IOB Gold Loan Details, Apply, Interest Rate 2024

IOB Gold Loan Details, Apply, Interest Rate 2024: In this article we will provide you information about Gold Loan of Indian Overseas Bank. so you should read this article till the end.

When we take a loan by pledging our gold ornaments, gold coins or ornaments, then it is a gold loan. Indian Overseas Bank is providing Gold Loan to the customers at attractive interest rates. In this article, we will know in detail what is IOB Gold Loan, what is the interest rate, eligibility, documents of this loan and how can we apply for this loan etc.,

IOB Gold loan 

Gold loan comes under the category of a Secured Loan. To take this loan, you have to pledge your gold as collateral or security. The bank checks the customer’s CIBIL score before giving the loan. You can take advantage of IOB Jewel loan to meet any of your personal or business expenses. You can apply for IOB Gold loan both online and offline.

If you are an existing customer of the bank and have a good credit history, then you can take advantage of the bank’s attractive gold loan interest rate. You can also meet your expenses by joining IOB personal loan, but the personal loan interest rate can be higher than the gold loan interest rate. The bank offers various types of gold loans as per the requirement of the customers.

Under Indian Overseas Bank Gold Loan, you can get a loan up to Rs.25 lakh. At present, the interest rate of IOB Gold Loan starts from 7.05% p.a. The bank does not charge any document fee from the customer.

Indian Overseas Bank Gold Loan Benefits and Features

• Any person can take advantage of this loan to fulfill any of his personal or business needs.
• IOB Gold Loan interest rate starts from 7.05% p.a.
• Under Indian Overseas Bank Gold loan, you can get a maximum loan of up to Rs 25 lakh.
• Low processing charge.
• Attractive competitive interest rate.
• No closing fee.
• No document fee.
• You can take advantage of this loan offline by visiting the bank’s official website online or by visiting your nearest bank branch.
• The maximum loan tenure is up to 3 years.

IOB Gold Loan Policy

According to the need of the customers, the bank offers a variety of gold loan schemes which are as follows:

• Agricultural Jewel Loan
• Agriculture Term Loan – Jewelery
• Jewel Loan SME
• Jewel Loan – Others
• IOB Swarnalakshmi

Agricultural Jewel Loan:

• This gold loan is provided to meet the short term production credit requirements of the farmers.
• Under this loan, you can get a maximum loan of up to Rs 10 lakh.
• You can get this loan for a loan tenure of 1 year.
• Loan repayment through bullet payment.

Read Also: Manappuram Gold Loan

Agriculture Term Loan – Jewelery:

• This loan is given to meet the investment credit needs of the farmers.
• Under this Indian Overseas Bank Gold loan, you can get a maximum loan of up to Rs 25 lakh.
• The loan tenure is up to a maximum of 3 years.
• You can repay your loan on monthly/quarterly/half yearly/annual basis.

Jewel Loan SME:

• This loan can be taken to meet the investment needs in MSMEs.
• You can take advantage of this loan under the manufacturing, service and retail business sectors.
• You can get a maximum loan amount of up to Rs 5 lakh.
• Bullet payment in one year.

Jewel Loan – Others:

• You can take advantage of this IOB Gold loan to meet your domestic / business needs.
• You can get a loan up to a maximum of Rs 25 lakh.
• The loan tenure is up to a maximum of 35 months.

IOB Swarnalakshmi:

• The benefit of this loan can be taken by women customers who have savings / current account with Indian Overseas Bank.
• You can get a maximum loan of up to Rs 5 lakh.
• The maximum loan tenure is 12 months.
• The woman who is taking advantage of this loan for the first time is given a free accident insurance cover of Rs 2 lakh under the PMSBY scheme.

IOB Gold loan interest rate 2023

Currently, IOB Gold Loan interest rate starts from 7.05% p.a. Before applying for a gold loan, you need to be aware of its interest rate. If you are an existing customer of the bank then you can get loan at low interest rate.

