Bank of Baroda Gold Loan


Bank of Baroda provides gold loans at an interest rate of 9.40% per annum for loan amounts up to Rs 50 lakhs and tenures of up to 3 years. Applicants can avail Bank of Baroda Gold Loan by pledging gold ornaments, gold jewelry, or specially minted gold coins sold by the bank, with a minimum purity of 18 carats.

Bank of Baroda Gold Loan Highlights
Interest Rate9.40% p.a.
Processing FeesNIL for up to Rs 3 lakhs
Loan Tenure1 year to 3 years
Loan AmountUp to Rs 50 lakhs
Gold Loan Repayment FacilityEMI, Bullet repayment, Overdraft
CollateralSecurity of minimum 18 carat gold ornaments /jewellery/specially minted gold coins sold by banks

Bank of Baroda Gold Loan Interest Rate

Bank of Baroda offers a gold loan interest rate of 9.40% per annum. The bank does not consider CIBIL scores when setting gold loan interest rates for its applicants.

ParticularsInterest Rates (p.a.)
EMI (LA241)9.40%
Overdraft (LA043)9.40%
Demand Loan (LA180)9.40%

Also read: Best Gold Loan Interest Rate

Gold Loan Interest Rates Offered By Partner Banks & NBFCs

Bank/NBFC/FintechInterest Rate 
State Bank of India8.75% p.a. onwardsApply Now
Axis Bank17% - 19% p.a. onwardsApply Now
Punjab National Bank9.25% p.a. onwardsApply Now
Bank of India8.80% p.a. onwardsApply Now
IndusInd Bank8.80% p.a. onwardsApply Now
Bank of Baroda9.40% p.a. onwardsApply Now
Union Bank of India9.30% – 10.65% p.a.Apply Now
Canara Bank9.25% p.a. onwardsApply Now
HDFC Bank8.50% - 15.97% p.a.Apply Now
Federal Bank8.99% p.a. onwardsApply Now
ICICI Bank10% p.a. onwardsApply Now
Bajaj Finserv9.50% – 28% p.a.Apply Now
Manappuram Finance12% p.a. onwardsApply Now
Bank of Maharashtra9.30% p.a. onwardsApply Now
Kotak Mahindra Bank8% - 24% p.a. onwardsApply Now
Indian Bank0.77% per monthApply Now
IIFL Finance11.88% - 27% p.a.Apply Now
Rupeek8.88% p.a. onwardsApply Now
Muthoot Finance10.90% p.a. onwardsApply Now
Shriram Finance11.40% p.a. onwardsApply Now

Features of Bank of Baroda Retail Gold Loan

Purpose

Bank of Baroda provides 'Retail Gold Loan' against the security of a minimum of 18-carat gold jewelry or ornaments. Applicants can utilize this loan for various personal purposes including car purchase, marriage, education, or other expenses, except for speculation.

Margin

The gold loan per gram comes with a 25% margin.

Loan amount

Applicants can avail Bank of Baroda gold loans for amounts up to Rs 50 lakhs.

Tenure

Bank of Baroda Gold Loans are provided for tenures ranging from 1 year to 3 years under the EMI repayment scheme.

Repayment Facility

Applicants have the option to repay the interest on their gold loans through the EMI scheme, which entails monthly payments. The principal amount can be repaid through the bullet payment option at any time during the loan tenure. Additionally, the overdraft facility and Demand Draft option are available.

Also read: Best Gold Loan EMI Calculator

Bank of Baroda Gold Loan Processing Fees & Other Charges

ParticularsCharges
Processing FeesNIL for loan amount of up to Rs 3 lakhs
Pre closure/Pre paymentNIL

Bank of Baroda Gold Loan Eligibility Criteria

Bank of Baroda provides gold loans against gold jewellery/ornaments and specially minted gold coins sold by the banks (up to a maximum of 50 grams per applicant) to resident Indian applicants.

Also read: Best Gold Loan Eligibility

Documents Required for Bank of Baroda Gold Loan Application

The detailed list of documents required for availing a Bank of Baroda Gold Loan includes:

  1. Passport size photographs
  2. Proof of identity
  3. Proof of residence
  4. Proof of signature

Also Read : Best Gold Loan Documents Required

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Frequently Asked Questions

The borrower can take up to 36 months to repay the Bank of Baroda gold loan.

The gold loan from Bank of Baroda will be provided in the form of a demand loan.

You can utilize the loan amount for various general purposes such as education, travel, house repair, hospitalization, etc. However, it cannot be used for speculative purposes like investment in risky avenues.

Yes, you will be required to pay a processing fee depending on the loan amount availed. However, no processing fee will be charged for a loan amount of up to Rs. 3 lakh.