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Features & Benefits 
Documents Required 
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Repayment 
FAQs 
Loan Process Features and benefits of Gold Loan
Low EMI
Higher Loan Amount
Track my Loan
No Prepayment Penalty
No Documentation Charges
No Inspection Charges
- Type of Facility : Term Loan/Cash Credit
- Maximum Tenure up to 24 months
- Minimum Quantum of Loan: Rs. 20,000/- (Twenty thousand Only)
- Maximum Amount: Up to Rs. 100 lakh* (*T&C Applied)
- Out of Pocket Expenses (Packing Charges): Rs. 100/- + GST
- No Pre-Payment / Pre-closure / Part payment Charges.
- Bank of Maharashtra Offers Lowest Interest Rate on Gold Loan in India
- Competitive Interest Rates
Bank of Maharashtra offers an affordable gold loan interest rate for all customer needs. Borrowers can benefit from the gold loan minimum interest rate options available, ensuring easy repayment without financial stress.
- Quick Loan Processing
Worried about what is the gold loan process? - It’s designed to be seamless and hassle-free. Simply visit a branch, submit your gold ornaments for valuation, and get the loan amount disbursed.
- Flexible Loan Amounts
Avail of a loan based on the value of your gold. The bank provides financing to meet different needs, whether for emergencies, business expansion, education, or any personal requirement.
- Secure Gold Storage
Your pledged gold remains safe with the Bank of Maharashtra, ensuring security and peace of mind. The bank follows strict protocols to store your assets securely until the loan is repaid.
- Easy Repayment Options
With multiple repayment choices, including bullet repayment and EMI options, customers can choose the plan that best suits their financial situation.
| Repayment Type | Margin |
|---|---|
| Bullet Repayments (Maximum 12 months) | 30% |
| In all other cases (TL/CC) | 25% |
LTV ratio 75% is to be maintained throughout the tenure of the Loan. (Total outstanding Including int./Value of Gold)
- Up to Rs. 3.00 lakh - NIL
- Above Rs. 3.00 lakh to Rs. 5.00 lakh - Rs. 500
- Above Rs. 5.00 lakh to Rs. 10.00 lakh - Rs. 1000
- Above Rs. 10.00 lakh to Rs. 20.00 lakh - Rs. 1500
- Above Rs. 20.00 lakh - Rs. 2000
- TL / CC- Maximum – 24 Months
- In case of Bullet Repayment Maximum - 12 Months
Pledge of gold jewellery/ ornaments.
Bank shall not grant any advance against bullion / primary gold
Gold Loan Documents Required
- Two Passport Size Photographs.
- Proof of Identification: (any one)
- Election ID Card
- Pan Card
- Aadhar Card
- Driving License
- Photo Identity card issued by the current Employer
- Passport
- Proof of Residence : (any one)
- Electricity Bill
- Election ID Card
- Telephone Bill (Landline)
- Aadhar Card
- Driving License
- Passport
Gold Loan Interest Rates
Gold Loan Eligibility
How will Bank of Maharashtra decide the gold loan amount i am eligible for?
All Individuals including Bank staff desirous of availing Gold Loan against Gold Jwellery / ornaments.
The applicant should satisfy the KYC guidelines.
Eligible Loan Limit
Scale of finance will be applicable on the basis of repayment type & ROI as below
A. EMI / PED (Interest Payment Only) – Tenure up to 12 months | |||
Loan Slab | Max. LTV at sanction | ROI | Scale of Finance (per gram) |
Upto ₹100.00 lakh | 75% | RLLR + 0.45% = 8.50% | ₹ 9285/- |
Upto ₹ 5.00 lakh | 80% | RLLR + 0.95% = 9.00% | ₹ 9910/- |
Upto ₹ 2.50 lakh | 85% | RLLR + 1.20% = 9.25% | ₹ 10540/- |
B. Bullet Repayment – Tenure upto 12 months | |||
Loan Slab | Max. LTV at sanction | ROI | Scale of Finance (per gram) |
Upto ₹100.00 lakh | 65% | RLLR + 0.45% = 8.50% | ₹ 8030/- |
Upto ₹ 5.00 lakh | 70% | RLLR + 0.95% = 9.00% | ₹ 8655/- |
Upto ₹ 2.50 lakh | 75% | RLLR + 1.20% = 9.25% | ₹ 9285/- |
Note : Scale of Finance will be reviewed from the time to time
If you are considering applying for a gold loan, understanding the loan eligibility is essential.
- Age Criteria: Applicants must be 18 years or older.
