Indian Overseas Bank Gold Loan Interest Rates

When compared to other loan kinds, the interest rates on gold loans obtained by gold pledge range from 7.35% to 29% p.a. India's banks and other financial institutions provide gold loans with loan amounts ranging from 1500 to 1.5 crore rupees. These gold loans have repayment terms ranging from 7 days to 240 months.

Details of the Indian Overseas Bank Gold Loan Scheme

IOB Gold Loan Interest Rate

7.05%

Amounts

Rs. 25 lakhs

Tenures

3 Years

IOB Bank Gold Loan Rate Per Gram Today

2022 

₹5,219

Who is Eligible for the Gold Loan Scheme from the Indian Overseas Bank?

Different eligibility requirements apply to the gold loan at Indian Overseas Bank. And they vary depending on the bank. Depending on the gold loan amount, the Indian Overseas Bank has varied eligibility requirements for gold loans. The following are the requirements for the Indian Overseas Bank=

  • 18-70 years of age
  • Minimum 18 Carats
  • Indian Nationality

What are the Required Documents?

Numerous documents, including your identity verification, proof of address, and bank transactions, are needed at Indian Overseas Bank. For a gold loan with the Indian Overseas Bank, they are crucial.

  • Aadhar Card
  • PAN Card
  • 2 Passport Size
  • Ration Card
  • Electricity bills for the last three months can be considered.

Advantages of the Indian Overseas Bank Gold Loan Facility

  • Rapid approval and disbursement: The Indian Overseas Bank Gold Loan approval and disbursement processes are quick and simple. Usually, the loan is approved in an hour.
  • Low-Interest Rate: Because gold loans are secured loans, they have substantially lower interest rates than other loans.
  • Loan Amount: Customers can get a loan for as little as Rs. 15000. In distant places, it is frequently less than Rs 10,000.
  • Jewelry Security: We are in charge of keeping your gold secure. The gold is therefore stored in fireproof vaults.
  • Loan Term: The gold loan's term might range from three months to two years. You can select the tenure based on your comfort level.
  • Advantages for Farmers The Indian Overseas Bank offers several unique deals for agricultural projects. That means the bank gives the farmers a gold loan at a slightly reduced interest rate specifically for agricultural use.
  • The Indian Overseas Bank gold loan can be approved with the least amount of documentation possible because the documentation process is easy to understand.
  • Transparent System: There are no additional fees applied to loans. The bank wants to be completely open and honest with you.
  • No income restrictions: Since the lender's salary and income are not subject to any restrictions, borrowers of all income levels are eligible for gold loans at any time.

What is the Use of the IOB Gold Loan?

Several uses are possible for the money obtained by using the Indian Overseas Bank Gold Loan service, including-

  • To pay for any personal costs - such as a wedding, a trip, the cost of further education, etc.
  • For all of your company requirements, including purchasing raw materials, business growth, etc.
  • A Gold Loan is an option that you have if you need it for farming. For Gold Loans utilized for agricultural or related purposes, the bank offers lower interest rates.

How to Apply for the IOB Gold Loan Scheme?

You may thus select the ideal program for you after learning about all of Indian Overseas Bank's gold loan programs. It's time to learn about the application process for each of these loan programs.

Applying for the Indian Overseas Bank Gold Loan is simple and can be done offline or online. Below, we provide details on both of these approaches. You can select any of those based on what is most convenient for you.

a) Offline

You only need to locate the Indian Overseas Bank branch that is closest to you in order to use this strategy. You merely need to take all the paperwork and your gold to the branch after you find it. The representatives there will thoroughly explain each scheme to you so you can pick the best one for you.

You simply have to fill out the application form after selecting the appropriate scheme. The lender will then evaluate the worth of your gold before approving the amount of your loan.

b) Online

You only need to go to the Indian Overseas Bank's official website to use the online option if you don't want to visit the branch. The "Jewel Loans" section can be found there. You will have to fill out a form when you get there. You will need to enter some simple information like your name, phone number, and email address.

The staff will be in touch with you regarding your gold loan after you submit the form.

Other Bank's Gold Loan Interest Rate

 

HDFC Bank Gold Loan

7.00% – 14.50%

ICICI Gold Loan

7.00% – 16.10%

Muthoot Finance Gold Loan

7.00% – 24.00%

Axis Bank Gold Loan

7.00% – 17.00%

Manappuram Gold Loan

7.00% – 26.00%

Customer Support of Indian Overseas Bank

Get instant assistance and clearance for your Indian Overseas Bank gold loan by calling 9878981144. You can quickly find out about the best Gold Loan deals available from all Indian Overseas Bank branches across the nation to take advantage of the deal that best suits your needs.

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