Bank Of Baroda Gold Loan Interest Rate - November 2023


In a world where financial needs arise unexpectedly, having access to quick and affordable credit options is crucial.

Gold loans, secured by the pledge of gold ornaments, have emerged as a popular solution for individuals seeking immediate financial assistance.

Among the leading providers of gold loans in India is Bank of Baroda, offering competitive interest rates and flexible repayment options.

What is Bank of Baroda’s Gold Loan Interest Rate?

Bank of Baroda’s gold loan interest rate varies depending on the loan amount and the tenure.

The interest rates are linked to the bank’s Benchmark Retail Lending Rate (BRLLR), which is periodically revised.

As of November 15, 2023, the gold loan interest rates range from 7.25% to 14.75% per annum.


How to Calculate Bank of Baroda Gold Loan Interest Rate

To calculate the Bank of Baroda gold loan interest rate, you can use the following formula:

Interest Rate = BRLLR + Strategic Premium

For example, if the BRLLR is 8.85% and the strategic premium is 0.25%, then the interest rate would be 9.1%.

Eligibility Criteria for Bank of Baroda’s Gold Loan

To be eligible for a Bank of Baroda gold loan, borrowers must meet the following criteria:

  1. Age: Applicants must be at least 18 years old.
  2. Citizenship: Applicants must be Indian citizens or have a valid residence permit.
  3. Ownership: Applicants must be the rightful owners of the gold ornaments offered as collateral.
  4. Gold Purity: The pledged gold must meet the bank’s minimum purity standards.

Applying for a Bank of Baroda Gold Loan

Applying for a Bank of Baroda gold loan is a straightforward process. Borrowers can either apply online or visit their nearest bank branch. The following documents are typically required:

  1. Identity Proof: Aadhaar Card, PAN Card, or Voter’s ID.
  2. Address Proof: Utility bills, passport, or rent agreement.
  3. Gold Appraisal Report: A valuation report from a bank-approved appraiser.
  4. Income Proof: Salary slips, bank statements, or income tax returns.

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