Indian Overseas Bank Gold Loan Gold Loan Key Features
| Indian Overseas Bank Gold Loan Amount | Up to Rs. 1 Crore (With Income Proof) |
| Indian Overseas Bank Gold Loan Interest Rate | 7.0% per annum |
| Indian Overseas Bank Gold Loan Per Gram | Rate Per Gram Today is ₹ 5,268 |
| Indian Overseas Bank Gold Loan Processing Fee | 1.50% of the Principal Loan Amount |
| Indian Overseas Bank Gold Loan Prepayment Charges | 2%+GST (Within 3 Months), 0 (After 3 months) |
| Indian Overseas Bank Gold Loan Repayment Tenure | 3 Months to 24 Months |
| Indian Overseas Bank Gold Loan Repayment Scheme | Bullet Payment Scheme, Overdraft Scheme |
Indian Overseas Bank (IOB) Comparison With Other Banks
| Particulars | Indian Overseas Bank | SBI | HDFC Bank |
| Interest Rate | 7.00% | 7.50% – 7.50% | 9.90% – 17.55% |
| Processing Fees | Up to 0.85% of the loan amount | 0.50% of the loan amount | 1.50% of the loan amount |
| Loan Tenure | 35 months | 3 months to 36 months | 3 months to 24 months |
| Loan Amount | Up to Rs. 1 Crore | ₹ 20,000 to ₹ 20 Lakh | ₹ 25,000 to ₹ 50 Lakh |
| Foreclosure Charges | Up to 1% of the outstanding amount | Nil | Nil after 3 months |
| Repayment Options | Y | Y | Y |
| Lowest EMI Per Lakh | ₹ 5,121 per lakh | ₹ 3,111 per lakh | ₹ 4,610 per lakh |
Tips To Get Gold Loan From Indian Overseas Bank (IOB)
- Indian Overseas Bank invites both hallmarked and non-hallmarked gems for a gold loan. Nonetheless, you can get a high gold loan for every gram with a piece of momentous adornments, as it lessens the odds of a below by the normal. Additionally, Indian Overseas Bank charges a lower expense for handling gold gems.
- Indian Overseas Bank fixes the cost of 22-carat gold for unadulterated gold. In this way, consistently pursue top-notch adornments as it will present to you the most elevated worth by Indian Overseas Bank gold loans.
- Additionally, for quicker preparation, you can apply for an online Indian Overseas Bank gold loan application.
Advantages of Indian Overseas Bank Gold Loan
- Quick Process: You can take a Gold Loan from Indian Overseas Bank simply and rapidly without any complications. The loan gets accepted in an hour.
- Fewer Documents: The documentation process is straight here; fewer documents are required for the gold loan in Indian Overseas Bank.
- Transparent System: The Indian Overseas Bank offers full transparency to their client; and that is, there are no hidden charges.
- Amount of Loan: The smallest amount of loan that Indian Overseas Bank can provide to their client is Rs. 15,000. Also, it can be less than Rs 10,000 in rural parts.
- Safety of Jewelry: One important thing to note is that the bank takes the whole concern for the security of your gold. Henceforth, they kept the gold in fire-resistant protection.
- Loan Tenure: The time period of the Gold loan in Indian Overseas Bank can be from 3 months to 2 years. After this, you can hand-pick your comforts accordingly.
- Benefits for Farmers: Indian Overseas bank provides some special offers for farming purposes. Indian Overseas Bank offers a minor Gold Loan interest rate for farming purpose.
- No Debt Problem: There can be conditions like in which if a candidate is not able to repay the amount of loan, in that case, the candidate will not be under any debts as the bank will only seize the candidate’s ornaments.
- No Income boundaries: There are no boundaries on the salary or income of the applicant; hence, anyone with any salary range can apply for a gold loan in Indian Overseas Bank.
How Much Gold Loan can I Get through Indian Overseas Bank Gold Loan?
