Indian Overseas Bank gold loan Per Gram Today is ₹ 3,800 to ₹ 4,350
| Gold Loan Per Gram Today | Gold Loan Rate Per Gram Today is ₹ 4,676 |
| Eligible Age | 18 to 75 years |
| Loan Amount Eligibility | Rs. 1,000 to Rs. 2 Cr |
| Documents Required | Essential KYC documents for address and identity proof. No income documents and no CIBIL score documents are required. |
| Purity of Gold | 18 carat to 22 carat |
| Type of Gold | Gold jewellery and gold coins of 18-24 carats |
| Margin in Gold Loan for the Bank | 25% of the gold ornament’s market value |
About Indian Overseas Gold Loan Per Gram Rate
Gold happens to be one of the most celebrated metals, especially in India. Almost every household has gold jewels. These were initially bought as a tradition in our country, but now, they are being accepted as security today so that one can exchange or vow them in times of need. This is why the Gold Loan facility has become one of the key services in comparison with any of the extra services which are being provided to us. If you are having some financial issues, you can overcome all of these problems by vowing your gold ornaments to apply for a gold loan and get quick cash for it. To apply for an Indian Overseas Bank Gold Loan Per Gram, you have to deposit your jewellery as collateral to the Bank in exchange for money. Once you pay back the loan amount, the Bank will give back the ornament.
What is an Indian Overseas Gold Loan?
The Indian Overseas Bank Gold Loan Per Gram is a service that is provided by the Indian Overseas where individuals can utilize the gold in their possession to apply for a gold loan and complete their wants. The Indian Overseas Bank Gold Loan Per Gram also allows one with many advantages and rates of interest that anyone can afford.
Benefits of an Indian Overseas Gold Loan
Gold loans have become very common due to the advantages that it provides. Some of the advantages of gold loan are as following:
- Faster Processing: These are processed very quickly as they don’t require much paperwork. The fast disbursal of the gold loan makes it an incredible alternative in case of any problems.
- Multipurpose loan: A gold loan can be used for any purpose, such as to pay for a wedding or medicines or repairs.
- Low-interest rate: The interest rate decided by the Bank for a gold loan is poorly low and affordable for the one who needs cash.
- Low processing and foreclosure charges: Banks don’t charge any prepayment charges on gold loans, although some banks might charge some amount.
- No income proof and credit score: Banks and non-banking financial companies don’t need the CIBIL score of a person to approve a loan.
- Easily Accessible: Gold loans are accessible to anybody whose age is above 18 who can avail of a gold loan.
- High Amount Eligibility: With the cost of gold increasing, and the rising gold cost has been further supporting borrowers with bettering gold advance rate per gram.
Types of Indian Overseas Gold Loan Interest Rates
The numerous types of gold loans that are under Indian Overseas Bank Gold Loan Per Gram are:
- Fixed-rate of interests: The rate of interest for such loans is very smooth throughout the loan term.
- Floating rate of interest: The interest rate of the gold loans isn’t fixed and changes often. In such a situation, the loan cost is related to the outside benchmarks that are decided by the Bank. Since the rate isn’t fixed, the EMI on Gold credit might go up or down out of a sudden.
- Reason for Lending: The interest rate on gold loans is generally found in the motivation behind loaning. The banks usually offer a lower pace of revenue for any horticultural gold credit.
- Non-Agricultural Gold Loans: Loans stretched out to anyone who is not an agriculturist are known as nonfarming gold advances. These loans are reserved to all such people as salaried, independently employed experts, financial specialists, ladies, females, homemakers, understudies, etc.
How to Apply for an Indian Overseas Gold Loan?
If you want to apply for a Indian Overseas Bank Gold Loan Per Gram, you can do it in two ways:
Offline Process
To avail of a Gold Loan, you can find the closest branch of the Indian Overseas Bank and take the help of the staff to apply for a gold loan at the Bank.
Online Process
You can apply for a gold loan with Dialabank by following the steps mentioned below to get a Gold Loan as per your need.
- Complete the registration at Dialabank’s website.
- Our Relationship Manager will reach you and direct you in completing your financial requirements.
