Central Bank of India Gold Loan

Gold Loan at 7.10%* p.m.

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Central Bank of India Gold Loan Key Features

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

Why Central Bank of India Gold Loan? 

Apply for the loan against your gold Jewellery from the leading bank like the Central Bank of India and fulfill your financial need today. Attractive Interest Rate and Lower EMI. Unmatchable offers and benefits are available. Apply Now.

What is Gold Loan?

The loan that is given against gold, is known as Gold Loan. This includes the gold ornaments of the borrower excluding the diamond articles and mangal sutra. The borrower keeps his gold ornaments as collateral with the lender and takes the money against those ornaments. Many go for the fulfillment of their short term goal through gold loans, such as their child’s education, marriage, or other family problems. Many think that instead of keeping it idle at home or in a locker, the gold loan is the best option.

Advantages of taking Central Bank Of India Gold Loan:-

  1. Easy and Hassle-free ProcessCentral Bank of India Gold Loan
  2. Approval in 30 minutes
  3. Simple Documentation
  4. Dedicated Assistance
  5. No salary certificate or credit card history is required
  6. Lowest Interest Rate

Central Bank of India Gold Loan Interest Rate:

  1. Generally, a gold loan is available at the interest rate of 7.10% to 14.5%
  2. ROI for tenure less than 1 year is also available at 1%
  3. Processing fees equal to 2000
  4. A borrower will be given an option to pay only interest during the entire term and at the end of the tenure, you can pay a complete borrowed amount in a single shot

Eligibility Criteria For Central Bank Of India Gold Loan

  1. Age: 21 years and above
  2. Profession: Anybody with a Steady source of income including Bank’s Employees, Pensioners

Documentation Required For Central Bank Of India Gold Loan 

  1. First of all Identity Proof (Passport Copy/ Voters ID card/ PAN Card/Aadhaar Card).
  2. After that address proof(Passport/ Electricity Bill/Telephone bill/ Aadhaar Card).
  3. Besides that signature proof ( Passport/ PAN Card/Banker’s verification/ cheque).
  4. 2 passport size photographs

Know about the terms and conditions:

  1. First of all foreclosure Charges- charges that are to be paid when the loan is closed before the tenure is completed.
  2. foreclosure charges can be up to 1%. The minimum loan tenure is 6 Months.
  3. So foreclosure charges after 6 months are 0.
  4. Charges for late payment of Loan Amount
  5. Most importantly 2% p.a. as penal interest over and above the applicable rate of interest.

Why should one apply for Central Bank Of India Gold Loan? 

 In contrast to services like personal loans, the gold loan has the least interest rate as banks keep security against the Loan.

  1. Generally, banks do not have any prepayment charges, but some banks can charge a penalty of just 1%.
  2.  The ornaments are more secure with the banks due to the strict security In the banking institutions, which is quite less at homes.
  3.  As this is a secured loan, therefore, the applicant does not have to worry about bad loan repayment history.
  4. The salary of an applicant is not an issue for availing a gold loan as it depends majorly on the weight and quality of gold available with the applicant.
  5.  Another advantage is that the applicant does not have to pay extra for this service as the approval solely depends upon the asset kept as security.
  6.  In addition to other advantages, the applicant can choose the tenure of the Loan according to their requirements and needs.

How to apply on magic loans.in

1. Search for magic loans.in on Google.
2. First of all, a form will open up.
3. After that, fill the way with the required information.
4. Besides, you will get information furthermore from us.

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%