You should compare gold loan interest rates of different lenders. You can find the cheapest gold loan by comparing gold loan interest rate.

Indian Overseas Bank Gold loan eligibility

• The bank offers various types of gold loans whose eligibility can be different.
• Applicant’s age should be 18 years or above.
• You must have gold to pledge.
• Women customers can take advantage of IOB Swarnalakshmi Gold loan to fulfill their domestic needs.

Documents Need for IOB Gold loan

Before applying for a gold loan, you should keep all your documents together so that whenever the bank asks for documents from you, you can show them all the documents immediately. For more information about the document, you can contact your nearest bank branch.

To apply for a gold loan, you need to have the following documents:

• 2 passport size.
• Identity Proof: Aadhar Card, Passport, PAN Card, etc (only 1 is required)
• Residence Proof: Aadhar Card, Driving License, Ration Card etc., Rent Agreement or Water/Electricity Bill of last three months can be considered in case of rented house (only 1 is required).
• Agricultural land proof: Required only if the loan is taken for agricultural purpose.

Also read: IIFL Gold Loan

Indian Overseas Bank Gold Loan Apply

If you fulfill all the conditions of this loan, then you can apply for it both online and offline. To apply, follow the steps given below:

IOB Gold loan Apply online

• To apply online, you have to first go to the official website of the bank iob.in.
• After coming to the website, you have to click on the option of IOB Jewel loan in the option of Loans.
• After clicking, all the information related to gold loan will come in front of you on the next page.

• You have to read this information correctly.
• To apply, click on the option of Apply Now.
• A form will open in front of you on the next page.
• Enter some of the required information asked in it and click on submit.
• After you submit the form, the bank will contact you and the loan process will be issued further.

How to apply offline?

• To apply offline, you have to first go to your nearest Indian Overseas Bank branch.
• Go to the bank branch and contact the bank employee.
• The bank official will provide you complete information about the gold loan, then verify your documents.
• Your gold will be assessed.
• Then you will have to fill a form with which the document has to be attached and submitted there.
• In this way your application will be done.
• If your loan is approved then the loan amount will be transferred to your bank account.

IOB Gold Loan Calculator

Before applying for a gold loan, you should calculate your loan eligibility, EMI with the help of gold loan calculator so that you can get an idea of ​​how much you will have to pay at the time of loan repayment. You can calculate your loan eligibility etc. with the help of Gold Loan Calculator by visiting the official website of the bank.

You can find out the cheapest gold loan by comparing the gold loan EMIs from different lenders. Gold loan EMI depends on the loan amount, interest rate, loan tenure, processing fee, etc.

IOB Gold loan Per Gram 2023

Jewel Loan Advance Lending Rate Per Gram from 01.06.2023:

Type of Jewel Loan	Carats	Existing	Revised
Agri Jewel Loan	24 Carats Gold Coins Issued by Banks & 22 Carats Hall Mark Jewelery 22 Carats Ordinary Jewelery 20 & 21 Carats Ordinary Jewelery 18 Carats Ordinary Jewelery	3800 3750 3400 2850	3730 3680 3350 2800
Non-Agri Jewel Loan	24 Carats Gold Coins Issued by Banks & 22 Carats Hall mark Jewelery 22 Carats Ordinary Jewelery 20 & 21 Carats Ordinary Jewelery 18 Carats Ordinary Jewelery	3550 3500 3150 2850	3500 3450 3100 2800

Also read: KVB Gold loan

Indian Overseas Bank Gold loan Customer Care Number

If you are facing any problem in applying for this gold loan, then you can get information by calling IOB Gold Loan customer care number.

• Toll Free Number: 18008904445, 18004254445

My Last Word:

In this article, we have provided you complete information about IOB Gold loan. Any person who needs money for his needs can take advantage of this loan.

Hope friends, you have found this article informative. If you liked the information given in this article, then please share it as much as possible.

FAQs on IOB Gold Loan: