Gold Loan Interest Rates 20203486 views
- Shall you apply for Indian Overseas Bank Gold Loan?
- Well, the application will depend on the interest rates and loan eligibility parameters, read this to know the same
An Indian Overseas Bank Gold Loan could be the best option for you if you are someone who is searching for the methods to meet any of your financial needs. So, if you have gold jewelry, you can get a customized loan against the same from Indian Overseas Bank. Well, this gold can help you in obtaining funds for your various needs, that too at an affordable rate of interest. Being one of the leading and oldest public sector banks of India, Indian Overseas Bank provides several kinds of gold loan schemes to women, individuals, farmers, and people in the MSME sector.
The best thing about the Indian Overseas Gold Loan is that you can choose the scheme according to your repayment capability. The loan amount and repayment tenure vary from one scheme to another. This post will help you in gaining more information about this gold loan also known as the Jewel loan by the Indian Overseas Bank. So, don’t waste a second and keep reading!
Table of Contents
- 1 Indian Overseas Bank Gold Loan Interest Rate
- 2 What are the Different Types of Indian Overseas Bank Gold Loan Schemes?
- 3 How Much Loan Can You Get from Indian Overseas Bank by Pledging Gold?
- 4 Eligibility Criteria for Indian Overseas Gold Loan
- 5 Documents Required for Indian Overseas Bank Gold Loan
- 6 How to Apply for Indian Overseas Bank Gold Loan?
Indian Overseas Bank Gold Loan Interest Rate
As we told before, that with the help of Indian Overseas Bank Gold Loan, you get the best and affordable rate of interest on the scheme you choose. The final rate of interest will be decided by the Indian Overseas Bank and it will depend on your overall profile and most importantly, on the gold value. One of the main reasons that you can get this gold loan at such low-interest rates is because of the security you are pledging in the form of gold ornaments.
These gold ornaments will be returned to you as soon as you will repay the total outstanding loan amount. We have provided some of the important details related to the Indian Overseas Bank gold loan in the table mentioned below. Please, have a look!
Indian Overseas Bank Gold Loan Interest Rate and Other Details
|Minimum Loan Amount||Customized|
|Maximum Loan Amount||INR 25 lakh (Depends on the Scheme you are choosing)|
|Minimum Tenure||12 months|
|Maximum Tenure||36 months|
|Part prepayment/ Foreclosure Charges||Nil|
|Credit Assessment Charges||Nil|
What are the Different Types of Indian Overseas Bank Gold Loan Schemes?
As we told initially that Indian Overseas Bank provides gold loans according to a customer’s requirement and employment type. A farmer, a salaried employee, and a woman customer can opt for three different schemes according to their unique requirement. Isn’t this a good thing that you have more than an option while choosing a gold loan for you?
Indian Overseas Bank provides mainly five types of Gold Loans— Agricultural Jewel Loan, Agricultural Jewelry Term Loan, Jewel Loan SME, Jewel Loan for Others, and IOB Swarnalakshmi. We will tell you about each of these schemes in detail so that you can make the right decision for yourself.
Agricultural Jewel Loan
This type of Gold Loan is specially designed to help farmers so that they can achieve their short term finance related requirements. To apply for the Agricultural Jewel Loan, farmers only need to submit their gold ornaments, and against that, they will get the required amount. A farmer can get a loan amount upto INR 10 lakh with this loan facility. This amount can be repaid by the borrower through bullet repayment within the tenure of a maximum of 1 year. It means the total principal and interest amount after the end of tenure.
Agricultural Jewelry Term Loan
This loan by the Indian Overseas Bank has the same features as the Agricultural Jewel Loan except for one factor. As you must have noticed the ‘Term’ factor in the name of this facility, which means that you can pay the interest amount at fixed intervals within a maximum tenure of 3 years. These intervals can be monthly, quarterly, semi-yearly, or yearly. The maximum loan amount can be INR 10 lakh for a single applicant. An applicant can pay the total principal amount at the end of tenure, but the interest has to be repaid at the chosen interval.