Indian Overseas Bank Gold Loan Per Gram – Updated September 2020
Updated - Gold Loan Per Gram Rate |
||||
Gold Weight |
Gold Purity |
Gold Purity |
Gold Purity |
Gold Purity |
24 Carat |
22 Carat |
20 Carat |
18 Carat |
|
1 gram |
4680 | 4290 | 3900 | 3510 |
10 gram |
46800 | 42900 | 39000 | 35100 |
20 gram |
93600 | 85800 | 78000 | 70200 |
30 gram |
140400 | 128700 | 117000 | 105300 |
40 gram |
187200 | 171600 | 156000 | 140400 |
50 gram |
234000 | 214500 | 195000 | 175500 |
100 gram |
468000 | 429000 | 390000 | 351000 |
200 gram |
936000 | 858000 | 780000 | 702000 |
300 gram |
1404000 | 1287000 | 1170000 | 1053000 |
400 gram |
1872000 | 1716000 | 1560000 | 1404000 |
500 gram |
2340000 | 2145000 | 1950000 | 1755000 |
Indian Overseas Bank Gold Loan Eligibility
Age |
18-70 years of age |
Nationality |
Indian |
Employment Status |
Salaried, Self-Employed |
Gold Quality |
Minimum 18 Carats |
Indian Overseas Bank Gold Loan Documents Required
Photographs |
2 Passport Size |
Identity Proof |
Aadhar Card, Passport, PAN Card, etc. (Only 1 is required) |
Residence Proof |
Aadhar Card, Driving License, Ration Card, etc. In the case of Rented House then the rent agreement or water/electricity bills for the last three months can be considered. (Only 1 is required) |
Indian Overseas Bank Gold Loan Interest Rate, Fees and Charges
Gold Loan Interest Rate |
7.00% per annum |
Processing Fee |
1.50% of the Principal Loan Amount |
Prepayment/Foreclosure Charges |
2%+GST (Within 3 Months), 0 (After 3 months) |
Valuation Fee |
Rs 250 for a loan up to Rs 1.5 lacs and Rs 500 for a loan over and above Rs 1.5 lacs |
Late Repayment Charges |
2% p.a. + Applicable rate of interest. |
Renewal Processing Fees |
Rs 350 + GST |
About Indian Overseas Bank Gold Loan
Life is full of uncertainties and difficulties. Therefore, you may need money to handle the financial difficulties in your life. In that case, you can get a Gold Loan from Indian Overseas Bank to fight with the economic crisis. A gold loan is a safe loan. Thus, people with low CIBIL score can also simply apply for this service. Indian Overseas Bank Gold Loan is one of the best gold loans in India.
Though there is a lot of financial banking and non-banking firms that may provide you with the gold loan, Indian Overseas Bank Gold Loan is considered the greatest. Indian Overseas Bank was set up in 1937. It is one of the most reputed and consistent banks in India. Also, it is known for its brilliant economic amenities. Here the transactions are very safe.
- Indian Overseas Bank Gold Loan Interest Rate is 7.0% per annum
- Indian Overseas Bank Gold Loan Per Gram is ₹ 5,268
- Indian Overseas Gold Loan Tenure: Up to 24 months
- Indian Overseas Bank Gold Loan Processing Fee is Up to 1.50% of the principal Loan Amount + GST
Types of Indian Overseas Bank Gold Loan
Indian Overseas Bank delivers some plans allied to the Gold Loan item which are listed below:
- Loan Against Gold – Indian Overseas Bank gives Gold Loan at interesting steps important to satisfy anybody’s critical need of assets for any reason whether individual or expert. The gold credit is an entirely made sure about type of loans, and then, the bank has no risk in lending the sum to the candidate, so it is given at a slower step of premium when connected with different types of Loan items.
- Loan Against Gold for Farming – Indian Overseas Bank gives Gold Loans clearly to farming industry purposes to farmers at a rare step of enthusiasm when compared with gold loans given for different employments. They are given special proposals, and while taking the loan, you have to give the bank your Land evidence.
Indian Overseas Bank Gold Loan EMI Calculator
Rate of Interest |
6 months |
1 Yr |
2 Yrs |
3 Yrs |
| 7.00% | 17008 | 8652 | 4477 | 3088 |
| 8.00% | 17058 | 8699 | 4523 | 3134 |
| 8.50% | 17082 | 8722 | 4546 | 3157 |
| 9.00% | 17107 | 8745 | 4568 | 3180 |
| 9.50% | 17131 | 8678 | 4591 | 3203 |
| 10.00% | 17156 | 8791 | 4614 | 3227 |
| 10.50% | 17181 | 8815 | 4637 | 3250 |
| 11.00% | 17205 | 8838 | 4661 | 3274 |
| 11.50% | 17230 | 8861 | 4684 | 3298 |
| 12.00% | 17254 | 8885 | 4707 | 3321 |
| 12.50% | 17279 | 8908 | 4731 | 3345 |
| 13.00% | 17304 | 8932 | 4754 | 3369 |
| 13.50% | 17329 | 8955 | 4778 | 3393 |
| 14.00% | 17354 | 8979 | 4801 | 3418 |
| 14.50% | 17378 | 9002 | 4825 | 3442 |
| 15.00% | 17403 | 9026 | 4845 | 3466 |
How to Pay Your Indian Overseas Bank Gold Loan EMI?
- Standing Instruction (SI): If you are a present account holder with Indian Overseas Bank, Standing Instruction is the extreme reliable process to pay. Your EMI amount will be credited naturally towards the month’s end to month time frame from the Indian Overseas Bank account you show.
- Electronic Clearing Service (ECS): The program can be applied in the incident that you have a non-Indian Overseas Bank account and may need your EMIs to be charged thus close to the extreme limit of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can present post-dated EMI inquiries from a non-Indian Overseas Bank account at your nearest Indian Overseas Bank Loan Center. Another method of PDCs should be presented in the right away. It will be great in the incident that you note Post Dated Checks will be collected non-ECS states figuratively speaking.
Indian Overseas Bank Gold Loan Contact Number
Call 9878981144 and get instant help and approval for your Indian Overseas Bank Gold Loan. You can know the best offers on Gold Loan available from all the Indian Overseas Bank Branches in all over the country to avail the best deal appropriate according to your necessities.
