Bank of India Gold Loan


Bank of India offers gold loans starting from 8.80% p.a. onwards, with loan amounts available up to Rs 50 lakh. These loans cater to various needs, including business-related activities, agriculture-related activities, or personal financing. Applicants can avail the loan by pledging their gold jewelry or coins as collateral.

Bank of India Gold Loan Highlights
Interest Rate8.80% p.a. onwards
Processing Fees
  • Up to Rs 1 lakh: NIL
  • Above Rs 1 lakh to Rs 5 lakh: Rs 125 per lakh, maximum Rs 250
  • Above Rs 5 lakh: Rs 125 per lakh, maximum Rs 1,000
CollateralPledge of gold jewellery or coin
LTV RatioUp to 85% of gold value
Loan AmountUp to Rs 50 lakh

 

Bank of India Gold Loan Interest Rates

Bank of India Gold Loan interest rates start from 8.80% p.a. onwards. The lender offers differential gold loan interest rates based on the type of gold loan scheme offered by Bank of India.

ProductsInterest Rates (p.a.)
Gold Loan and Overdraft for MSME and OPS9.25%
Gold Loan and Overdraft for Food and Agro9.25%
Gold Loan for Consumption/Non-Priority Sector8.80%
Gold Loan and Overdraft for Agriculture8.80%

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 India Gold Loan

Purpose

Bank of India offers gold loans to its applicants for various types of agriculture-related activities, personal requirements, or business-related activities. Individuals can avail gold loans pledged against gold jewellery or gold coins.

Security

Individuals can avail a gold loan from Bank of India by pledging their gold jewellery or gold coins as collateral.

Loan Amount

Bank of India offers Gold Loan for MSME, retail, agricultural, and personal purposes, with loan amounts of up to Rs 50 lakh.

LTV Ratio

The lender offers Bank of India Gold Loan for up to 85% of the gold's value.

Also read: Best Gold Loan EMI Calculator

Bank of India Gold Loan Fees and Charges

Loan AmountCharges
Above Rs 5 lakhRs 125 per lakh; Max Rs 1,000
Above Rs 1 lakh to Rs 5 lakhRs 125 per lakh; Max Rs 250
Up to Rs 1 lakhNIL

Eligibility Criteria for Availing Bank of India Gold Loan

To be eligible for a gold loan from Bank of India, applicants must meet certain criteria:

  1. Citizenship: Applicants must be Indian residents.
  2. Age: Applicants must be between 18 years and 75 years old.
  3. Ownership of Gold: Applicants should own gold ornaments eligible for pledging.
  4. Gold Purity: The purity of the gold ornaments should be at least 18 carats.
  5. Source of Income: Applicants should have a regular source of income.

Also read: Best Gold Loan Eligibility

Documents Required for Availing Bank of India Gold Loan

Below are the documents required by Bank of India for availing a Gold Loan:

  • KYC Documents:
    • Identity Proof
    • Address Proof
  • Land Holding Particulars:
    • Required if the loan is availed for agricultural purposes and the loan amount is more than Rs. 2 lakh.

Also Read : Best Gold Loan Documents Required

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Frequently Asked Questions

Bank of India offers gold loans at competitive interest rates starting from as low as 8.80% per annum. Please note that these rates are subject to change, and it's recommended to visit BOI's official website for the most updated gold loan interest rates.

To calculate the interest payable on a gold loan from Bank of India, you can use the simple interest formula: Interest Payable = (Principal Amount × Interest Rate × Loan Tenure) / 100. Where: (i) Principal Amount is the initial amount of the loan. (ii) Interest Rate is the annual interest rate charged on the loan. (iii) Loan Tenure is the duration for which the loan is availed, usually in years.

To check your gold loan balance in Bank of India, you have two options: 1. Visit the nearest branch and inquire with the bank officials about your loan balance. 2. Log in to your BOI net banking portal and access your loan details online.

To check your gold loan status in BOI, you have several options: 1. Give a missed call to the BOI gold loan contact number at 8010968370. 2. Send an SMS with the text 'GOLD' to 7669021290. 3. Contact their customer care support at 1800 103 1906. 4. Visit the branch where you applied for the loan and inquire with the bank officials. They will provide you with the necessary information regarding your loan status.