About Indian Overseas Bank Gold Loan
Indian Overseas Bank offers Gold Loan at contentious Interest Rates. Indian Overseas Bank is one of the significant gold loan providers as it understands the needs of the customers and disburses the loan amount in one hour.
Also, the pledged gold is locked safely in the bank locker, and the borrower does not have to worry about its safety. Indian Overseas Bank Gold Loan Interest Rates and all other charges are transparently announced to borrower upfront before sanctioning the loan amount.
Hence, the borrower does not have to worry about the hidden costs and fees on Indian Overseas Bank Gold Loan. Moreover, with Dialabank hassles stay miles away for the borrower.
|India Overseas Bank Gold Loan at a Glance|
|Interest Rate||Starts at 10.75%|
|Gold Loan Per Gram||₹2200 to ₹2600 depending on the purity of gold|
|Tenure||Up to 35 months|
|Processing Fee||1% or ₹1000 whichever is higher|
What is Gold Loan?
Indian Overseas Bank Gold Loan is a loan in which a borrower can get a loan against gold. Indian Overseas Bank Gold Loan is a secured loan.
In Indian Overseas Bank Gold Loan, the Bank will take the borrower’s gold to give credit to the borrower. Also, the Bank will take the borrower’s gold as a security. Bank will take full responsibility for the borrower’s gold.
Indian Overseas Bank Gold Loan Features
- Indian Overseas Bank gold loan is simple and easy to apply. One can apply for the Gold Loan Online within a few minutes by visiting the nearest branch or through dialabank.
- Indian Overseas Bank approves a Gold Loan application within 5 minutes if the Applicant is eligible for the loan according to terms and conditions of the bank.
- Complete documents in the hands of the applicant results in the bank giving quick disbursal of the loan amount.
- Indian Overseas Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
- The borrower should be carefree as gold assets will be kept under very tight and fireproof security. The bank takes the full responsibility of your gold.
- The rates of interest provided by the Bank are low and affordable.
- The documentation process is simple as basic documentation is required and in some cases no documents are required.
- One can use the Gold Loan amount according to their needs as the Bank does not ask the reason behind the gold loan.
Know More – Gold Loan Features and Benefits
Indian Overseas Bank Gold Loan Interest Rate
A Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Indian Overseas Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Indian Overseas Bank starts at 10.75% per annum.
The bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
- The bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
Uses of Indian Overseas Bank Loan
The funds acquired by availing the Indian Overseas Bank Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and etc.
- You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
Know More – What happens when you don’t pay a Gold Loan?
Indian Overseas Bank Gold Loan Rate per Gram
The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of Gold in the market. The rate of gold changes daily in the market and therefore, the Indian Overseas Bank Gold Loan Rate per Gram also varies every day. You will get ₹2200 to ₹2600 for a gram of Gold depending on its purity and the market price for your Indian Overseas Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Indian Overseas Bank Gold Loan Eligibility
Indian Overseas Bank Gold Loan is a financial product provided by the bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by Indian Overseas Bank at low rates of interest and also requires minimal documentation for the same. Indian Overseas Bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the Indian Overseas Bank Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the bank.
- The Minimum weight of Gold that can be pledged is 10 grams and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold.
- The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the Indian Overseas Bank Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.
Why Indian Overseas Bank Gold Loans?
The Gold Loan is always considered as a better option to borrow money from the bank. The reason behind this, the India Overseas Bank Gold Loan Interest Rate is low as compared to other services like a personal loan.
So if you have a choice between a gold loan or a personal loan, then you are always advised to go for a Indian Overseas Bank Gold Loan. Because, of unsecured service, the personal loan has higher rates of interest.
Your gold assets would be in tight security if you get a gold loan free of cost. On the other hand, if you want to put your jewelry in a bank, they will charge you for the locker.
So, if you are getting a gold loan, you are killing two birds with one stone. That is, You are getting funds and security of your gold simultaneously. Finally, You don’t have to pay charges for the safety of the gold.
Know More – Gold Loan From Top banks And NBFCs in India
Forms of Gold Acceptable for Indian Overseas Bank
- Any jewellery carries with the quality of 18 carats to 22 carats is acceptable.
- Gold coins weigh less than 50 grams can get a gold loan.
- Bank does not accept minted/forged gold coins.
- Bars and bricks are not acceptable.
- Raw gold is not acceptable.
Know More – Gold Loan Per Gram
Indian Overseas Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Indian Overseas Bank wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire Indian Overseas Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.
Documents required for Applying for Indian Overseas Bank Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Basic KYC documents :
- Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, and etc.
- Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Indian Overseas Bank Gold Loan for Agricultural purposes.
- If you are an existing customer of the bank you may not be required to submit any documents as the bank will already have your verified details.
**Any other documents as requested by the bank shall be duly submitted.**
How to Apply for Indian Overseas Gold Loan?
- Visit our website that is Dialabank.
- The applicant has to fill a form Online which involve necessary information.
- You will get a call back from our Relationship Manager to clear all doubts as well as to assist you in the entire process of the Gold Loan.
- The applicant can check his /her eligibility for further clarification of the approval of a gold loan.
- Submit all the documents need as proofs in the bank.
- Gold loan is approved in some minutes and disbursed within a day.
- Call us directly for any quires at 9592046860, to clear any doubts.
Indian Overseas Bank Gold Loan Apply Online
Applying for the Indian Overseas Bank Gold Loan service is a simple and hassle-free process which can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with basic information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your gold.
You can also apply with Dialabank by following the below mentioned steps to get a Gold Loan as per your need.