Gold Ornaments Accepted by Indian Overseas Bank
- Gold Jewelry such as Gold Bangles, Gold rings, Gold anklets, Gold necklaces, etc. all of these is accepted by Indian Overseas Bank for availing a Gold Loan.
- Quality: The quality of Gold must be between 18 Carat to 22 Carat. Any Gold ornament, which is 24 Carat, cannot be used for a gold loan.
Use of Indian Overseas Bank Gold Loan
The funds settled by availing the Indian Overseas Bank Gold Loan facility can be used for various purposes like:
- To fund any specific investments such as a wedding, hiking, instalment of higher education expenses, etc.
- For all your marketing requirements, such as buying new supply, developing marketing, etc., loan service is accessible.
- You can also apply for Gold Loan for agricultural concepts. The bank gives lower charges of interest for Gold Loans that are used for agricultural or linked projects.
Gold Loan Interest Rate of Major Banks
|
Bank |
Interest Rates |
|
7.00% – 14.50% |
|
| 7.00% – 16.10% | |
| Muthoot Finance Gold Loan |
7.00% – 24.00% |
| 7.00% – 17.00% | |
| Manappuram Gold Loan |
7.00% – 26.00% |
| 7.00% – 15.99% | |
| Bank of India Gold Loan |
7.00% – 26.00% |
| 7.00% – 13.50% | |
| IIFL Gold Loan |
7.00% – 12.00% |
| 7.00% – 14.65% | |
|
7.00% – 12.65% |
|
| Allahabad Bank Gold Loan |
7.00% – 10.45% |
| 7.00% – 15.75% | |
| PNB Gold Loan |
7.00% – 11.75% |
| 7.00% – 26% | |
| SBI Gold Loan |
7.00% – 15.99% |
| 7.00% – 15.99% | |
| UCO Bank Gold Loan |
7.00% – 26.00% |
| 7.00% – 13.50% | |
| Syndicate Bank Gold Loan |
7.00% – 12.00% |
FAQs About Indian Overseas Bank Gold Loan
✅ What is Indian Overseas Bank Gold Loan?
Indian Overseas Bank Gold Loan is a loan scheme that you can apply for urgent financial help by keeping your gold as security with the bank. It also comes with good interest rates on Term Loan, Overdraft, and EMI based loan. Usual Gold Loan disbursement time at Indian Overseas Bank is just 45 minutes.
✅ How can I get the Gold Loan from Indian Overseas Bank?
You can effortlessly get the Indian Overseas Bank Gold Loan by visiting any of the gold loan offering branch of Indian or you can apply online with BookmyLoans by just sitting at your home and get the best deals and offers. Indian Overseas Bank is one of the leading banks in India that provides Gold Loan features.
✅ What is Gold Loan Interest Rate in Indian Overseas Bank?
The Gold Loan interest rate in Indian is 7.0% per annum. The rate of interest is subject to a number of factors, namely: loan amount, loan time-period, purity of gold, and relationship with Indian Overseas bank.
✅ How much Gold Loan can I get per gram in Indian Overseas Bank?
The per gram Gold Loan in Indian Overseas Bank that you can get depends on the purity of your gold. Indian Overseas Bank agrees to take the gold of purity between 18 carats to 22 carats to offer a Gold Loan. You can avail up to ₹ 5,268 Per Gram in Indian Overseas Bank Gold Loan.
✅ How to check Gold Loan status in Indian Overseas Bank?
In order to check your Indian Overseas Bank Gold Loan status all, you need to do is, visit the Indian Overseas Bank Loan Status Tracker web page and fill your details in the form given there and you can track the status smoothly of your loan from home and stay updated.
✅ How to calculate Gold Loan Interest in Indian Overseas Bank?
You can analyze the interest on your Indian Overseas Bank Gold Loan using BookmyLoans EMI Calculator, which gives you accurate amounts based on the data you enter into the calculator.
✅ How to Pay Indian Overseas Bank Gold Loan Interest Online?
You can pay Indian Overseas Bank Gold Loan interest online thru net banking on the authorized Indian Overseas Bank loan refund web page or else, you can also refund your Indian Overseas Bank Gold Loan on Paytm using your preferred payment procedure.
✅ What if I can’t pay the interest on Indian Overseas Bank Gold Loan for 3 months?
If you do not pay your Indian Overseas Bank Gold Loan for 3 months, firstly the bank will remind you of your incomplete payments. And after that, If the payment requests go unnoticed, an official legal notice is sent demanding the reimbursement and to finish the loan. Non-payment on your Gold Loan will lead to a reduction of your credit score and also makes you liable to face legal actions by the bank, including seizure and sale of your gold.
✅ How can I apply for EMI Moratorium on Indian Overseas Bank Gold Loan?
You can apply for an EMI Moratorium on Indian Overseas Bank Gold Loan now between 1st March and 31st August 2020 and has to be done by contacting the Bank’s customer care or by visiting the nearest Indian Overseas Bank branch.