• Interest Rate: Competitive and varies based on loan scheme
• Loan Amount:
  • Minimum: ₹20,000
  • Maximum: ₹30 lakh
• Loan Tenure: Up to 12 months (with renewal options)
• Processing Fee: As per bank guidelines (nominal and negotiable)
• Pre-closure Charges: As per BOI norms
• Loan-to-Value (LTV) Ratio: Up to 85% of the gold’s market value

Purpose of Gold Loan

Bank of India provides gold loans to help customers meet urgent financial needs such as personal expenses, educational requirements, business expansion, medical emergencies, or agricultural investments.

Eligibility Criteria

To apply for a gold loan from BOI, the following eligibility conditions must be met:

• Age: Minimum 18 years
• Ownership: The applicant must own gold jewelry or coins to be pledged as collateral. (Coins with embedded gemstones are not accepted.)
• KYC Compliance: The applicant must have valid KYC documents (identity and address proof).
• Land Holding (for Agricultural Loans): If the loan amount exceeds ₹2 lakh and the purpose is agricultural, applicants must submit landholding particulars as proof.

Documents Required

Applicants need to provide the following documents when applying for a Bank of India gold loan:

1. Application Form: Duly filled and signed
2. Photographs: Two recent passport-size photos
3. Identity Proof (Any one):
   • Aadhaar Card
   • PAN Card
   • Voter ID
   • Passport
   • Driving License
   • Government-issued ID for employees
4. Address Proof (Any one):
   • Aadhaar Card
   • Electricity Bill
   • Telephone/Mobile Bill
   • Credit Card Statement
   • Lease Agreement
   • Ration Card
5. Landholding Documents: (For agricultural loans exceeding ₹2 lakh)

Loan Amount & Security

• Minimum Loan Amount: ₹20,000
• Maximum Loan Amount: ₹30 lakh
• Loan Security: Pledged gold ornaments or coins (excluding embedded gemstones)

Repayment Options

Bank of India offers flexible repayment options, including:

• EMI-Based Repayment: Fixed monthly installments
• Bullet Payment: Interest is paid regularly, and the principal amount is repaid at the end of the loan tenure

Charges & Fees

• Processing Fee: As per bank guidelines (can be negotiated)
• Gold Valuation Fee: Applicable; paid to third-party valuers
• Prepayment Penalty: Charged in specific cases
• Late Payment Penalty: Applicable if EMI or interest payments are delayed

Key Considerations Before Applying

• Gold Quality: Only gold of 18-22 carat purity or above will be accepted as collateral
• Emotional Attachment: Applicants should carefully consider the risk of pledging gold, as it may be forfeited in case of non-repayment
• Loan Agreement: It is essential to read and understand all the loan terms and conditions before signing

Benefits of BOI Gold Loan

• Quick Processing: Fast loan disbursement within a few hours
• Attractive Interest Rates: Competitive interest rates with low EMIs
• High Loan Value: Loan amount up to 85% of the pledged gold’s market value
• Flexible Repayment Options: Choose between EMI and bullet repayment
• No Guarantor Required: Gold serves as the only collateral

Contact Bank of India

Head Office Address:
Bank of India,
Star House, C-5, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai – 400051

Customer Care Number: 1800 220 229 / 1800 103 1906

Email: HeadOffice.CSD@bankofindia.co.in

Official Website: www.bankofindia.co.in

Disclaimer: The information provided above is based on publicly available data and is subject to change as per the bank’s discretion. For the most current details, please visit the official Bank of India website or contact the nearest BOI branch.