Bank of Baroda Gold Loan

Bank of Baroda offers gold loans of up to ₹50 Lakhs for tenures ranging up to 36 months at affordable interest rates starting from just 8.90% p.a. You can use the loan amount to cover multiple expenses like paying hospital bills, car repairs, home renovation, and more.

Based on the purpose of the loan, Bank of Baroda offers two types of gold loans:

• Retail Gold Loan

If you need funds for personal or business-related expenses you can choose Retail Gold Loan. It comes with flexible repayment options such as demand loan, overdraft, or EMI.

• Agri Gold Loan

If you are engaged in agriculture and allied activities you can opt for the bank’s Agri Gold Loan. You can use these funds for agricultural activities or related purposes.

Bank of Baroda Gold Loan offers funds against gold without the requirement for any income proof. 

There are several other features of the product which makes it suitable for individuals seeking quick funds. These include:

Loan Amount

You can get funds of up to ₹50 Lakhs to meet all your expenses, depending on the value of your gold.

Note: In case of digital gold loan journey, the minimum loan amount is ₹5,000.

Interest Rates

Bank of Baroda Gold Loan interest rates start from 8.90%, making it fairly manageable for borrowers.

Loan Tenure

You can choose a flexible repayment tenure between 12 months and 36 months as per your convenience.

Processing Fees

There is no processing fee for a loan amount under ₹3 Lakhs. However, certain charges might apply on the loan amount exceeding ₹3 Lakhs, up to ₹50 Lakhs. 

Quick Disbursal

You can get a gold loan without any hassle, through a simple application process. There is no need for a guarantor as well.

Minimal Documentation

Get the required gold loan without having to deal with excessive paperwork.

Secure Storage

Bank of Baroda ensures safe and secure storage of your gold ornaments.

No Prepayment Charges

There are no charges levied on pre-closure or prepayment of your gold loans.

Accessibility

You get easy access to gold loans, as the process has been made simple and convenient. The eligibility criteria is easy-to-meet with no credit score required to apply for the loan.

Easy Repayments

You can choose between monthly, quarterly or half-yearly instalments as per your convenience. Alternatively, you may also make bullet repayments.

If you are applying for a gold loan with Bank of Baroda, the following eligibility criteria must be met:

• Applicant must be the true owner of gold jewellery, ornaments and/or specially minted gold coins sold by the banks (max. 50 gm/borrower)

• Applicant must be a citizen of India

• Applicant must be KYC-compliant

You will need a few documents ready before you apply for the loan. You would also need to link your registered mobile number to your Aadhaar card and your Bank of Baroda account. 

Here are some key documents you may be required to submit:

• BOB CIF number or account number (for existing customers)

• Original Aadhaar and PAN cards for verification

• Physical gold for valuation at the branch

• Land or relevant documents (for Agri Gold Loan)

The total amount you will have to repay for your gold loan depends on the applicable interest rates, processing fees, and penalties. Here is a breakdown of the rates and charges associated with the Bank of Baroda Gold Loan.

Interest Rates

The BOB Gold Loan interest rates vary based on the type of loan. The tables below provides the details:

Retail Gold Loan Interest Rates

Disclaimer- The rates mentioned in the table are subject to change at the bank’s discretion. The Base Rate-Linked Lending Rate (BRLLR) is subject to change.

Agri Gold Loan Interest Rates

Disclaimer- The rates mentioned in the table are subject to change at the bank’s discretion. The Marginal Cost of Funds Based Lending Rate (MCLR) is subject to change.

Processing Fees

Processing fees vary based on the loan amount. Here are the applicable charges:

Note- Charges mentioned in the table are subject to change at the bank’s discretion.

You can apply for the Bank of Baroda Gold Loan by visiting the nearest branch or through the bank’s official website. If you consider the online option, applying for the loan is quite simple and can be done from the comfort of your home. 

For this, follow the simple steps listed below:

1. Visit the Bank of Baroda’s official website

2. Go to the ‘Loans’ section and click on ‘Gold Loans’

3. You will see 2 types of gold loans, ‘Retail Gold Loan’ and ‘Agri Gold Loan’

4. Click on the ‘Apply Online’ tab of the respective type of gold loan you wish to apply for

5. On the redirected page, scroll down and click on ‘PROCEED’

6. Enter your mobile number and the one-time password (OTP) you would have received

7. Proceed as you are prompted further

Additionally, you can check how much loan amount you are eligible for with the help of the Bank of Baroda Gold Loan calculator. Simply add details of the gold you are pledging, such as number of ornaments, karats, weight etc, in the BOB Gold Loan calculator. 

Bank of Baroda Gold Loan offers an easy way to access funds by pledging your gold, ensuring quick financial support without unnecessary complexities. One of its key advantages is that no income proof is required, making it accessible to more number of borrowers.

Applying for a gold loan is simple, with an easy online application process that allows you to initiate your request from the comfort of your home. Moreover, when it comes to the eligibility criteria, there is no credit score requirement, making it ideal for individuals with limited or no credit history.

With complete transparency, Bank of Baroda ensures there are no hidden charges or unexpected fees associated with the loan. Additionally, you do not need a guarantor, further making the borrowing process easier.