Jewel Loan SME
As you can see from the name, this Indian Overseas Gold Loan is designed to help those people who require funds so that they can fulfill their investment needs in MSME – Manufacturing, Service, and Retail Trade. With this loan facility, a borrower can opt for the maximum loan amount of INR 5 lakh which has to be paid back within 1 year through the Bullet Repayment method.
Jewel Loan for Others
This gold loan scheme by Indian Overseas Bank is a perfect choice for individuals who want to achieve their personal or business needs. The needs can vary from one individual to another individual. Such people can opt for a maximum loan amount of INR 25 lakh at affordable interest rates. To apply for this, you just need to submit your jewelry and the bank will assess the loan amount according to the overall gold value.
However, there is one thing that you need to keep in mind at the time of repaying the loan amount. If your loan amount is below INR 5 lakh, you have to make the Bullet Repayment within 1 year. And if the amount is above INR 5 lakh, you can opt for the monthly EMIs with a maximum tenure of 35 months. The EMI amount will include both your principal and interest amount.
Indian Overseas Bank (IOB) Swarnalakshmi
When you hear Jewelry, the first thing that comes into your mind is women as they are the ones who wear it the most in our country. Keeping jewelry in our homes has been an old tradition in our country. Through this gold loan scheme, women customers can opt for the loan amount upto INR 5 lakh against their jewelry to meet their domestic needs. Women customers must have a savings bank account with the Indian Overseas Bank. Coming to the repayment, women customers can repay the total loan amount within 12 months through Bullet Payment where both principal and interest amount has to be paid only after the end of tenure.
Also, women customers applying for this loan for the first time will get an Accidental Insurance of INR 2 lakh without paying any extra charges under the PMBSY (Pradhan Mantri Suraksha Bima Yojna).
How Much Loan Can You Get from Indian Overseas Bank by Pledging Gold?
This is the most popular question asked by the individuals who want to apply for the Indian Overseas Gold Loan. As we told before that the final gold loan amount will depend solely on the overall value of the gold you submit to the lender. Indian Overseas Bank evaluates your gold and decides the loan amount after that.
Eligibility Criteria for Indian Overseas Gold Loan
Apart from documentation, it is important to be eligible for this gold loan provided by the Indian Overseas Bank. You can look at the set of conditions that you need to meet to get the loan.
- The women applicant must be a minimum of 18 years old to get the IOB Swarnalakshmi scheme.
- The purity of gold must be between 20 to 22 carat
- The lender can seek a stable source of income
Documents Required for Indian Overseas Bank Gold Loan
To complete the application process, you will need a set of documents other than your gold ornaments. Without them, your application cannot be processed further. We have provided the set of documents that you must submit to the lender at the time of the application below. Have a look!
- Recent Passport-size Photographs
- Address Proof – Voter’s ID Card/Aadhar Card/ Electricity or Telephone Bill/ Ration Card
- ID Proof – Aadhar Card/ Passport/ Valid Driving Licence/ PAN Card
- Proof of Signature
How to Apply for Indian Overseas Bank Gold Loan?
After knowing about all the gold loan schemes of Indian Overseas Bank, you can thus choose the right scheme for you. It’s time to know about the application method by which you can get any of these loan schemes. The Indian Overseas Bank Gold Loan can be easily applied either through an online or offline method. We are giving you information about both of these methods below. You can opt for any of those according to your convenience.
To apply for this method, you will only need to find the nearest branch of Indian Overseas Bank. After finding it, you just need to visit the branch with all the documents and your gold. The representatives over there will tell you about all the schemes in detail so that you can choose the right one for you.
After choosing the right scheme, you will just need to fill the application form. After which the lender will assess your gold value, according to which your loan amount will be sanctioned.
If you don’t want to visit the branch and instead want to exercise the Online method, you just need to visit the official website of the Indian Overseas Bank. You will see the ‘Jewel Loans’ section over there. On reaching there, you will need to fill a form. You will have to fill a few basic details like your name, mobile number and email id. After submitting the form, the representatives will contact you regarding your gold loan.
How to Get in Touch with Indian Overseas Bank Customer Care?
In case you have any concerns or questions about any of the gold loan schemes, you can always get in touch with the representatives of Indian Overseas Bank by calling +91-44-28524212. Your query will be resolved in the shortest duration possible by the efficient people of the Indian Overseas Bank.