Indian Overseas Bank Gold Loan

Gold Rate: ₹ 5,121 Per Gram

⍟ Interest Rate 7.0% p.a. ⍟

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Unlock the Real Value of your Gold
Lowest Rate of Interest
Get Money in 30 Mins
Loan Amount Up to 1 Crore
Loan Tenure Up to 48 Months
Unbiased Experts Advice

Indian Overseas Bank (IOB) Gold Loan Key Features

IOB Gold Loan Loan Amount
Up to Rs. 1 Crore (With Income Proof)
IOB Gold Loan Interest Rate 7.0% per annum
IOB Gold Loan Per Gram
Rate Per Gram is Rs. 5,121
IOB Gold Loan Processing Charges 1% or ₹1000 whichever is higher
IOB Gold Loan Prepayment Charges
IOB Gold Loan Repayment Tenure
35 Months
IOB Gold Loan Repayment Scheme
Bullet Payment Scheme, Overdraft Scheme

Each Feature Explained in Detail Below

indian overseas bank gold loan

All About Indian Overseas Bank (IOB) Gold Loan

Indian Overseas Bank offers Gold Loan at 7% Interest Rate per annum. 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 less than one hour.

Also, the pledged gold is locked safely in the bank vault, 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 the borrower upfront before sanctioning and disbursing 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’s service, hassles stay miles away for the borrower.

What is a 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 safety and security of the borrower’s gold.

IOB Gold Loan Benefits

  1. Indian Overseas Bank Gold Loan is simple and easy to apply for. One can apply for Gold Loan Online within a few minutes by applying online at Dialabank or by visiting the nearest branch.
  2. Indian Overseas Bank approves a Gold Loan application within 5 minutes if the Applicant is eligible for the loan according to the terms and conditions of the bank.
  3. Complete documents in the hands of the applicant make it easy for the bank to approve and disburse the loan within 45 minutes.
  4. Indian Overseas Bank gives funding of up to 75% of the total market price of your Gold keeping the remaining 25% as a security margin.
  5.  The borrower should be carefree as gold jewellery will be kept under very tight and fireproof security. The bank takes the full responsibility of your gold.
  6. The rates of interest provided by the Bank are low and affordable.
  7. The documentation process is simple as basic documentation is required and in some cases, no documents are required.
  8. One can use the Gold Loan amount according to their needs as the Bank does not ask the reason for taking the gold loan. The end use of the funds is at the discretion of the borrower.

Know More –  Gold Loan Features and Benefits

Indian Overseas Bank (IOB) 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 upon the total loan amount as well as the quality/purity of the gold you are willing 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 of Gold Loan being a fully secured loan.

IOB Gold Loan Interest Rate 7.0% per annum
Repayment Scheme
Bullet Repayment Scheme, Overdraft Scheme
Gold Valuation charges varies depending on the loan amount
Service Charges varies depending on the loan amount
Document Charges varies depending on the loan amount
Gold Required Minimum 18 Carat
Processing Fee 1% or ₹1000 whichever is higher
Prepayment Charges Nil

Know More – Gold Loan Interest Rate

Indian Overseas Bank Gold Loan 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 Per Gram also varies every day. You will get ₹ 5,121 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**

IOB Gold Loan Per Gram

Updated - Gold Loan Per Gram Rate w.e.f 1 Oct 2020

Gold Weight Gold Purity
24 Carat
Gold Purity
22 Carat
Gold Purity
20 Carat
Gold Purity
18 Carat
1 gram 4680 4290 3900 3510
10 gram 46800 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

Uses of Indian Overseas Bank (IOB) Gold Loan 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 of a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities. ‘

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 of financial services 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.

Indian overseas bank has some basic eligibility:

Age 18-70 years of age
Nationality Indian
Employment Status Salaried, Self-Employed
Gold Quality Minimum 18 Carats
Requirements Gold ornaments (18-22 carats)
CIBIL score Above 500

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. This is unlike a Personal Loan where your CIBIL score plays a very important criterion for getting approval.

Why IOB 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 an 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 a fee for using 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

  1. The Indian Overseas bank accepts only gold jewellery and gold coins as collateral, and not bars biscuits or raw gold.
  2. A maximum of only 50 grams of Minted coins can be given.
  3. Gold jewellery of minimum 10 grams is required (excluding the weight of stones)
  4. Forged coins are not accepted.

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 the high security of your gold ornaments till the loan is closed.

Documents required for Applying for IOB Gold Loan are:

A duly filled and signed Gold Loan application form shall be submitted along with the following documents:

Photographs 2 Passport Size
Identity Proof
Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)
Residence Proof
Aadhaar Card, Driving License, Ration Card, etc. In the case of Rented House then the rent agreement or water/electricity bills for the last three months can be considered. (Only 1 is required)
Agricultural Land Proof
Required only if the Loan is taken for Agricultural Purpose

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 IOB Gold Loan?

