Maha Gold Loan Scheme from Bank of Maharashtra
Leverage the power of your gold jewellery to pay off your debts.
Bank of Maharashtra Maha Gold Loan Scheme
This loan helps borrowers access needed funds by pledging their gold jewellery. This 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 Jewellery from Bank of Maharashtra
Why this Loan?
- The Bank of Maharashtra Maha Gold Loan Scheme is meant for borrowers who want to avail financial assistance by pledging gold ornaments to meet their financial needs
- Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
- The maximum loan amount sanctioned by the bank under this loan is Rs. 5 lakh or 75% of the market value of the gold ornaments, whichever is lower
- As of October 2020, the interest rate applicable to this loan is 7.50%
- This loan must be repaid within 12 months
- The borrower must be between 18 to 70 years of age
- True owners of the gold ornaments/jewellery
- The bank accepts pledging of gold ornaments or gold coins to secure this loan
Margin Money (Borrowers Contribution to Total Cost)
- As of October 2020, the margin charged on this loan by the bank is not mentioned on this website. Please talk to a bank representative for more information
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.
- The bank charges 0.10% for processing this loan up to Rs. 10,000
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
- Bank of Maharashtra Website: www.bankofmaharashtra.in and www.mahaconnect.in (net banking)
- Headquarters: Pune, Maharashtra
- Call Centre Toll-Free Number: 1800 233 4526