IOB Gold Loan Interest Rate in 2024
Indian Overseas Bank Gold Loan Interest Rates
Indian Overseas Bank’s Gold Loan is a reliable financial solution for those seeking quick funds by leveraging their gold assets. The competitive rates jewel loan interest rate in IOB along with flexible repayment options and various schemes, ensures affordability and convenience. Let’s take a closer look into the details, benefits, and application process to help you make informed decisions.
Indian Overseas Bank Gold Loan Details
Indian Overseas Bank gold loans provide an easy and secure financing solution by allowing you to pledge your gold.
- Loan amount: Up to Rs. 50 lakhs
- Purpose: For agricultural, personal, or business needs
- Tenure: 6 to 60 months
- Interest rates: 7.00% to 11.45% per annum as per chosen scheme
Features of Indian Overseas Bank Gold Loan Schemes
- Loan amount: Flexible borrowing limits range from Rs. 25,000 to Rs. 50,000.
- Low processing charge: IOB gold loan processing fee ranges between 0.15% to 0.30%, ensuring cost-effectiveness.
- Attractive interest rates: Some schemes have rates as low as 7% per annum.
- Quick disbursement: Get funds quickly with minimal process time.
- No prepayment charges: You can repay your loan early without any penalties.
- Flexible tenure: Choose repayment terms between 6 months and 60 months.
- No documentation fees: Save on additional costs as there are no documentation charges.
Indian Overseas Bank Gold Loan Schemes
Indian Overseas Bank provides a variety of gold loan schemes to meet diverse financial needs. Each scheme is designed to cater to specific customer needs while ensuring flexibility and ease:
- KCCJL (Agricultural jewel loan): Designed for short-term agricultural requirements with bullet repayment (single lump-sum repayment during maturity) within a year.
- AGTAJ (Agricultural term loan- jewellery): Offers loans up to Rs. 50 lakhs for agricultural investments, with repayment periods of up to three years.
- JL- Others (Jewel loan): For non-agricultural purposes, with a focus on flexibility and affordability.
- SME gold: Tailored for MSMEs, offering loans up to Rs. 50 lakhs with bullet repayment options.
- IOB Swarnalakshmi: Exclusively for women borrowers, offering loans up to Rs. 5 lakhs along with free accidental insurance.
- IOB Swarna Samridhi: Supports agricultural development with loans up to Rs. 10 lakh and no margin requirement.
- IOB gold-powered RuPay card: Provides an overdraft facility of up to Rs. 25 lakhs for day-to-day transactions.
Indian Overseas Bank Gold Loan Per Gram
The IOB gold loan per gram depends on the market value of the gold along with its purity. As per this bank, the price of gold per gram is Rs. 3740 to Rs. 5300.
Gold Loan Interest in IOB Bank
Indian Overseas Bank offers attractive interest rates on its goal loans, catering to diverse financial needs. The IOB gold loan interest rates as per different schemes are:
| Scheme name | Interest rates (per annum) | | ----- | :---: | | KCCJL (Agricultural jewel loan) | 7.00% - 11.45% | | AGTAJ (Agricultural term loan- jewellery) | 8.50% | | JL- Others (Jewel loan- others) | 8.85% | | SME gold | 8.85% - 8.95% | | IOB Swarnalakshmi (for women borrowers) | 9.20% | | IOB Swarna Samridhi | 8.80% | | IOB gold-powered card | 9.35% | | Jewel Loan Suvidha | 9.35% |
Indian Overseas Bank Eligibility for Gold Loan
Indian Overseas Bank offers straightforward eligibility criteria to make gold loans accessible:
- You must be at least 18 years old.
- You must own gold ornaments, jewellery, or coins that you would pledge for the loans.
- Loans are provided against pure gold coins minted by Indian Overseas Bank or other banks, with a maximum of 50 grams per borrower.
- The gold loans are available to both existing and new customers willing to open an account with the bank.
Documents Required for Indian Overseas Bank Gold Loan
To apply for a gold loan with Indian Overseas Bank, you must provide the following documents:
- Identity proof: Aadhaar card, PAN card, voter ID, passport, or driver’s licence.
- Address proof: Utility bills, Aadhaar card, passport, or voter ID showing current address.
- Photographs: Recent passport-sized photos.
- Proof of ownership: Documents proving ownership of pledged gold.
- PAN card: Mandatory if the loan amount exceeds Rs. 5 lakhs.
- Loan application form: A duly completed form provided by the bank.
Processing Charges of Indian Overseas Bank Gold Loan
- Processing fee: Nil for loans up to Rs. 3 lakhs. For higher amounts, a fee of 0.50% of the loan amount is applicable.
- Gold assaying charges: Rs 0.50 per Rs. 100 net value of gold (Minimum Rs.25 and Maximum Rs. 350).
- Prepayment/re-closure charges: No additional costs for early repayment.
Indian Overseas Bank Interest Rate Compared to Other Banks
The present RLLR (reference lending rate) of Indian Overseas Bank is 9.35%. Here’s a comparison of gold loan interest rates offered by other banks with Indian Overseas Bank jewel loan interest rate:
| State Bank of India | 9.05% per annum onwards | | :---- | :---- | | Bank of Barda | 9.15% per annum onwards | | Canara Bank | 9.25% per annum onwards | | Punjab National bank | 9.25% per annum onwards | | HDFC Bank | 9.30% per annum onwards | | Axis Bank | 9.35% per annum onwards | | ICICI Bank | 10.00% per annum onwards |
How to Apply for the Indian Overseas Bank Gold Loan?
Applying for the IOB online gold loan is simple. You can do so by following these steps:
- Visit the official Indian Overseas Bank website and navigate to the Jewel Loan section.
- Click on the “Apply Now” button.
- Enter your mobile number, customer ID, or account details.
- Provide details about the gold ornaments you wish to pledge.
- Specify the loan amount and tenure you prefer.
- Once your gold is appraised, the loan amount will be credited to your account.
Conclusion
Indian Overseas Bank’s gold loan combines affordability and flexibility. This makes it a preferred choice for various financial needs. Whether for personal, agricultural, or business purposes, its attractive interest rates and minimal charges offer significant support. Explore the schemes and benefits to find the perfect solution for your requirements.
