Bank of Maharashtra Gold Loan

Gold Loan @ 7.10%

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Bank of Maharashtra Gold Loan Key Features

Bank of Maharashtra Gold Loan Interest Rate 7.10% per annum
Bank of Maharashtra Gold Loan Per Gram Rate Per Gram Today is ₹ 5,255
Bank of Maharashtra Gold Loan Amount Up to Rs. 1 Crore (With Income Proof)
Bank of Maharashtra Gold Loan Processing Fee 1.50% of the Principal Loan Amount
Bank of Maharashtra Gold Loan Prepayment Charges 2%+GST (Within 3 Months), 0 (After 3 months)
Bank of Maharashtra Gold Loan Repayment Tenure 3 Months to 24 Months
Bank of Maharashtra Gold Loan Repayment Scheme Bullet Payment Scheme, Overdraft Scheme

About Bank of Maharashtra Apply Now Online

Bank of Maharashtra provides Gold Loan under the scheme Mahabank Gold Loan. You can easily apply for a gold loan on magicloans.in.  There is no need to go here and there to get information about gold loan interest rates and EMI’s. You only need to fill an online form and you will get a back call from our side. The purpose of Gold Loan is simply to cater to the customer’s requirements like marriages, education medical needs, business requirements, or whatsoever. Check out the advantages of Bank of Maharashtra Gold Loan

Advantages Of Bank of Maharashtra Gold Loan

Bank of Maharastra provides the gold loan to the customers. The bank is a very reliable and trustworthy financial organization in India, it is not the only bank that provides gold loan there are so many other banks that are prone to give this facility then why one should go for Bank of Maharastra only.

Bank has a good reputation among people. RBI has awarded this bank for its good services. Gold loan interest rates in this bank are very low. Bank takes care of all the needs of the customers. The time for the disbursal is very small. You won’t face lengthy paperwork. Bank provides loans only if the purity is 24 karat. Because the amount of the rate also depends on the purity of the gold. The experts will evaluate the value of your gold. 

Cheap Interest Rates Bank of Maharashtra Gold LoanBank of Maharashtra Gold Loan

  1. Interest rates offered by the bank to the customers are comparatively very low.
  2. Base Rate is 9.50% with effect from 07-04-2018. And BPLR 15% with effect from 01-10-2011.
  3. The processing fee is Rs. 500 per application.

Eligibility criteria Bank of Maharashtra Gold Loan 

  1. There are some conditions that the applicant should fulfill to get a gold loan. Check out
  2. Age of the applicant should be more than 18 years and less than 70 years. He/she should be able to return the loan amount on time.
  3. She/he should have some rigid source of income so that he can give an interest rate to the bank. The applicant should have gold in the form of coins/ jewelry/bricks. But the purity of the gold should be 18 karats to 24 karats.

Documents Required Bank of Maharashtra Gold Loan 

  1. The process of documentation is very easy and simple. Identity proof (Passport/Id card/voter card/driving license) can be any one of them. Everyone easily has these documents so there is no problem with the submission.
  2. You need to submit two passport size photos and passport as well. If you are having a passport then there is no need to bring your address proof separately. 
  3. Residence proof can be aadhar card, voter card, and passport (Passport/Id card/voter card/driving license). Electricity and water bill for the last three months because these are the proofs that you are residing in that particular place.
  4. Driving license- You can also display your valid driving license card
  5. Aadhar card provided by UIDAI that contains biometric details of the customers like age date of birth and photograph of the individual.
  6. PAN card is the permanent account number that is provided to the customers and it prevents financial frauds. So it is also considered as an identity/residence proof. Pan Card is a very essential document under KYC (know your customer) formality.
  7. Ration card is also considered as a residence proof because it provides enough information about the applicant.
  8. A signature proof is also required to get a gold loan.

Why magicloan.in?

Why we are suggesting applying for the gold loan by using magicloans.in over other sites. magicloans.in the know the value of your precious time. You will get so many perks if you apply by using this site. Here are some of them are given

  1. If you apply for the gold loan from you will be entertained by so many benefits
  2. Fill up the Bank of Maharastra Gold Loan form and you will get a call from outside automatically.
  3. You may get some more concessions in the interest rates.
  4. Can avail loan without visiting the branch
  5. Your documents will be picked up from your doorstep.

You don’t need to go here and there to ask for interest rate or to get to know about EMI’s. All you need is to apply on magicloans.in and you will get back a call back within minutes with all the information. So Gold Loan is only one step away from you.

How to Apply on magicloans.in

Steps to apply

  1. Search for magicloans.in on google
  2. A form will open up.
  3. Fill the form with the required information.
  4. You will get assisted by us further.

FAQs About Gold Loan 

  1. How does  Gold Loan work?
    The loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
  2. Gold Loan is secured?
    Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.
  3. What happens when you don’t repay a Gold Loan?
    If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
  4. To get a gold loan do I need a co-applicant?
    No, to avail the Gold loan you don’t need any co-applicant
  5. Is a Gold loan better than a Personal loan?
    Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC’s takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is unsecured and hence carries higher interest than a gold loan.
  6. Is there any fee payable for the Gold Loan?
    Yes, you have to pay the loan processing fees

Gold Loan Interest Rate of Major Banks

Bank

 Interest Rates

HDFC Bank Gold Loan

7.10% – 14.50%

ICICI Gold Loan

7.10% – 16.10%
Muthoot Finance Gold Loan

7.10% – 24.00%

Axis Bank Gold Loan

7.10% – 17.10%
Manappuram Gold Loan

7.10% – 26.00%

Yes Bank Gold Loan

7.10% – 15.99%
Bank of India Gold Loan

7.10% – 26.00%

Federal Bank Gold Loan 

7.10% – 13.50%
IIFL Gold Loan

7.10% – 12.00%

Central Bank of India Gold Loan

7.10% – 14.65%

Canara Bank Gold Loan

7.10% – 12.65%

Allahabad Bank Gold Loan

7.10% – 10.45%

Induslnd Bank Gold Loan

7.10% – 15.75%
PNB Gold Loan

7.10% – 11.75%

Bajaj Finance Gold Loan

7.10% – 26%
SBI Gold Loan

7.10% – 15.99%

Indian Bank Gold Loan

7.10% – 15.99%
UCO Bank Gold Loan

7.10% – 26.00%

Kotak Mahindra Bank Gold Loan

7.10% – 13.50%
Syndicate Bank Gold Loan

7.10% – 12.00%