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    Bank of Baroda (BOB) Gold Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    14% Fixed
    1,000 to ₹10,000 One time fee
    20,000 - 2L
    1-3 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    Overview of Bank of Baroda (BOB) Gold Loan

    Bank of Baroda Gold Loan is a multipurpose loan product that will offer a financial advantage to people who own gold in form of ornaments, coins or jewellery. Borrowers can get loan against gold and they can use the loan amount to meet personal and business credit requirements. Bank of Baroda Gold Loan is also offered as an optimized variant to traders at competitive interest rates.

    Types of Bank of Baroda Gold Loan

    Bank of Baroda offers two types of gold loan - for traders and for individuals. The variants of Bank of Baroda Gold Loan are as follows.

    • Bank of Baroda - Advance against Gold Ornaments / Jewellery / Coins

      All individuals who own gold in the form of ornaments, coins or jewellery can apply for this loan. A maximum of Rs. 10 lakh will be offered under this scheme which can be used for personal monetary needs.

    • Bank of Baroda - Traders Loan Against the Security of Gold Ornaments / Jewellery

      This type of gold loan is offered exclusively to all sections of traders including partnership firms, proprietorship firms, individuals and joint borrowers who hold a license. A maximum of Rs. 2 lakhs will be offered under this scheme which can be used business related expenses.

    Features and Benefits of Bank of Baroda Gold Loan

    Given below are some of the important features and benefits of Bank of Baroda Gold Loan.

    • Bank of Baroda Gold Loan is a multi-purpose credit product. This loan can be used for personal and business requirements.
    • Traders can make use of Bank of Baroda Traders’ Gold Loan which will offer them the required funds at a competitive interest rate.
    • Borrowers can pledge their gold ornaments, jewellery and gold coins as security for Bank of Baroda Gold Loan.
    • Bank of Baroda Gold Loan offers high loan quantum at convenient repayment tenure options.
    • Here are some of the important points to note about Bank of Baroda Gold Loan.
    Scheme / Feature BoB Gold Loan - General BoB Trader’s Gold Loan
    Maximum Limit Rs. 10 lakhs Rs. 2 lakhs
    Minimum Limit Rs. 0.25 lakhs Rs. 0.5 lakhs
    Repayment Tenure Maximum 36 months Maximum 60 months in case of loans and maximum 12 months in case of overdraft facility (subject to annual review)
    Processing Charges 0.50% of the loan amount, plus service tax 0.5% of the loan amount, minimum of Rs. 250 plus service tax
    Margin Advance against gold ornaments, gold coins and jewellery will be 25% for loans up to Rs. 3 lakhs and 35% for credit facilities over Rs. 3 lakhs. Advance against gold ornaments, gold coins and jewellery will be 25% for loans up to Rs. 2 lakhs.

    Bank of Baroda Gold Loan Interest Rates

    The rate of interest for Bank of Baroda Gold Loans are as given below.

    Gold Loan Scheme Rate of Interest
    Bank of Baroda traders loan against security of gold One year MCLR + Strategic Premium + 2 per cent
    Advance against security of gold One year MCLR + Strategic Premium + 3 per cent

    Eligibility for Bank of Baroda Gold Loan

    The eligibility criteria for Bank of Baroda Gold Loan schemes are described below.

    Gold Loan Scheme Eligibility Criteria
    Bank of Baroda - Advance against security of gold All individuals who comply with KYC norms and are owners of gold can apply for Baroda advance against gold ornaments.
    Bank of Baroda traders loan against security of gold All individuals, proprietorship firms, joint borrowers and partnership firms who are engaged in trading and owns a valid license (for all applicable cases) can apply for Baroda trader’s loan against security of gold.

    Documentation Required for Bank of Baroda Gold Loan

    A customer has to submit the following documents to apply for a Bank of Baroda Gold Loan.

    • Recent passport size photographs
    • Completely filled Application form
    • Identity Proof - any one of the documents like PAN card, passport, voter ID, driving license or Aadhaar card.
    • Residence Proof - any one of the documents like ration card, passport, recent utility bills or Aadhaar card.

    Bank of Baroda Gold Loan FAQs

    1. What is the nature of credit offered under Bank of Baroda Gold Loan?

      Bank of Baroda Gold Loan is a term / demand loan. However, the nature of Bank of Baroda Traders’ loan is overdraft / loan.

    2. For what purposes can I use Bank of Baroda Traders’ Gold loan?

      You can use the loan to meet the working capital requirements and for purchase of machinery & equipment for development of your business.

    3. Will I have to pay a processing fee for Bank of Baroda Gold Loan?

      Yes, you will have to pay a nominal charge of 0.5% of loan amount as processing fee.

    4. For what purposes can I use Bank of Baroda Gold Loan?

      You can use the loan amount for all general purposes like education, travel, house repair, hospitalization etc. However, you cannot use it for speculative purposes like investment in a risky avenue.

    5. What is the maximum repayment tenure for Bank of Baroda Gold loan?

      The borrower can take up to 36 months to repay Bank of Baroda Gold Loan.

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