Bank of Baroda Gold Loan
Table of Contents
1. Bank of Baroda Gold Loan Interest Rates 2022
Bank of Baroda Gold Loan Eligibility Criteria
Bank of Baroda Gold Loan EMI Calculator
Bank of Barodagold loan can help you meet an urgent cash need by pledging your gold savings or gold coins as collateral. A gold loan is most likely the quickest type of loan and can be beneficial to both existing Bank of Baroda customers and new borrowers.With Bankof Baroda gold loan services, you will not just benefit from gold loan facilities adequately, but also at a genuine advance expense.
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Bank of Baroda Gold Loan Documentation
Bank of Baroda Gold Loan Customer Care
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Bank Gold Loan
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The interest rate is also extremely reasonable, which is why this product is one of Bank of Baroda’s most popular. People have no doubts about the bank’s flawless and outstanding banking services. As it is a secured loan, a Bank of Baroda Gold Loan adds a certain credit mix to your total profile. Your gold will serve as a guarantee or collateral for the amount you will receive. This factor alsomakes it easier for you to get lower interest rates.
Bank of Baroda Gold Loan Interest Rates 2022
Bank of BarodaGold Loan Interest Rate begins from 9%. People preferthe Bank of Baroda for their gold loan needs because the interest rates on gold loans are lower than some other banks.
1. Interest rates- The interest rate refers to thefinancing cost applied to the loan amount granted to the applicant. For gold loans, the interest rate is normally fixed for the entire term of the loan.
2. Loan amount-The loan amount is the amount of money requested from a bank or financial institution in exchange for a rateof interest and a pledge to repay the loan in the future.
3. Processing Fees- Thefees that the applicant must pay to the agency as a commission are known as processing fees.
4. Loan Tenure- Loan Tenure refers tothe amount of time it willtake the borrower to repay the loan, as well as the amount of interest that will be charged.
5. Prepayment Charges- Certain lenders will charge you a prepayment penalty if you pay off all or part of your mortgage early.
Particulars
Interest Rate 9% 9.15% per annum
Details
Options
Processing Fees Up to 1% of the loan amount or ₹1000 whichever is higher Loan Tenure Up to 12 Months Loan Amount Up to ₹1 crore Foreclosure Charges Up to 0.50% Repayment
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Bank of Baroda Gold Loan EligibilityCriteria
When applying for any type of loan, the applicant must consider the eligibility criteria and determine whether or not he or she meets all of the requirements. Each bank has its own set of standards and criteria; however, the Bank of BarodaGold Loan eligibility criteria are as follows
Particulars Details
Minimum and Maximum Age 18 Yrs – 75 Yrs
Loan Amount Up to ₹1 Cr.
Employment Type
Employed as well as self employed are both eligible.To meet their working capital requirements, an increasing number of businesses are turning to gold loans. Also, gold loans are easily obtained by housewives and the elderly who are unable to obtain other loans due to a lack of proof of income.
Quality of Gold Gold jewellery should have a carat weight of between 18 and 24 carats.
CIBIL Score
Gold Ornaments that can be used for availing loan
When it comes to gold loans, banks do not look at your CIBIL score.
Coins and gold bars
Employment Track Record and Income Proofs
Banks do not look at your job or business reliability before issuing a gold loan. When applying for a gold loan, no proof of income is required. To qualify for this loan, you only need to submit your standard KYC documents, such as proof of address, identification, and an Aadhaar card.
Bank of Baroda Gold Loan EMI Calculator
The Bank of BarodaGold Loan EMI calculator assists the borrower in determining the estimatedmonthly payments (EMIs) for the desired loan amount. Theanticipated EMIs are calculated using a range of factors including the loan amount, loan length, processing charge, and imposed interest rate (the sum of interest and principal to be paid by the borrower throughout the loan tenure).
An individual can easily calculate the monthly payment that he or she will have to make on the chosen loan amount by using the formula below: E = [P x R x (1+R) ^N] / [(1+R) ^N – 1] Here, P- Principal amount r- Rate of Interest per month n- Loan tenure inmonths E- Monthly payment forEMI
Rate of Interest 6 months 1 Yr 2 Yrs 3 Yrs 7.00% 17008 8652 4477 3088 8.00% 17058 8699 4523 3134 8.50% 17082 8722 4546 3157 9.00% 17107 8745 4568 3180 9.50% 17131 8678 4591 3203 10.00% 17156 8791 4614 3227 10.50% 17181 8815 4637 3250
11.00%
17205 8838 4661 3274
11.50% 17230 8861 4684 3298
12.00% 17254 8885 4707 3321
12.50% 17279 8908 4731 3345
13.00% 17304 8932 4754 3369
13.50% 17329 8955 4778 3393
14.00% 17354 8979 4801 3418
14.50% 17378 9002 4825 3442
15.00% 17403 9026 4845 3466
Bank of Baroda Gold Loan Documentation
When applying for a gold loan, a person must present certain documents. The following is a list of these vital documents:
IdentityProof- Aadhar Card/Pan Card/ Passport/ VoterID
Residence Proof- Aadhar Card/Pan Card/Ration Card/Utility Bills on the name of the applicant/Rental Agreement of applicant/Voter ID card.
Agriculture Proof (only if applicable)-Agriculture Land Ownership Proof
Photographs- 2 Passport sized coloured
Bank of Baroda Gold Loan Customer Care
If you have any questions or concerns, please visit the Bank of Barodawebsite or call the toll-free number listed below:
1800 102 4455
You can receive answers to any of your inquiries concerning everything from gold loan applications to loan disbursement and status by calling the bank’s customer service department at the aforementioned toll-free number.
