Interest Rates & Loan Details
- Interest Rates: Starting from 7.00% per annum, varying by scheme.
- Loan Amount:
- Minimum: 25,000
- Maximum: Up to 50 lakh, depending on the scheme.
- Loan Tenure: Ranges from 6 months to 60 months, based on the chosen scheme.
- Processing Fee: Typically between 0.15% to 0.30% of the loan amount.
- Pre-closure Charges: No prepayment or foreclosure charges.
- Loan-to-Value (LTV) Ratio: Up to 75% of the gold’s market value.
Eligibility Criteria
- Age: Minimum 18 years.
- Ownership: Must own gold ornaments, jewellery, or coins (up to 50 grams).
- Customer Status: Both existing and new customers willing to open an account with IOB.
Documents Required
- Identity Proof: Aadhaar Card, PAN Card, Voter ID, Passport, or Driver’s License.
- Address Proof: Utility bill, Aadhaar Card, Passport, or Voter ID.
- Photographs: Recent passport-sized photos.
- Proof of Ownership: Documents proving ownership of the gold being pledged.
- PAN Card: Required if the loan amount exceeds 5 lakh.
Repayment Options
- Bullet Repayment: Principal and interest payable at the end of the loan term.
- EMI Option: Equated Monthly Installments over the loan tenure.
Key Considerations Before Applying
- Gold Quality: Loans are based on the purity and weight of the gold.
- Loan Terms: Review the loan agreement carefully before signing.
- Gold Security: Non-repayment may lead to forfeiture of the pledged gold.
Benefits of IOB Gold Loan
- Quick Loan Approval: Fast processing and disbursal, often on the same day.
- Attractive Interest Rates: Competitive rates starting from 7.00% per annum.
- High Loan Value: Loan up to 75% of the gold’s market value.
- Flexible Repayment: Options for bullet repayment or EMI.
- No Guarantor Required: The pledged gold itself serves as collateral.
Contact Indian Overseas Bank
Disclaimer: The above information is subject to change. For the latest updates, please refer to the official Indian Overseas Bank website or contact your nearest branch.
