IOB Gold Loan Review
|IOB Gold Loan Amount||Up to 25 Lakhs|
|IOB Gold Loan Interest Rate||Indian Overseas Bank Gold Loan Interest Rate is 7.05% per annum|
|Tenure||12 to 36 months|
|LTV Ratio||75% Maximum, capped by the Reserve Bank of India (RBI).|
|Indian Overseas Bank Gold Loan Rate per gram||The Rate Per Gram Today is Rs 4260 (22 Carat)|
|IOB Gold Loan Customer Care Number||1800-425-4445|
Indian Overseas Bank is one of the leading banks in India which provides gold loan services to its customers as per their needs. The gold in our house is a financial asset that is very useful when needed.
Funds can be raised by pledging gold for essential purposes like raising funds for your business, meeting financial needs, etc. The IOB Gold Loan rate per gram depends on the purity and weight of the gold, and the IOB Gold Loan interest rate varies according to the type of loan.
There are mainly five types of IOB Gold Loans:
Agricultural Jewel Loan: Agricultural Jewel loan is for farmers who need short-term credit for crop cultivation or other agricultural activities. The maximum loan amount per borrower is Rs. 10 lakhs, and the repayment period is one year as a bullet payment. The interest rate is 7% per annum.
Agricultural Jewelry Term Loan: Agricultural Jewelry Term Loan is also for farmers who need investment credit for land development or other allied activities. The maximum loan amount per borrower is Rs. 25 lakhs, and the repayment period is up to three years in monthly, quarterly, half-yearly, or yearly installments. The interest rate is 8% per annum.
Jewel Loan SME: Jewel loan is for micro, small, and medium enterprises (MSMEs) in the manufacturing, services, and retail trade sectors. The maximum loan amount per borrower is Rs. 5 lakhs, and the repayment period is one year as a bullet payment. The interest rate is 9% per annum.
Jewel Loan for Others: This loan is for individuals who need funds for personal or business needs. The maximum loan amount per borrower is Rs. 25 lakhs, and the repayment period is up to 35 months in monthly EMIs. The interest rate is 10% per annum.
IOB Swarnalakshmi: The IOB Swarnalakshmi loan is exclusively for women customers who need funds for domestic needs. The maximum loan amount per borrower is Rs. 5 lakhs, and the repayment period is one year as a bullet payment. The interest rate is 9% per annum. This loan also provides a free accidental insurance cover of Rs. 2 lakhs under PMSBY to first-time borrowers.
Indian Overseas Bank Gold Loan Interest Rate
Indian Overseas Bank is providing gold loan services to its customers through several schemes. Based on the customer’s profile, the bank offers a gold loan scheme to the customer, and the loan amount is offered based on the purity and weight of the gold. Indian Overseas Bank Gold Loan interest rate depends on the type of loan scheme, which ranges between 7% to 10%.
Factors Affecting Gold Loan Interest Rate
Loan Amount: The amount of gold you pledge as collateral directly affects the interest rate. A higher loan amount can lead to lower interest rates, as the risk for the lender is reduced.
Loan Tenure: The duration for which you take the loan can impact the interest rate. Shorter tenures might result in slightly lower rates, while longer could lead to higher rates.
Market Conditions: Gold market fluctuations and interest rates prevailing in the economy directly affect Indian Overseas Bank Gold Loan interest rates, which may vary over time.
Loan-to-Value (LTV) Ratio: The loan-to-Value ratio, which represents the proportion of the loan amount to the value of the gold, can affect the interest rate. Lower LTV ratios could result in more favorable rates.
Borrower’s Credit Profile: While an IOB Gold Loan does not require extensive credit checks, your overall creditworthiness might still play a minor role in determining the interest rate.
Loan Type: Different types of gold loans offered by IOB (such as regular, overdraft, or bullet repayment) may come with varying interest rates based on the specific features of the loan.
Loan Repayment History: If you have a history of timely repayment of previous Indian Overseas Bank Gold Loans, it can potentially lead to more favorable interest rates for future loans.
Special Schemes: IOB may offer special schemes or promotional interest rates for specific periods, which can affect the interest rate you receive.
IOB Gold Loan Rate Per Gram
Indian Overseas Bank (IOB) offers various gold loan schemes to meet the needs of different customers. A gold loan is a loan that is secured by pledging gold ornaments as collateral. IOB is best known for its gold loan services, which involve providing loans to customers in exchange for gold jewelry or ornaments that are held as collateral. The Bank accepts and appraises gold articles of varying purity and weight and provides loans based on their value.
|Weight||Loan on 22 Carat Gold||Loan on 20 Carat Gold||Loan on 18 Carat Gold|
IOB Gold Loan Rate Per Gram – HDFC, SBI, Muthoot Finance, ICICI Bank, Manappuram, IIFL & Rupeek Gold Loan
There are many banks and NBFCs in India that give loans against gold. All banks and NBFCs charge interest rates according to their customers. Here we have given information about some banks and NBFCs that provide you with gold loans per gram.
