Bank Of India Gold Loan Interest Rate at 8.80%
| INTEREST RATE | 8.80% |
| LOAN TENURE | Maximum 18 months |
| PROCESSING FEE | As decided by the bank from time to time |
| GUARANTOR REQUIRED | No |
| PRE CLOSURE CHARGES | As decided by the bank from time to time |
About Bank Of India
Bank Of India is a public sector bank in india with total assets 10003 crore. It has headquarter in Mumbai. Bank Of India was founded on Sept. 7, 1906. It has 4892 branches and total assets 100036771 ATMs across India.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Bank Of India which includes Bank Of India Official Website, Bank Of India ATMs accross the India, Bank Of India Branches accross the India, Bank Of India Contact Numbers, Bank Of India official EmailID, Bank Of India Headquarter and Bank Of India Headquarter Address. Find Bank Of India Gold loan purpos, Eligibility, Margin, Repayment of Gold Loan ,Security, Documents Required for Gold Loan from below.
Other Products of Bank Of India:
| Home Loan | Personal Loan |
| Education Loan | Business Loan |
| Car Loan | Two Wheeler Loan |
| Gold Loan | FD Interest Rates |
| Bank Of India RD Interest Rates | Bank Of India ATMs Location |
| PPF Account |
The purpose of the Gold Loan is to provide loan to borrowers against pledge of their gold |gold ornaments| gold coins to meet their urgent financial needs with lower interest rate and faster disbursement.
Bank Of India Gold Loan Eligibility
- Person should be at least 18 years old.
- Any person who owns gold | gold ornaments | gold coins that needs to be mortgaged with the bank.
- Person should have a regular income (optional).
- Persons who are having Savings or Current account with the bank (optional).
Bank Of India Gold Loan Document Required
- Duly filled up and signed gold loan application form
- 2 passport size photographs
- Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
- Proof of Address - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
- Proof of income -Latest salary slip showing all deductions or Form 16 or Income Tax Returns of 2 previous financial years (optional)
Bank Of India Gold Loan Amount
Accordingly to the value of jewellery to be pledged, maximum- Rs 50 LakhSecurity
Gold or gold ornaments or gold coins etc. and since these can easily get liquidated in case of any default, banks offer these loans easily and at lower rates.
Bank Of India Gold Loan Tenure
It is a short term loan. As per RBI guidelines, the tenor is limited to 1 year, in case of non-agriculture use. Some of the banks offer the tenure of upto 36 months too. You can take your gold back from the bank after you repay the loan completely.
Bank Of India Gold Loan Repayment
Repayment structure depends on the bank. Mostly, banks permit repayment through EMIs or a bullet repayment at the end of loan term. In case of bullet payment at the end, borrowers need to pay interest on time. The principal amount will be paid in a bullet payment at the end.
Charges Associated with Gold Loan
- Processing Fee: Some banks charge the processing fee which fee can be if negotiated, may be waived off. Valuation Fee: Some banks charge a small amount for valuation of gold. This is paid to the third party valuer.
- Pre-payment Penalty: Some banks may charges penalty for pre-payment of loan.
- Late payment Penalty: It is charged if you make any delay in payment of interest.
Things that you must know before Applying for a Gold Loan
In India, we have emotional attachment with gold because usually, it is kept in the form of family jewellery. When we want to avail gold loan, we are required to keep this gold as a collateral which we do not agree so easily.
It is also required for you to be aware of the quality of gold which qualifies for the gold loan. The purity of gold which is required as a collateral for gold loan should be 18-22 carat or above. No value of precious gems studded in the gold jewellery is taken into account. It is also equally important for the borrowers to go through the terms and conditions mentioned in loan agreement thoroughly.
Further, if you are unable to repay the gold loan on time then there are high chances of losing your pledged gold/ gold jewellery. This may cause undue pressure on you. Hence, it is very necessary for you to think beforehand whether you will be able to repay the gold loan conveniently.
Contact details of Bank Of India, Bank Of India SMS balance check number, Bank Of India SMS banking, Bank Of India mobile banking, Bank Of India toll free number,Bank Of India toll free number 24*7, Bank Of India miss call number.
- MISSED CALL NUMBERS - 9015135135
- CUSTOMER CARE NUMBERS - 1800220229, 18001031906, 022-40919191
- CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229
Bank Of India Contact Details
- BANK OFFICIAL WEBSITE - https://www.bankofindia.co.in
- CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229
- EMAIL ID - [email protected]
- MISSED CALL NO. - 9015135135
- CUSTOMER CARE NO. - 1800220229, 18001031906, 022-40919191
- TOTAL BRANCHES - 4892
- TOTAL ATMS - 6771
- HEADQUARTER - Mumbai
- BANK ADDRESS - BANK OF INDIA STAR HOUSE C - 5, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051.
Bank Of India Gold Loan FAQs Gold Loan Document Required
