Business

Bank of India offers ‘Star Gold Loan Scheme’ with an attractive rate of interest

Bank of India offers different types of ‘Star Gold Loan Scheme' that come with attractive interest rates and quick disbursals process.

When it comes to borrowing from a financial institution, other than availing a personal loan, one can also opt for a gold loan. If you are planning on taking a gold loan you can go with the Bank of India ‘Star Gold Loan Scheme'.

Apart from banks such as SBI, ICICI Bank, HDFC Bank, etc., the bank of India also offers gold loans to individuals.

According to the Bank of India, there are some criteria for the ‘Star Gold Loan Scheme'. You can check out of these criteria are as follows:

  1. You can take your Gold Loan against Agriculture, MSME, OPS, Retail or, Consumption Purpose.

2. Quantum of Loan:

a) For Agricultural/ MSME/ Retail and Other Priority Sector activities:Maximum Rs.15.00 lakh. (can be raised up to Rs. 25.00 lakh).
b) For other purposes: Maximum Rs. 10.00 lakh.

3. Rate of Interest (w.e.f. 01.10.2020):

  • Agricultural Purpose for limit up to Rs, 15 Lakh (payable within 18 months):
  • Against Hallmarked Jewellery and Gold Coins (Max 50 Gms): 7.35%
  • Against Normal Jewellery: 7.40%
  • For other tenure/purposes please contact the nearest branch.

4. Processing Charges:

  • Limit up to Rs. 1.00 Lakh: NIL
  • Limit over Rs. 1.00 Lakh: Rs. 125/- per Lakh for Hallmarked Jewellery and Rs. 150/- per Lakh for Normal Jewelry.
  • (For Limit up to Rs. 5.00 Lakh maximum of Rs. 250/- for Hallmarked Jewellery and Rs. 300/- per Lakh for Normal Jewellery.)

5. Repayment:

Principal repayment schedules may be fixed at monthly, quarterly, half-yearly, yearly installments or bullet repayment depending on income generation and/or seasonality.

About Bank of India:

According to Wikipedia, Bank of India is an Indian commercial bank with headquarters in Bandra Kurla Complex, Mumbai. Founded in 1906, it has been government-owned since nationalization in 1969.

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