|Bank/NBFC||Gold Loan Per Gram Rate||Interest Rate (per annum)||Min-Max Loan Amount|
|HDFC Gold Loan||Rs 3484 to Rs 4260||9.90%||Rs 10000 to 5 Crore|
|SBI Gold Loan||Rs 3484 to Rs 4260||9.75%||Rs 20000 to 50 lakhs|
|Muthoot Finance Gold Loan||Rs 3484 to Rs 4260||12.00%||Rs 1500 to 5 Crore|
|ICIC Gold Loan||Rs 3484 to Rs 4260||10.00%||Rs 50000 to 1 Crore|
|Manappuram Gold Loan||Rs 3484 to Rs 4260||12.25%||Rs 3000 to 1 Crore|
|IIFL Gold Loan||Rs 3484 to Rs 4260||12.00%||Rs 3000 to 50 Lakhs|
|Rupeek Gold Loan||Rs 3484 to Rs 4260||8.88%||Higher value for your Gold|
Features of IOB Gold Loan
All the banks and NBFSCs that provide you with gold loan facilities have features and benefits due to which customers are attracted to them, likewise, Indian Overseas Bank offers you a host of features that makes gold loan even more cost-effective for you. These are as follows:
Quick and Hassle-Free Process: Applying for an IOB Gold Loan is remarkably convenient. The straightforward process involves gold assessment, documentation, and disbursal, ensuring you get the funds you need in minimal time.
Competitive Interest Rates: Enjoy attractive interest rates that make repayment manageable and financially viable. Indian Overseas Bank aims to provide flexible terms to suit your repayment capabilities. You choose the loan amount according to your convenience and repay your loan with interest through easy EMIs.
High Loan Amounts: The loan amount depends on the value of the gold you pledge, ensuring you have access to a substantial sum while keeping your valuable possessions safe. As per RBI guidelines, you can get a gold loan from 75% of the value of gold according to the purity of the gold.
Flexible repayment options: Repayment of your Indian Overseas Bank Gold Loan is flexible, allowing you to choose from various repayment plans with EMI-based or bullet repayment. According to the information available on the website of the Indian Overseas Bank, you get 12 to 36 months to repay the gold loan.
Eligibility Criteria for IOB Gold Loan Rate Per Gram
To access the benefits of the IOB Gold Loan, you fulfill some simple eligibility criteria. These norms ensure the loan process is streamlined and you and the lender are protected. Here are the eligibility requirements:
- The age of the applicant must be 21 years or above.
- The applicant must be a citizen of India.
- A salaried and self-employed person can easily apply for a gold loan.
Documentation Required for Indian Overseas Bank Gold Loan
- Identity Proof: Driving License, PAN Card, Form 60/61, Passport Copy, Voter ID Card, Aadhar Card, Ration Card.
- Address Proof: Driving License, Voter ID Card, Ration Card, Aadhaar Card, Passport Copy, Registered Lease Agreement along with a utility bill not more than 3 months old in the name of the landlord (any), in case of agriculture loan above Proof of land holding ‘1 lakh’.
- Ownership of Gold: You need to be the rightful owner of the gold you intend to pledge as collateral. This requirement prevents any disputes over ownership during the loan tenure.
- Purity and Weight: The gold you’re pledging should meet certain purity and weight standards. IOB will appraise your gold to determine its value, and this evaluation is based on factors like purity, weight, and current market rates.
- Passport-sized Photographs: Recent passport-size photographs that comply with the specifications provided by IOB.
How to apply for the IOB Gold Loan?
To avail of an IOB Gold Loan, you need to follow a few simple steps:
- Locate an Indian Overseas Bank branch near you.
- Take the gold articles you wish to pledge as collateral for the loan to the chosen branch.
- You will provide certain documents for the loan application, Like an Aadhaar Card, Passport, Voter ID Card, or any photo identity card issued by the Government, and passport-size photographs.
- Gold purchasing bill or any other valid ownership proof for the gold you are pledging.
- You will fill out a loan application form. Indian Overseas Bank staff will assist you in the process if required. Provide accurate information in your application form.
- The gold you bring will be appraised by experts at IOB to determine its value. The loan amount you are eligible for will be based on this assessment.
- The loan amount you will get will generally be a percentage of the value of the gold. IOB will inform you about the loan amount, rate of interest, and other terms and conditions attached to the loan.
- If you agree to the terms and conditions presented, you will need to sign the loan agreement.
- Once you complete the necessary formalities, the loan amount will be disbursed to you. This will be done via cash, check, or electronic transfer to your bank account.
FAQs Related to IOB Gold Loan
What is the IOB Gold Loan Rate per gram today?
The IOB gold loan rate per gram depends on the purity of the gold and the scheme chosen by the borrower. Indian Overseas Bank offers gold loan schemes at various interest rates and loan-to-value (LTV) ratios. LTV ratio rate is the 75% percentage of the total value of gold that can be given as a loan amount. You can avail up to Rs 4,260 per gram (22 carat) in IOB Gold Loan.
What is the IOB gold loan interest rate?
The interest rate on gold loans depends on the IOB loan scheme. The bank offers a variety of loan schemes on which the interest rate ranges between 7% to 10%. However, the Customer’s credit profile while taking the loan can also affect the interest rate.
What is the maximum gold loan I can get from IOB?
Indian Overseas Bank offers loans up to Rs 25 lakh to its customers under various gold loan schemes at a minimum interest rate of 7.05%.