Interest Rate & Loan Details
- Interest Rate: Starting from 8.90% per annum for demand loans and EMI schemes; 8.90% per annum for overdraft gold loans. Rates are subject to change as per the bank's BRLLR adjustments.
- Loan Tenure: Up to 12 months for standard loans; up to 36 months for EMI-based loans.
- Processing Fee: No processing charges for gold loans up to ₹3 Lakhs; for amounts above ₹3 Lakhs, standard processing fees apply.
Eligibility Criteria for Bank of Baroda Gold Loan
To qualify for a Bank of Baroda Gold Loan, you must meet the following criteria:
- Age: Between 18 to 75 years.
- Gold Ownership: Ownership of gold ornaments or minted coins sold by banks, up to a maximum of 50 grams per borrower.
- Residency: Must be an Indian resident.
Documents Required
Key documents required to apply for a Bank of Baroda Gold Loan:
- Identity Proof: Aadhaar Card, Voter ID, Passport, or Driving License.
- Address Proof: Utility Bill, Bank Statement, or Passport.
Loan Amount & Security
Loan Amount: Minimum ₹10,000; Maximum ₹25 Lakhs per borrower.
Security: Pledge of gold ornaments or minted coins sold by banks, up to a maximum of 50 grams per borrower.
Repayment Options
Bank of Baroda offers the following repayment options:
- Bullet Repayment: Repay the principal and interest at the end of the loan tenure.
- EMI Based Repayment: Monthly installments comprising principal and interest.
- Partial Repayments: Make partial repayments based on fund availability throughout the tenure.
Charges & Fees
- Processing Fee: No processing charges for gold loans up to ₹3 Lakhs; standard processing fees apply for amounts above ₹3 Lakhs.
- Appraiser Fee: Applicable as per bank norms.
Key Considerations Before Applying
Before applying for a Bank of Baroda Gold Loan, keep the following points in mind:
- Gold Quality: Gold pledged must meet the bank's purity standards.
- Loan Agreement: Carefully read the loan terms and conditions before signing.
- Gold Security: Understand that pledged gold may be forfeited in case of non-repayment.
Contact Bank of Baroda
If you have any questions or wish to apply for a gold loan, contact Bank of Baroda:
- Customer Care: 1800 5700
- Official Website: Bank of Baroda Gold Loan
Disclaimer: The information provided above is based on publicly available data and is subject to change at the bank’s discretion. For the most current details, please visit the official Bank of Baroda website or contact the nearest Bank of Baroda branch.
