Loan Against Gold from Bank of Baroda

Leverage the power of your gold and jewellery to pay off your debts

Bank of Baroda Loan Against Gold Ornaments and Jewellery

This loan helps borrowers access needed funds by pledging their gold jewellery or gold coins. This secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts.

Features of Loan Against Gold Ornaments and Jewellery from Bank of Baroda

Why this Loan?

  • The Bank of Baroda Loan Against Gold Ornaments/Jewellery is meant for borrowers who want to avail financial assistance by pledging gold jewellery/coins to meet their financial needs. Borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
  • It is sanctioned as a demand loan with a one-time disbursement
  • There are no pre-payment or part-payment charges on this loan

Loan Amount

  • The maximum loan amount sanctioned by the bank under this loan is Rs. 25 lakh

Interest

  • The applicable interest rate on this loan is defined as the sum of three factors namely, Marginal Cost of Funds Based Lending Rate (MCLR), Strategic Premium (SP) and Credit Risk Premium. The interest rate applicable on this loan is MCLR + SP + 2.50%

Repayment


  • This loan must be repaid within 12 months

Eligibility

  • The borrower must be between 18 to 70 years of age
  • True owners of the gold ornaments, jewellery or specially minted gold coins sold by the banks

Security Needed

  • The bank accepts pledging of gold ornaments or gold coins to secure this loan

Margin Money (Borrowers Contribution to Total Cost)


  • The bank decides the margin based on the loan amount at the time of application

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh and the margin is 20%, then the margin amount is Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges Rs. 500 for processing this loan

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement

Reference Facts

  • Bank of Baroda Website: www.bankofbaroda.com and www.bobibanking.com (net banking)
  • Headquarters: Baroda (Vadodara), Gujarat
  • Call Centre Toll-Free Number: 1800 223 344, 1800 102 4455