Bank of India Gold Loan Details
Overview
Bank of India offers Gold Loan schemes to provide financial assistance by leveraging your gold ornaments. With quick processing, minimal documentation, and flexible repayment options, you can access funds conveniently.
Key Features
- Loan Amount: Available up to 85% of the gold value.
- Interest Rates: Attractive rates linked to the bank’s benchmarks.
- Repayment Tenure: Flexible repayment options tailored to the borrower’s needs.
- Processing Charges: Nominal processing charges apply.
- Quick Disbursal: Express credit delivery with a turnaround time of 25 minutes.
- Minimal Documentation: Streamlined process for hassle-free approval.
- Overdraft Facility: Available for eligible applicants.
- No Pre-closure Charges: No charges for early loan closure.
- Special Concession: Reduced interest rates for hallmarked jewellery.
Purpose
The Gold Loan can be utilized to meet various financial needs, including:
- Agriculture-related activities.
- Business-related activities.
- Personal consumption needs.
Eligibility Criteria
- Age: Applicants must be 18 years or older.
- Ownership: Applicants must be the lawful owners of the gold jewellery, ornaments, or coins being pledged.
- Gold Purity: Acceptable purity levels as per bank norms.
Required Documents
- Identity Proof: Aadhaar Card, Passport, Voter ID, or Driving License.
- Address Proof: Aadhaar Card, Utility Bills, or Passport.
- Photographs: Recent passport-size photographs.
Application Process
- Visit the nearest Bank of India branch with your gold ornaments and required documents.
- The bank will appraise the gold to determine its value and purity.
- Complete the loan application form and submit the necessary documents.
- Upon verification, the loan amount will be sanctioned and disbursed promptly.
Contact Information
For more details or to apply for a Gold Loan:
- Visit the nearest Bank of India branch.
- Send an SMS with ‘GOLD’ to 7669021290.
- Give a missed call to 8010968370.
- Official Website: https://bankofindia.co.in/
