Bank of India Gold Loan

Bank of India Gold Loan Key Features

Advantages of Bank Of India Gold Loan:

• Fast Process- Bank of India Gold Loan is authorized and distributed quickly with ease. The process takes 60 minutes to pass the loan.
• Fewer Documents: The documentation process is straightforward and less, important documents are recommended for the Bank of India Gold Loan.
• Clear and Direct System: The bank provides complete openness to the customer; that is, there are no hidden charges involved.
• The magnitude of Loan: The marginal amount of loan that the Bank of India distributes to the customers is Rs. 15000. Additionally, it gets down to Rs 10000 in rural areas.
• The welfare of Jewellery: The key point to bring out is that the bank is accountable totally for the security of your gold. Thus, the gold is kept in fire-resistant protection.
• Duration of Service: The period for an availing loan can be from 3 months to 2 years. Hence, You can choose according to your remedies.
• Advantages for Farmers: Bank of India provides unusual offers for agricultural purposes. That is, the bank offers a bit of low Gold loan interest rate for a Gold loan for horticultural use.
• No Debt Burden: There comes certain condition when an applicant is unable to repay the loan amount, in such a scenario, the applicant will not be under any mortgages as the bank will only seize the assets.
• No Income bounds: There will be no control over the salary or income of the applicant; everyone can avail of the gold loan.

How Much Gold Loan can I Get through Bank of India Gold Loan:

Bank of India Gold Loan Per Gram – Updated September 2020

Bank of India Gold Loan Eligibility:

The loan claimant can avail a Gold Loan only when certain eligibility criteria’s are fulfilled:

Bank of India Gold Loan Documents Required:

Documents Required for Bank of India Gold Loan

Bank of India Gold Loan Interest Rate, Fees, and Charges:

Usually, credit against Gold as insurance is available at least-interest rate because it falls into the category of secured loans. Hereby,  Gold Loan interest rates are lower than that of a personal loan or any other kind of loan though the gold loan estimate is uncertain monthly.

About Bank of India Gold Loan:

Life is full of ambiguities. As follows you need money to battle with financial obstacles in your life. In this situation,  you can get a Gold Loan fight against the economic crisis. A gold loan is no doubt a secured loan. For this reason, people with low CIBIL scores can avail of this service effortlessly. In comparison to other loans Bank of India Gold Loan is one of the most advantageous gold loans in India.

Nevertheless, there are largely various financial banking and non-banking organizations that serve you with the best gold loan service but Bank of India is examined the great. It is one of the most regarded and respectable banks in India. Also, It is acknowledged for its brilliant monetary assistance.

• Bank of India Gold Loan Interest Rate is 7.0% per annum
• Bank of India  Gold Loan Per Gram is ₹ 5,268
• Bank of India Gold Loan Tenure: Up to 24 months
• Bank of India Gold Loan Processing Fee is Up to 1.50% of the Loan Amount + GST

Types of Bank of India Gold Loan:

Bank of India endeavor various proposals connected to the Gold Loan product which are listed beneath:

• Loan Against Gold – Bank of India grants Gold Loan at engaging rates of interest to accomplish applicants’ demands. The gold loan is absolute trust, hence, the bank has certainty in lending the sum to the candidate so it is provided at a lower borrowing rate correlated to other types of Loan products.
• Loan Against Gold for Agriculture – Bank of India gives Gold Loans categorically for agrarian functioning to farmers at an exclusive banking rate in comparison to other uses. They are provided exceptional offers and for you have to hand them the land evidence for which you are taking credit.

 Bank of India Gold Loan EMI Calculator:

How to Pay Your Bank of India Gold Loan EMI?

Your Bank of India gold loan will be reimbursed in the following three different ways:

• Standing Instruction (SI): In case you are a current account holder with Bank of India, Standing Instruction is the most preferable and trust in process of repayment. Monthly, your EMI account will be credited from this record.
• Electronic Clearing Service (ECS): This event can be considered if you have a non- Bank of India record and you probably need your EMI to be debited from the account of Bank of India.
• Post-Dated Checks (PDC): You can submit your post-dated EMIs in the nearest loan of Bank of India. Also, new PCDs should be submitted on time.

Bank of India Bank Gold Loan Contact Number:

Call 9878981144 for quick consent regarding Bank of India Gold Loan.

Gold Ornaments Accepted by Bank of India:

• Gold Ornaments you pledge for availing gold loan should be of pure gold and should be between 18-22 carat.
• Any gold items such as Gold bangles, Gold necklaces can be given to the bank.

Uses of Bank of India Gold Loan:

The funds earned by availing the bank of India Gold Loan service will be helpful for various other purposes-

• For funding particular services such as matrimony, higher education.
• For all your business needs such as ordering raw material, augmentation of business, etc.
•  You can also avail a loan for farming purposes.

Gold Loan Interest Rate of Major Banks

FAQs About Bank of India Gold Loan:

• What is Bank of India Gold Loan?

Bank of India Gold Loan is a secured loan that provides you with the loan in a change of your gold ornaments. It comes with an appealing rate of interest and is more demanding than other banks.

• How can I get the Gold Loan from Bank of India?

There are two ways of getting your loan from Bank of India, either you can prefer online visiting of BookMyLoans site or you can visit the nearest branch of Bank of India.

• What is the Gold Loan Interest Rate in Bank of India?

The Gold Loan Interest Rate in Bank of India is 7.0% per annum.

• How much Gold Loan can I get per gram in Bank of India?

Gold Loan per gram in Bank of India is 5,268.

• How to check Gold Loan status in Bank of India?

It is very easy to check your gold loan status. You can visit the tracker webpage or you can contact the loan service department in your nearest Bank of India branch.

• How to calculate Gold Loan Interest in Bank of India?

An interesting and rapid method of calculating gold loan interest is by preferring an EMI calculator.

• How to Pay  Bank of India Gold Loan Interest Online?

Paying gold loan interest can be done by using any of the suitable online payment methods that can be Paytm. Also, you go for net banking.

• What if I can’t pay the interest on the Bank of India Gold loan for 3 months?

If the applicant is unable to pay the interest for 3 months then after warning them once the legitimate actions will be taken over them.

• How can I apply for EMI Moratorium on Bank of India Gold Loan?

You can apply for EMI Moratorium by visiting the nearest Bank of India branch between the 1st of March to 31st of August.