bank of India for Gold Loan in Bangalore was a good one. My schedule was so hectic that I chose to apply online for the loan at loanbaba and was not disappointed by either of their service. Both loanbaba and Canara were professional in their service.
Mumbai February 18, 2020
Gold Loan
star star star star star 15.0/5
I had applied my Gold Loan in Mumbai at Central Bank of India. I was in dire need of funds and fortunately got the loan amount soon.
Mumbai February 16, 2020
Gold Loan
star star star star star 15.0/5
I requested for Gold Loan in Ahmadabad from Central Bank of India. At first there were some issues as their charges were increasing my expenses than expected, but worked out a solution to it. All thanks to their customer service.
Mumbai February 14, 2020

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