Bank of Baroda Gold Loan

Bank of Baroda is one among the most prominent Indian banks owned by the state. It was founded on 20th July 1908, and currently has its headquarters in Vadodara, India. It offers personalized banking products to suit the banking needs of customers. It boasts a worldwide presence with a total of 5,326 bank-branches and more than 8,000 ATMs spread across India and other major countries, such as Australia, Singapore, Belgium, Hong Kong, UAE, UK, Mauritius, New Zealand, and the USA.

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Bank of Baroda Gold Loans

Bank of Baroda provides attractive gold loans at affordable rates of interest to its customers , along with benefits such as a quick documentation process, reasonable repayment options, high security for the pledged gold, and quick loan disbursal. Mymoneykarma gives you all the information you need on the gold loans offered by Bank of Baroda.

Bank of Baroda Gold Loan Features and Benefits

Here are a few advantages and features of Bank of Baroda gold loans.

1. The eligible age range is extensive, covering  a large number of customers.

2. The customers can rest easy regarding the security of their gold, which is kept safe in secure bank vaults.

3. All types of gold ornaments, gold coins, and jewelry are accepted as collateral for the loan.

4. A fast and efficient loan disbursal process.

5. Long loan tenure, of a maximum of 3 months, and 12 months for overdraft.

6. It is a multipurpose loan that can cover several types of expenses.

7. A maximum loan amount of Rs 10 lakhs and a minimum loan amount of Rs 25,000 can be availed.

8. A co-guarantor or co-borrower is not required.

9. The facility of choosing a loan tenure as suitable for the customer.

10. Minimal documentation is required for the loan approval process.

11. Competitive rates of interest are offered to fit all types of customer budgets.

Bank of Baroda Gold Loan Amounts

Bank of Baroda offers loans with a limit set between Rs 25,000 and Rs 10 lakhs.

Bank of Baroda Gold Loan Interest Rates

Bank of Baroda provides affordable interest rates to its customers. The interest rate is set at 3% above the MCLR for one year. The current MCLR of Bank of Baroda is 6.70%.

Here is a summary of all the information regarding Bank of Baroda gold loans.

Interest Rate	3% above MCLR (MCLR = 6.70%)
Minimum Loan Amount	Rs 25,000
Maximum Loan Amount	Rs 10 lakhs
Maximum Repayment Tenure	12 months

Eligibility Criteria for Bank of Baroda Gold Loans

Customers need to fulfill the following eligibility criteria set by the Bank of Baroda for its gold loans.

1. No age limit

2. All Bank of Baroda customers possessing 18K-24K gold ornaments are eligible

3. A minimum stipulated income per year.

4. A steady source of income.    

Documentation Required for Bank of Baroda Gold Loans

Loan processing requires the following documents.

1. A copy of proof of identity.

2. A copy of proof of address.

3. Three passport size photographs.

4. A filled-in application form.

More Links on Bank of Baroda:

• All about Bank of Baroda
• Bank of Baroda Business Loans
• Bank of Baroda Education Loans
• Bank of Baroda Debit Cards
• Bank of Baroda Credit Cards
• Activating Bank of Baroda Net Banking for the First Time Using the Welcome Kit
• Change BOB Net Banking Login Password
• Change Your Address, Email ID & Mobile Number in Your BOB Account
• Regenerating Forgotten Bank of Baroda Net Banking Password
• ATM Charges and Transaction Charges - Bank of Baroda

Fees and Charges Associated with Bank of Baroda Gold Loans

Here is a list of fees associated with Bank of Baroda gold loans.

Loan Processing Charges	0.5% of the loan amount + GST
Foreclosure Charges	nil
Valuation Fees	nil
Prepayment or Part-payment Charges	nil
Swap Charges( Replacement of PDCs)	nil
Charges for Late Payment of Loan Amount	nil
Stamp Duty & othis Statutory Charges	As applicable by state laws
Documentation Charges	nil
Legal Charges	As actuals

Bank of Baroda Gold Loan EMI Calculator

Bank of Baroda customers can employ an EMI calculator for determining gold loan EMIs. Applicants can use it to check the tentative amounts that they need to pay as loan EMIs. The EMI calculator depends on the following factors.

1. Gold loan amount

2. Gold loan tenure

3. Gold loan interest rate

4. Loan to Value ratio

5. Current price of the gold

6. Purity and net weight of the pledged gold

7. Relationship with the bank

EMI Calculator Example

Mayank wants to renovate the interiors of his bungalow, for which he needs around Rs 2 lakhs. He decides to take a Bank of Baroda gold loan using the jewelry that his mother left him. The net cost of the jewelry is Rs 3.5 lakhs. He chooses a loan tenure of 12 months with an interest rate of 9.70%. Using the EMI calculator, Bank of Baroda officials set his EMI amount as Rs 30,721 per month, which is within his monthly budget.

How to Apply for Bank of Baroda Gold Loan

Bank of Baroda customers can easily avail Bank of Baroda gold loans. There are two ways to avail the loan.

1. Walk-in: A customer can walk into the nearest Bank of Baroda branch with the required documentation and their gold articles. On filling in a simple form, the gold is evaluated, and the gold loan is sanctioned within a working day.

2. Online registration: Customers can also visit the Bank of Baroda website, fill in the application form, and upload their documents. However, they need to visit a Bank of Baroda branch to deposit their gold. 

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Frequently Asked Questions

Question 1: How long does the processing of Bank of Baroda gold loans take?

Answer: Bank of Baroda gold loans are disbursed within the same working day if the applicant has the correct documentation and authentic gold articles.

Question 2: What is the maximum gold loan amount that I can receive from Bank of Baroda?

Answer: The maximum loan amount that applicants can receive is Rs 10 lakhs.

Question 3: What is the minimum gold loan amount that I can receive from Bank of Baroda?

Answer: The minimum gold loan amount from Bank of Baroda is Rs 25,000.

Question 4: What is the maximum loan tenure for Bank of Baroda gold loans?

Answer: The maximum tenure for Bank of Baroda gold loans is 12 months.

Question 5: What kinds of gold articles does Bank of Baroda accept as security?

Answer: Bank of Baroda accepts gold coins and gold ornaments of purity 18K-24K.