- You will get personalized service, which will give you a choice to compare and take the best deal according to your needs without any other charges.
Gold Loan Calculator Indian Overseas Bank
The Gold Loan Calculator from Dialabank calculates the worth of a gold loan based on the criteria mentioned below.
- The purity and net weight of gold in your jewellery will be assessed by the Bank’s in-house surveyor. The gold used in the jewellery must be between 18 and 24 carats pure.
- To determine the relative weight, the Bank will subtract the weight of gems and stones from the overall weight of the jewellery.
- The valuer determines the worth of your jewellery by multiplying the purity and net weight of gold in it by the actual gold price.
- The Bank will use an LTV of up to 75% to determine the jewel loan amount eligibility.
Indian Overseas Bank Gold Loan Rate Per Gram by Gold Purity
The Indian Overseas Bank Gold Loan Per Gram is offered at fair interest rates that vary depending on the amount borrowed.
The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.
Gold Purity
Gold Rate Per Gram- Average Of Past 30 Days
Highest Gold Loan Per Gram
Lowest Gold Loan Per Gram
22 carat
₹ 4,620
₹ 4,999
₹ 4,956
20 carat
₹ 3,939
₹ 4,178
₹ 3,795
18 carat
₹ 3,545
₹ 3,784
₹ 3,460
Indian Overseas Bank Gold Loan Rates Per Gram
Updated - Gold Loan Per Gram Rate w.e.f Apr 17 2024
Gold Weight
Gold Purity
24 CaratGold Purity
22 CaratGold Purity
20 CaratGold Purity
18 Carat
1 gram
4621
4290
3900
3510
10 gram
46210
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
Historical Gold Loan Rates Per Gram
This Table Contains the Average Annual Gold Rate from 1965 - 2022
Year
Price (24 karat per 10 grams)
Year
Price (24 karat per 10 grams)
2023
₹ 54,699
1994
₹ 4,598
2022
₹ 52,950
1993
₹ 4,140
2021
₹ 50,045
1992
₹ 4,334
2020
₹ 48,651
1991
₹ 3,466
2019
₹ 35,220
1990
₹ 3,200
2018
₹ 31,438
1989
₹ 3,140
2017
₹ 29,667
1988
₹ 3,130
2016
₹ 28,623
1987
₹ 2,570
2015
₹ 26,343
1986
₹ 2,140
2014
₹ 28,006
1985
₹ 2,130
2013
₹ 29,600
1984
₹ 1,970
2012
₹ 31,050
1983
₹ 1,800
2011
₹ 26,400
1982
₹ 1,645
2010
₹ 18,500
1981
₹ 1,800
2009
₹ 14,500
1980
₹ 1,330
2008
₹ 12,500
1979
₹ 937
2007
₹ 10,800
1978
₹ 685
2006
₹ 8,400
1977
₹ 486
2005
₹ 7,000
1976
₹ 432
2004
₹ 5,850
1975
₹ 540
2003
₹ 5,600
1974
₹ 506
2002
₹ 4,990
1973
₹ 279
2001
₹ 4,300
1972
₹ 202
2000
₹ 4,400
1971
₹ 193
1999
₹ 4,234
1970
₹ 184
1998
₹ 4,045
1969
₹ 176
1997
₹ 4,725
1968
₹ 162
1996
₹ 5,160
1967
₹ 103
1995
₹ 4,680
1966
₹ 84
1994
₹ 4,598
1965
₹ 72
Gold Loan Per Gram Rate Comparison for Major Banks
Feature
HDFC Bank
SBI
Interest Rate
9.90% onwards
7% onwards
12% onwards
Min Loan Amt
Metro : 25000, Non : 15000
25000
15000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
3 months to 24 months
9 months to 24 months
Processing Fee
0.25% to 1.50% of the Loan Amt
0.25% to 1.50%
Nil
Pre-closure Charges
2%, Nil foreclosure charges after 3 months
2%, Nil foreclosure charges after 9 months
Nil
Overdraft Facility
Yes
Yes
Yes
Pay Only Interest Facility
Yes
Yes
Yes
Gold Rate Per Gram
3066
3073
3073
Tips to getting Best Gold Loan Amount Per Gram from Indian Overseas Bank
- The Bank supports both hallmarked and non-hallmarked jewellery for a gold loan.
