At Indian Overseas Bank, Gold Loan is provided at a 7% Interest Rate per annum. Indian Overseas Bank is notably one of the best gold loan providers as it understands the needs of its customers and borrowers to the core and disburses the loan amount in less than one hour.
Gold ornaments that can be used for availing loan Gold bars and coins basically anything which would have quality between 18-24 carat. Indian Overseas Bank Gold Loan is a loan that allows a person to borrow a loan against gold as the Indian Overseas Bank Gold Loan is secured.
Adding to that, the bank has also come up with a new policy of not taking fresh exposures in stressed sectors, which are below the bar rated accounts and below rated accounts. The bank now has also stepped out from accounts in the stressed sectors to refine the quality of the assets.
Indian Overseas Bank’s net interest margin and an interest earned minus interest expended have notably improved to 2.08 percent from 2.01 percent. Indian Overseas mentioned that it made a recovery of Rs 1,991 crore during June 2020 quarter as against recovery of Rs 2,238 crore.
Adding the Provision coverage ratio has furthermore improved to 87.97 percent from 72.24 percent and the IOB stock closed at Rs 11.43 on BSE up to 3.63 percent from the previous close. The Indian Overseas Bank first-quarter results document a net profit of Rs 121 crore also in the March quarter, the bank had a profit of Rs 144 crore, Indian Overseas Bank mentioned in a regulatory filing.
Through Indian Overseas Bank Gold Loan, it’s simplest to apply for as Indian Overseas Bank approves of a Gold Loan application within 5 minutes if the borrower meets the terms and conditions according to the bank. Keeping in mind all the other banks are required to recover from the defaulters of banks and revive the economy. Govt must act seriously on bad loans and help the banks under Govt of India.