Indian Overseas Bank is one of the leading banks in India which provides gold loan services to its customers as per their needs. Our home’s gold is a valuable financial asset that comes in useful in times of need.
Gold offers can be used to generate money for important things like starting a business, covering bills, etc. The purity and weight of the gold determine the IOB Gold Loan Interest rate per gram, and the interest rate varies based on the type of loan.
Indian Overseas Bank Gold Loan Details | |
Indian Overseas Bank Gold Loan Details | IOB Gold Loan Rate starting From 7.05% Per Annum |
Processing fee | 0.5% of the Loan Amount |
Tenure Time | Up to 3 Years |
Loan Amount | Up to 25 Lakhs |
LTV (Loan –To- Value) | 75% Of the appraised Value of the Gold |
IOB Gold Loan Interest Rate Per Gram | Rate per Gram today is Rs 5874 (22 carat) |
Currently IOB Providing Five Types of Gold Loans:
- Agricultural Jewel Loan: Agricultural Jewel loan is for farmers who need short-term credit for crop cultivation or other agricultural activities. Maximum loan amount INR 10 lakhs per borrower, and there is a one-year mandatory repayment period.
- Agricultural Jewellery Term Loan: Farmers as well who require investment finance for land expansion or other related operations can apply for an Agricultural Jewellery Term Loan. Maximum loan INR 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 largest loan amount per borrower is INR. 5 lakhs, with a one-year amortization period that can be paid back in full at any time. The annual interest rate is 9%.
- 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, with maximum repayment duration of 35 months in equal monthly instalments. The interest rate is 10% per annum.
- IOB Swarnalakshmi: The IOB Swarnalakshmi loan is only available to female clients who require money for household expenses. maximum loan INR 5 lakhs per customer, with a one-year amortization period that can be paid back in full at any time. The annual interest rate is 9%. For first-time borrowers, this loan also offers a complimentary accidental insurance coverage of Rs. 2 lakhs under PMSBY.
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. IOB Gold Loan interest rate depends on the type of loan Contest
Factors Affecting IOB Gold Loan Interest Rate
- Loan Amount: The amount of gold you pledge as collateral directly affects the interest rate. Lower interest rates can result from larger loan amounts because the lender takes less of the risk.
- 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 doesn’t require a full credit check, the interest rate may still be slightly determined by your general creditworthiness.
- Loan Type: The rates of interest on the various kinds of gold loans that IOB offers (including normal, overdraft, and rapid repayment) could change depending on the loan’s particulars.
- Loan Repayment History: It may be possible to receive better interest rates on following loans if you have a history of repaying Indian Overseas Bank Gold Loans on time.
- Special Schemes: IOB may offer special schemes or promotional interest rates for specific periods, which can affect the interest rate you receive.
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IOB Gold Loan Rate Per Gram
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 IOB Gold Loans per Gram.
1 Gram 22 Carat Gold | Value INR 5874 |
1 Gram 20 Carat Gold | Value INR 5340 |
1 Gram 18 Carat Gold | Value INR 4806 |
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: The process of applying for an IOB Gold Loan is really easy. The simple procedure, which includes gold review, paperwork, and disbursement, guarantees that you will receive the money you require as soon as possible.
- Competitive Interest Rates: Take advantage of attractive interest rates that enable affordable and easy repayment. IOB Gold Loan Interest Rate strives to offer flexible terms based on your ability to repay the loan. You select the loan amount that best suits your needs, and you make easy equal monthly installments to repay the loan with interest.
- High Loan Amounts: The loan amount is determined by the value of the gold you commitment, giving you access to a sizeable amount of money while securing your priceless items. Depending on the purity of the gold, you can obtain a loan for up to 75% of its worth, as per RBI rules.
- 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. The Indian Overseas Bank website states that you have between 12 and 36 months to repayment the gold loan.
Eligibility Criteria for IOB Gold Loan
In order to receive the advantages of the IOB Gold Loan, you must meet a few basic qualifying requirements. 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 between 18 to 70 years.
- Only Indian Citizen can apply.
- Gold Purity will be Minimum 18 carat.
Required Documentation for a Gold Loan from an Indian Overseas Bank
- Aadhar Card.
- PAN Card.
- Ration Card.
- Electricity Bill latest three month only.
- 2 Passport-size Photographs.
How to apply for the IOB Gold Loan?
To avail of an IOB Gold Loan, you need to follow a few simple steps:
Offline
To use this method, you only need to find the IOB branch that is closed to you. After you discover it, all you have to do is take your gold and all the papers to the branch. To help you select the best plan for you, the experts will give you a detailed explanation of each one.
After choosing the proper scheme, all you need to do is fill out the application. Before authorizing the whole amount of your loan, the lender will next check the value of your gold.
Online
If you choose to use the online option prior to visiting the branch, all you have to do is visit the official IOB website. There is a section titled “jewel Loans.” When you arrive, you will need to fill out a form. Certain details, such as your name, contact information, and email address, must be entered.
You will receive an email from the staff on your gold loan as soon as the form is submitted.
Related Post : Canara Bank Gold Loan Interest Rate
FAQs Related to IOB Gold Loan Interest Rate
What is the IOB Gold Loan Rate per gram today?
Ans. The borrower’s chosen plan and the gold’s purity determine the IOB gold loan rate per gram. A range of interest rates and loan-to-value (LTV) ratios are available for gold loan plans from Indian Overseas Bank. The 75% portion of the gold’s total value that can be lent as a loan amount is known as the LTV ratio rate. With an IOB Gold Loan, you can get up to Rs 5,874per gram (22 carat)..
What is the IOB gold loan interest rate?
Ans. The IOB loan plan determines the interest rate for gold loans. The bank provides a range of credit programs with interest rates ranging from 7% to 10%. The customer’s credit history at the time of loan application, however, may also have an impact on the interest rate.
How much loan can I get for 1 gram gold?
Ans. Unfortunately, it’s impossible to determine the exact loan amount for 1 gram of gold.But according to current gold price and gold purity we calculate expected amount like 22 carat INR 5874, 20 carat INR 5340, 18 carat INR 4806.
What is the IOB Gold Loan interest rate for 1 lakh ?
Ans. An exact response to the question of what the IOB Gold Loan interest rate on a one lakh gold loan is unachievable. This is so because a number of factors affect the rate, such as:
Lender’s Reputation of the Borrower
Loan duration
Ratio of loans to values (LTV)
But generally speaking, interest rates on gold loans can range from 8% to 24% annually, with some rates for loans of up to one lakh falling in the lower to middle range.
To get the greatest bargain, it’s imperative to check rates offered by different lenders. Numerous lenders provide online gold loan calculators that let you calculate the interest rate according to your unique situation.
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