- Borrowing against higher purity jewellery would get you the most funds allocated to a gold loan.
- Jewels with the fewest diamonds and stones available are preferred.
- The Bank will not approve it if the gold used in the jewellery is less than 18-carat purity.
- The RBI helps the Bank to calculate the amount of gold loan you owe by using a cumulative LTV of up to 75%.
GOLD LOAN @ 0.75%*
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Example: The loan sum is determined by the purity of gold, the LTV, and the weight of gold. Assume Mr Ram and his two mates, Mr Kesav and Mr Ashwith, each own differing quantities of gold of various purity. Mr Ram owns 70 grammes of gold with an 18-carat purity. Mr Kesav has 60 grammes of gold that is 20 carats pure, while Mr Ashwith has 50 grammes of gold that is 22 carats pure. They apply for a gold loan. The price used to determine their gold loan sum eligibility based on a maximum LTV of 75% would vary depending on the purity of gold, resulting in different gold loan eligibility.
| Carats / Weight Of Gold | Gold Weight (In Gm) | Purity Of Gold (In Carat) | Gold Loan Eligibility |
| Mr Ram | 70 | 18 | ₹ 2.60 Lakhs |
| Mr Kesav | 60 | 20 | ₹ 2.48 Lakhs |
| Mr Ashwith | 50 | 22 | ₹ 2.27 Lakhs |
Mr Ashwith, who has the smallest gold weight of 50gm, will receive the lowest gold loan rate of 2.27 Lakh from the Bank, as seen in the illustration above. Since Mr Ram has more gold weight, the Bank will give him the highest gold loan sum of Rs 2.60 lakh in the same example.
Indian Overseas Gold Loan Customer Care Number
The Indian Overseas Gold Loan customer care number is 9878981166
FAQs About Indian Overseas Gold Loan Per Gram
✅ What is today’s gold loan rate per gram?
The gold loan rate per gram is Rs. 4,676 for 24-carat gold, Rs. 4,373 for 22-carat gold, Rs. 3,975 for 20-carat gold and Rs. 3,578 for 18-carat gold.
✅ Does a gold loan have any specific eligibility requirements?
The eligibility criteria for a gold loan is as follows:
- the applicant has to be between 18 to 70 years, at the time of loan maturity
- the applicant or his/her family member should own gold ranging between 18 to 22 carats
- the applicant should be an Indian resident.
✅ Why are gold loans better?
Gold loans are as better if:
- They do not depend on the borrower’s credit history and CIBIL score.
- They do not need a minimum income
- They don’t require much documentation
- They are secure and hence cheaper
✅ What documents do I need for a gold loan?
Only the essential documents such as identity proof, address proof, signature proof, and 2 photos of the applicant will be required.
✅ Should I worry about my gold?
As your pledged gold is safely kept in the banks’ lockers according to the national standards, you have no reason to worry. Electronic surveillance technologies are also deployed, with well-trained staff.
✅ How do I repay my gold loan?
After availing of a gold loan, you will have to make monthly EMI payments to the banks until the tenure is completed, a failure to do which would affect your credit score negatively. These payments can be made through cash/ DD/ cheque or even online transactions.
✅ What is LTV in a loan against gold?
LTV is Loan to Value Ratio, which is basically the amount of loan you can get against gold as collateral. In India, LTV for a loan against gold is set at 75% by RBI for all the banking and non-banking financial companies.
✅ How much loan can I get on 10 grams of gold?
Depending upon the purity of gold, a person can avail of a loan amount between Rs.18,500 and Rs. 27,000 on 10 grams of gold.
✅ What is the margin in a loan against gold?
Banks maintain a margin of at least 25% in the case of loans against gold. Suppose a person can avail a maximum of 75% of their gold’s market value as the loan amount. For example, if your gold is priced at Rs. 1 Lakh in the market, then banks will offer you a maximum loan amount of Rs. 75,000.