- Ownership: Only those who own the gold ornaments or jewellery can pledge them as security.
- KYC Compliance: Basic identity and address proof as per banking guidelines must be provided.
Gold Loan Repayment
Repayment Mode
A) Term Loan Facility
1. Principal Equally Distributed / EMI
Pricipal:The maximum repayment period is 24 Months. Repayment should be fixed in terms of monthly / quarterly / half yearly / Yearly.
Interest:Interest should be charged on monthly basis and should be serviced as and when applied
2. Bullet Repayment
The repayment period of such loans shall not exceed 12 months. Bullet Repayment of Interest & Principal at the end of term. Interest will be charged to the account at monthly rests but will become due for payment along with Principal only at maturity.
B) Cash Credit
Annual Review subject to entire amount to be repaid once in year.
Interest :Interest should be charged on monthly basis and should be serviced as and when applied
Frequently Asked Questions (FAQs)
As the name suggests this is the loan given against gold. It’s a secured loan that enables borrowers to pledge their gold in lieu of a cash loan. It enables people to utilize their gold assets instead of storing them in lockers.
A gold loan is a method of availing finance/loan against your gold ornaments or jewellery such as bangles, necklaces, bracelets, earrings, pendants, gold coins (issued by Banks Only in tamper proof packaging) etc.
Scale of finance will be applicable on the basis of repayment type & ROI as below
A. EMI / PED (Interest Payment Only) – Tenure up to 12 months | |||
Loan Slab | Max. LTV at sanction | ROI | Scale of Finance (per gram) |
Upto ₹100.00 lakh | 75% | RLLR + 0.45% = 8.50% | ₹ 9285/- |
Upto ₹ 5.00 lakh | 80% | RLLR + 0.95% = 9.00% | ₹ 9910/- |
Upto ₹ 2.50 lakh | 85% | RLLR + 1.20% = 9.25% | ₹ 10540/- |
B. Bullet Repayment – Tenure upto 12 months | |||
Loan Slab | Max. LTV at sanction | ROI | Scale of Finance (per gram) |
Upto ₹100.00 lakh | 65% | RLLR + 0.45% = 8.50% | ₹ 8030/- |
Upto ₹ 5.00 lakh | 70% | RLLR + 0.95% = 9.00% | ₹ 8655/- |
Upto ₹ 2.50 lakh | 75% | RLLR + 1.20% = 9.25% | ₹ 9285/- |
You can start the process of applying for a Best Gold Loan in any of the following ways:
- In person at any Bank of Maharashtra Branch. To find the closest Branch to you, please click here
- Apply from anywhere anytime with our online application. To apply online please click here
- By contacting our call centre. To find the toll-free numbers, click here
Gold loan rate of Interest are fixed and offered as on date of Loan disbursement. Bank of Maharashtra’s Lowest Gold Loan Interest rate starts from 8.50% p.a*., subject to change as per RBI norms and at the discretion of the bank.
Monthly compounding interest is charged, which the borrower has to pay at the specified periodicity or at the closure of loan, whichever is earlier. The interest rate is fixed and calculated on a reducing balance basis.
*Gold Loan under retail advances
A PAN card is not a mandatory document to apply for a gold loan. However, the applicant should satisfy the KYC guideline.
All individuals including bank staff can avail the gold loan against gold ornaments / jewellery from Mahabank.
There is No charges for Documentation and Inspection. Processing charges will be varying on loan amount and right now ‘NIL’ up to loan of Rs. 10.00 lakh.
While availing Bank Of Maharashtra Gold Loan No Guarantor is required.
No, a CIBIL score is not required when availing a Mahabank gold loan. The eligibility criteria for a gold loan does not include a credit score or credit check of any sorts - only the KYC documents required for gold loan should be submitted.
The gold loan interest is calculated differently and is set by the bank.
What is the Gold Loan Process?
Scan this Code to Apply for Gold Loans Online
The gold loan process at the Bank of Maharashtra is designed to be simple and efficient:
- Visit the Branch: Carry your gold ornaments and required documents.
- Passport Size Photographs
- Proof of Identification
- Proof of Residence
- Gold Valuation: The bank’s experts assess the purity and weight of the gold to determine its value. This is done in front of you keeping complete transparency.
- Loan Sanction: Based on the valuation, a loan amount is approved as per the current market price of gold.
- Loan Disbursal: Once approved, the gold loan amount is credited to the bank account of your choice.
The entire process is quick & transparent ensuring that customers can access funds when they need them most and get the correct value of their gold.
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