- Visit Dialabank’s digital platform, where you will have to just fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank you can compare the different offers and schemes from different banks on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.
FAQs About India Overseas Bank Gold Loan
Q. How much Gold Loan can I get per gram in Indian Overseas Bank?
Indian Overseas Bank provides Gold Loans at competitive rates. The loan rate per gram of gold ranges from ₹2200 to ₹2600 depending on the quality of your gold which should not be below 20K.
Q. What is Indian Overseas Bank Gold Loan?
Indian Overseas Bank’s Gold Loan is “WORTH A WHILE WITH GOLDEN SMILE”. It is a secured form of loan for all your needs with lower processing charges and speedy sanction of loan. You can avail a maximum loan amount of ₹25 lakhs depending on your needs.
Q. What is the Gold Loan interest rate in Indian Overseas Bank?
Gold Loan interest rates of Indian Overseas Bank starts at 10.75% per annum. This rate of interest depends on your gold’s purity and loan amount to be sanctioned.
Q. How to pay Indian Overseas Bank Gold Loan online?
You can pay your Indian Overseas Bank Gold Loan EMIs online by visiting the bank’s website and clicking on the Bill Payment option. You will be redirected to a page where you will be required to fill in your loan details. For detailed information, contact the customer care executive of the bank.
Q. How to apply Gold Loan in Indian Overseas Bank?
Gold Loans are hassle-free and quick loans that you can apply for any urgent monetary need. All you need to do is visit the nearest branch of Indian Overseas Bank with your gold ornaments and documents.
Q. How to renew Indian Overseas Bank Gold Loan online?
You will be required to visit the branch in order to renew your Indian Overseas Bank Gold Loan. Your pledged gold will undergo a revaluation process and upon verification, new loan terms will be set.
Q. How to take Gold Loan from Indian Overseas Bank?
You can easily take a Gold Loan from Indian Overseas Bank by visiting the nearest branch with your gold. You can also apply online with Dialabank to avail of personalized assistance and get the best deals.
Q. What is Gold Loan in Indian Overseas Bank?
A Gold Loan is a type of secured loan that Indian Overseas Bank provides in exchange for your gold to be kept as security. You can fulfill all your urgent financial needs with quick disbursing Gold Loans.
Q. How to get Indian Overseas Bank Gold Loan?
Get quick disbursing Indian Overseas Bank Gold Loan by visiting the nearest branch with your Gold and fulfill your financial needs. You can also visit Dialabank’s digital platform to apply for your Gold Loan needs and avail personalized assistance.
Q. How to check Indian Overseas Bank Gold Loan status?
You can check your Gold Loan status by visiting your loan branch in person or through the customer care number of the Indian Overseas Bank.
Q. How to close Indian Overseas Bank Gold Loan?
Repayment of loans of up to Rs. 5 lacs can be done on bullet payment basis which has to be made within a year and for loans above the amount of Rs. 5 lacs, you can pay the amount in monthly EMIs for a maximum of 35 months.
Q. How to renew Indian Overseas Bank Gold Loan?
Renewal of Gold Loan takes place when the applicant visits the branch with the documents related to the loan and gets the loan pledged earlier released and revalued at the market prices prevailing in the market. New terms for the loan agreement are agreed upon and the loan is renewed.
Q. What happens if someone defaults Indian Overseas Bank Gold Loan?
Defaulting on your Gold Loan will decrease your credit score making it difficult to get a loan in the future. Also, repeated defaults will give your bank the right to auction your gold and recover the loan money.
Q. How many branches of Indian Overseas Bank Gold Loan?
Indian Overseas Bank has more than 3500 branches with their headquarter in Chennai, Tamil Nadu.
Table of Contents
- 1 About Indian Overseas Bank Gold Loan
- 2 What is Gold Loan?
- 3 Indian Overseas Bank Gold Loan Features
- 4 Indian Overseas Bank Gold Loan Interest Rate
- 5 Uses of Indian Overseas Bank Loan
- 6 Indian Overseas Bank Gold Loan Rate per Gram
- 7 Indian Overseas Bank Gold Loan Eligibility
- 8 Why Indian Overseas Bank Gold Loans?
- 9 Forms of Gold Acceptable for Indian Overseas Bank
- 10 Indian Overseas Gold Loan Documents Required
- 11 How to Apply for Indian Overseas Gold Loan?
- 12 Indian Overseas Bank Gold Loan Apply Online
- 13 FAQs About India Overseas Bank Gold Loan
- 13.1 Q. How much Gold Loan can I get per gram in Indian Overseas Bank?
- 13.2 Q. What is Indian Overseas Bank Gold Loan?
- 13.3 Q. What is the Gold Loan interest rate in Indian Overseas Bank?
- 13.4 Q. How to pay Indian Overseas Bank Gold Loan online?
- 13.5 Q. How to apply Gold Loan in Indian Overseas Bank?
- 13.6 Q. How to renew Indian Overseas Bank Gold Loan online?
- 13.7 Q. How to take Gold Loan from Indian Overseas Bank?
- 13.8 Q. What is Gold Loan in Indian Overseas Bank?
- 13.9 Q. How to get Indian Overseas Bank Gold Loan?
- 13.10 Q. How to check Indian Overseas Bank Gold Loan status?
- 13.11 Q. How to close Indian Overseas Bank Gold Loan?
- 13.12 Q. How to renew Indian Overseas Bank Gold Loan?
- 13.13 Q. What happens if someone defaults Indian Overseas Bank Gold Loan?
- 13.14 Q. How many branches of Indian Overseas Bank Gold Loan?