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Indian Overseas Bank Gold Loan Highlights |
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| Interest Rate | 8.85% – 10.20% p.a. |
| Repayment Tenure |
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| Loan Amount | Up to Rs 50 lakh |
| LTV Ratio | Up to 75% of the value of gold pledged as collateral |
| Processing Fees |
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| Documentation Charges | Nil |
| Closure Charges | Nil |
| Penal Interest Charges | 2% |
Note: Last Updated on 17th Dec 2024.
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Indian Overseas Bank Gold Loan Interest Rates
Indian Overseas Bank offers gold loans at interest rates ranging between 8.85% p.a. to 10.20% p.a. The gold loan interest rates offered for different loan schemes are as follows:
| Product | Rates (% p.a.) |
| Jewel Loan – Others | 9.85 |
| SME Gold | 9.85 |
| JLSWL (Women Borrowers) | 9.25 |
| Agriculture Jewel Loan | 9.90 |
| Agriculture Term Loan | 10.20 |
| IOB Swarna Samridhi | 8.85 |
Interest Rates updated as on 17th Dec 2024.
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Indian Overseas Bank Gold Loan Fees & Charges
Indian Overseas Bank Gold Loan Processing Fees
| Particulars | Charges |
| Processing Fees |
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Other Charges
| Particulars | Charges |
| Documentation Charges | Nil |
| Closure Charges | Nil |
| Penal Interest Charges | 2% |
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Types of Gold Loans from Indian Overseas Bank
Indian Overseas Bank SME Gold Loan
Purpose
Indian Overseas Bank SME Gold Loan enables individuals/proprietors/partners of SME units, professionals and self-employed, artisans, etc. engaged in manufacturing, services or retail trade to raise finances for diverse business requirements like raising working capital, starting income generating activities, etc.
Loan Amount
The loan amount for IOB MSME Gold Loan is up to Rs 50 Lakh
Tenure
The tenure for Indian Overseas Bank MSME Gold Loan is up to 1 year.
Repayment
IOB MSME Gold Loan offers bullet repayment facility, where the principal is due for repayment at end of the loan term while the interest amount needs to be serviced as and when it gets debited.
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Indian Overseas Bank Jewel Loan – Others
Purpose
‘Indian Overseas Bank Jewel Loan – Others’ allows individuals to procure funds to meet their meet domestic or business needs.
Loan Amount
The loan amount for ‘IOB Jewel Loan – Others’ is up to Rs 50 Lakh
Tenure
The tenure for ‘Indian Overseas Bank Jewel Loan – Others’ is up to 1 year (for loans up to Rs 15 Lakh) and up to 35 months (for loans above Rs 15 Lakh).
Repayment
‘IOB Jewel Loan – Others’ offer bullet repayment facility, where the principal is due for repayment at end of the loan term while the interest amount needs to be serviced as and when it gets debited.
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Indian Overseas Bank Swarnalakshami (Women Borrowers)
Purpose
Indian Overseas Bank Swarnalakshami Loan allows women borrowers, who have savings account with the lender, to procure funds to meet their personal requirements.
Loan Amount
The loan amount for IOB Swarnalakshami (Women Borrowers) is up to Rs 5 Lakh
Tenure
The tenure for Indian Overseas Bank Swarnalakshami Loan is up to 1 year.
Repayment
IOB Swarnalakshami (Women Borrowers) offers bullet repayment facility, where both the principal and interest amount is due for repayment at end of the loan term.
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Indian Overseas Bank Jewel Loan Suvidha
Purpose
Indian Overseas Bank Jewel Loan Suvidha allows individuals procure funds for registration charges on house property or margin money for housing loan, with reimbursement within 1 year from the date of expenses incurred by the loan borrower.
Loan Amount
The loan amount for IOB Jewel Loan Suvidha ranges between Rs. 25,000 and Rs. 50 Lakh.
Tenure
The tenure for Indian Overseas Bank Jewel Loan Suvidha is 1 year for bullet repayment and 5 years under the EMI option.
Repayment
IOB Jewel Loan Suvidha offers bullet repayment facility, where both the principal and interest amount is due for repayment at end of the loan term.
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Other Features of Indian Overseas Bank Gold Loan
Loan Amount
Indian Overseas Bank offers jewel loans for loan amounts of up to Rs 50 Lakh. The final amount offered to Indian Overseas Bank Gold Loan applicants depends on the weight of gold offered as collateral, purity, market price of gold and LTV ratio set for the gold loan applicant.
Tenure
The loan tenure offered by Indian Overseas Bank goes up to 5 years.
Repayment
Indian Overseas Bank offers loan repayment facility both through bullet repayment facility and through EMIs.
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Eligibility Criteria for availing Indian Overseas Bank Gold Loan
The eligibility criteria for availing Indian Overseas Bank Gold Loans are as follows:
- Minimum Age: 18 years
- Any individual owning gold ornaments, jewellery or coins is eligible for availing this loan
- The lender can grant loans against gold ornaments, jewellery or pure gold coins sold by banks. The coin weight should not exceed 50 grams per customer
- Both existing and new customers are eligible under this loan scheme
- For IOB Jewel Loan Suvidha: Individuals having home loan account with IOB or any other bank/financial institution (as single/joint applicant) and pensioners
Indian Overseas Bank Gold Loan Documents Required
Indian Overseas Bank has not specified the documents required for availing gold loans. However, gold loan lenders usually ask their applicants to submit the following documents:
- Identity Proof
- Residential Proof
- Signed application form
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