You can apply for Indian Overseas Bank Gold Loan Online. The process of application is very easy as well as simple. Moreover, there are a few steps to apply for an online Gold Loan.
  1. Visit our website that is Dialabank.
  2. The applicant has to fill a form Online which involve necessary information.
  3. 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.
  4. The applicant can check his /her eligibility for further clarification of the approval of a gold loan.
  5. Submit all the documents need as proofs in the bank.
  6. Gold loan is approved in some minutes and disbursed within a day.
  7. Call us directly for any queries at 9878981144 to clear any doubts.

IOB Gold Loan EMI Calculator

Rate of Interest 6 months 1 Yr 2 Yrs 3 Yrs
7.00% 17008 8652 4477 3088
8.00% 17058 8699 4523 3134
8.50% 17082 8722 4546 3157
9.00% 17107 8745 4568 3180
9.50% 17131 8678 4591 3203
10.00% 17156 8791 4614 3227
10.50% 17181 8815 4637 3250
11.00% 17205 8838 4661 3274
11.50% 17230 8861 4684 3298
12.00% 17254 8885 4707 3321
12.50% 17279 8908 4731 3345
13.00% 17304 8932 4754 3369
13.50% 17329 8955 4778 3393
14.00% 17354 8979 4801 3418
14.50% 17378 9002 4825 3442
15.00% 17403 9026 4845 3466
gold loan at 7%

FAQs About India Overseas Bank Gold Loan

✅ What is Indian Overseas Bank Gold Loan?

An Indian Overseas Bank 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 fulfil all your urgent financial needs with quick disbursing Gold Loans.

✅ How Can I Get Gold Loan From Indian Overseas Bank?

You can easily take an Indian Overseas Bank Gold Loan 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. You can call us on 9878981144 for trustworthy assistance.

✅ How much Gold Loan Can I get per gram from Indian Overseas Bank?

Indian Overseas Bank Gold Loans per gram are provided at competitive rates. The loan per gram of gold is Rs. 5,121.

✅ How Does Indian Overseas Bank Gold Loan work?

Indian Overseas Bank Gold Loans work quickly and are hassle-free 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. Your gold loan will consequently be sanctioned and disbursed.

✅ What is the Gold Loan interest rate in Indian Overseas Bank?

The Gold Loan interest rate in Indian Overseas Bank starts from as low as 7.0% per annum. This rate of interest depends on your gold’s purity and loan amount to be sanctioned.

✅ How to check gold loan status in Indian Overseas Bank?

You can check your Indian Overseas Bank Gold Loan status by visiting your loan branch in person or through the customer care number of the Indian Overseas Bank.

✅ How to calculate gold loan interest in the Indian Overseas Bank?

Indian Overseas Bank gold loan Interest is a monthly charge that a bank charges you for its loan availing service. It is the difference between the loan principal and the final loan amount.

✅ What is the maximum gold loan amount I can avail of on a gold loan from Indian Overseas Bank?

With a stable income and a 750+ CIBIL score, an applicant can avail of a maximum Indian Overseas Bank gold loan amount of up to 1 crore. This amount is usually 75% of the value of the collateral. This can go up to 90% if the interest rates are high.

✅ What is the loan tenure of the Indian Overseas Bank gold loan?

The maximum Indian Overseas Bank gold loan tenure is 35 months. You can choose your tenure for a gold loan.

✅ How much processing fee is applicable to the Indian Overseas Bank Gold loan?

The processing fee is charged by the bank to process your loan. The processing fee charged for an Indian Overseas Bank gold loan is 1% of the outstanding loan amount or Rs. 1000, whichever is higher.

✅ What are the charges for pre-payment in the Indian Overseas Bank gold loan?

The Indian Overseas Bank gold loan prepayment or foreclosure can be done by the borrower without paying any extra fee.

✅ 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.

✅ How to pay Indian Overseas Bank Gold loan interest 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.

✅ What if I can’t pay the interest on the Indian Overseas Bank Gold loan for 3 months?

Defaulting on your Indian Overseas Bank 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.

✅ How can I apply for the EMI moratorium on the Indian Overseas Bank Gold loan?

An EMI moratorium helps you free yourself from the burden of repayment for a predefined period. You can apply for an Indian Overseas Bank Gold Loan EMI Moratorium by giving the bank your loan application details in person or online. You can only apply for it 5 days before the EMI payment date.

✅ How to pay the Indian Overseas Bank Gold loan through credit card?

You cannot repay the Indian Overseas Bank gold loan using a credit card. A debit card, cash, cheque, demand draft, or online payment apps like Paytm can be used for the same.

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