Bank of Maharashtra Gold Loan

Bank of Maharashtra offers the Maha Gold Loan scheme against gold jewelry or ornaments at interest rates starting from 9.30% per annum for loan amounts up to Rs. 25 lakh and tenures of up to 2 years. Applicants can repay their gold loan either through a bullet repayment option or an EMI-based option.

Bank of Maharashtra Gold Loan Interest Rates

Bank of Maharashtra Gold Loan interest rates start from 9.30% per annum onwards. The lender provides different interest rates based on the category of gold loans offered to the applicants.

Also read: Best Gold Loan Interest Rate

Gold Loan Interest Rates Offered By Partner Banks & NBFCs

Bank of Maharashtra Maha Gold Loan

Purpose: Maha Gold Loan is a term loan or cash credit facility provided to applicants to acquire funds for various purposes, excluding speculation.

Tenure: 

Cash Credit Facility: To be repaid once a year

Term Loan Facility –

• EMI based- Up to 2 years
• Bullet Repayment- Up to 1 year

Loan Amount: Rs 20,000 to Rs 25 lakh

Also read: Best Gold Loan EMI Calculator

Eligibility Criteria for Bank of Maharashtra Gold Loan

Bank of Maharashtra provides gold loans to all individuals, including its staff, using gold jewelry or ornaments owned by the applicant as collateral. The lender does not take into account the CIBIL score or any other credit score when assessing the eligibility of applicants for the gold loan.

Also read: Best Gold Loan Eligibility

Bank of Maharashtra Gold Loan Documents

• Two passport-sized photographs
• Address Proof: Aadhaar card, Voter ID, telephone bill, electricity bill, driving license, or passport
• Identity Proof: PAN card, Aadhaar card, Voter ID, passport, or photo ID card issued by the current employer

Also Read : Best Gold Loan Documents Required

Features of Bank of Maharashtra Gold Loan

• Processing Fee - Processing fees will be charged by the bank as applicable.
• Maximum Loan Amount - The maximum loan amount you can get from Mahabank under this scheme is Rs. 5 lakh. This is determined based on an LTV ratio of not more than 75% of the loan amount during the loan tenure.
• Minimum Loan Amount - The minimum loan amount you can receive against the pledged gold is Rs. 20,000.
• Repayment Tenure - The maximum repayment tenure for this gold loan scheme is 12 months.
• Scale of Finance - You're eligible for a loan amount of Rs. 2,000 per gram for 22 carat Gold ornaments or 75% of the market value of the gold ornament (excluding the weight of attached stones), whichever is lower.
• Collateral/Security - The collateral/security required for this gold loan scheme is the gold jewelry itself.
• Type of Gold - All types of gold ornaments are accepted, but the bank doesn't provide loans for primary gold or bullion.
• Repayment Options:
  • For the term loan facility, the principal can be repaid within a maximum loan tenure of 12 months, with monthly interest payments or bullet payments.
  • For the cash credit facility, the entire loan amount must be repaid once a year, subject to an annual review. Monthly interest payments are charged, revised as needed by the bank.