Interest Rate & Loan Details
- Interest Rate: Varies based on loan tenure and type:
- Retail/MSME: RBLR - 0.95% (8.40%) to RBLR + 0.15% (9.50%)
- Agriculture: 7% (with interest subvention) up to ₹3 Lakh; 6M MCLR - 0.30% (8.50%) to 6M MCLR + 0.30% (9.10%) for non-interest subvention
- Loan Tenure:
- Retail/MSME: 3 to 36 months
- Agriculture: 3 to 60 months
- Processing Fee:
- Retail/MSME: 0.125% to 0.50% of loan amount (Min ₹62.50 + GST, Max ₹5000 + GST); currently waived for Retail Gold Loans up to March 31, 2025
- Agriculture: Nil up to ₹5 Lakh; Above ₹5 Lakh: ₹2500 + GST to ₹5000 + GST
- Appraisal Fee: 0.20% of loan amount (Min ₹100 + GST, Max ₹3000 + GST) for first-time appraisal; 0.10% of loan amount (Min ₹50 + GST, Max ₹1500 + GST) for renewals
Eligibility Criteria for Central Bank of India Gold Loan
To qualify for a Gold Loan, you must meet the following criteria:
- Age: Minimum 18 years
- Gold Ownership: Ownership of gold ornaments of 22 Karat purity or gold coins sold by banks (maximum 50 grams per person)
- Bank Account: KYC-compliant account with Central Bank of India
Documents Required
Key documents required to apply for a Gold Loan:
- Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License
- Address Proof: Bank Statement, Utility Bill, Lease Agreement, or Credit Card Statement
Loan Amount & Security
Loan Amount: Minimum ₹10,000; Maximum ₹40 Lakh (overall limit under RAM segment capped at ₹40 Lakh)
Security: Pledge of gold ornaments of 22 Karat purity or gold coins sold by banks (maximum 50 grams per person)
Repayment Options
Central Bank of India offers the following repayment options:
- Demand Loan
- Term Loan
- Over Draft
- Reducible Over Draft
- Cash Credit (CC)
- Cent Kisan Credit Card (CKCC)
Charges & Fees
- Processing Fee: Varies based on loan type and amount
- Appraisal Fee: Fee collected towards appraisal of gold
- Safe Keeping Charges: Levied after 30 days of loan tenure expiry or closure if gold ornaments are not redeemed
Key Considerations Before Applying
Before applying for a Gold Loan, keep the following points in mind:
- Gold Quality: Gold pledged must be 22 Karat purity
- Loan Agreement: Read the loan terms and conditions carefully before signing
- Gold Security: Understand that pledged gold may be forfeited in case of non-repayment
Contact Central Bank of India
If you have any questions or want to apply for a gold loan, contact Central Bank of India:
- Customer Care: 1800 22 1911
- Official Website: https://www.centralbankofindia.co.in
Disclaimer: The information provided above is based on publicly available data and is subject to change as per the bank’s discretion. For the most current details, please visit the official ICIC Bank website or contact the nearest ICIC branch.
