Odisha Gramya Bank Gold Loan

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About Odisha Gramya Bank Gold Loan

Odisha Gramya Bank Gold Loan

Odisha Gramya Bank (OGB) is known as Regional Rural Bank (RRB) set up on 7 January 2013 with the amalgamation of Kalinga Gramya Bank, Neelachala Gramya Bank as well as  Baitarani Gramya Bank concerning provisions of RRB Act 1976.
 
Odisha Gramya Bank is sponsor by Indian Overseas Bank and is jointly owned by the IOB, Government of India and Government of Odisha. The Odisha Gramya Bank (OGB) is operating in 13 districts of Odisha State with its Head Office at Bhubaneswar.
 
Moreover, Odisha Gramya Bank has nine regional offices located at Balasore, Baripada, Cuttack, Chandikhol, Dhenkanal, Jashipur, Khurda, Keonjhar, and Pipli. Also, Presently it has grown to a network of 548 branch offices, of which 445 are in remote rural areas.
 

About Gold Loan

Want money to carry out agricultural practices or to cope up with daily need? If yes! Then, Gold Loan is a great service that allows people to keep gold ornaments as security in the bank in return of the loan amount.
 
Also, the gold ornaments are fully secure in the bank lockers and, it is the responsibility of the bank authority to take care of the security of gold. Also, Gold Loan Interest Rates are quite less in contrast to other services like Personal Loan and Home Loan.
 

Odisha Gramya Bank Gold Loan Interest Rate

In general Loan on Gold, the credit is available at a low-interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of personal loan or any other kind of loans.

Though the Gold loan rate keeps on changing with the passage of time as well as person to person. Odisha Gramya Bank Gold Loan is available at 1% per month interest rate.

  1. Odisha Gramya Bank Gold Loan Interest rate – 10.70 %
  2. Offer low processing fee –  0.85%
  3. Pre-closer charges range from 0 – 2 %.
  4. Tenure minimum six months; maximum five year
  5. Amount – Thousand to a crore

Advantages of Odisha Gramya Bank Gold Loan

  • Safety of Gold – The security of your Gold Ornament is more in banks due to the proper security systems, unlike our homes.
  • Fast Process – This is a type of secured loan. Therefore, you can get your gold loan processed in as quick as 30 minutes
  • Overdraft Facility – The applicant has the option of overdraft facility that allows the applicant to enjoy cash flow anytime as per the needs.
  • Low-Interest Rates – Another feature is the rate of interest is very less in comparison to other services provided by the banks and NBFC’s
  • No Processing Charges – Surprisingly, the bank does not charge any extra cost for applying for a Gold Loan.
  • Less Documentation Process – The formalities that are to be complete are very less due to the type of service this is.
  • Flexible Tenure – Last but not least, the applicant can choose the tenure depending upon the need.

Odisha Gramya Bank Gold Loan Eligibility

  • The age of the applicant should lie between 18 years to 70 years.
  • The applicant should be a citizen of India.
  • The quality of gold should be from 18 Carat to 22 Carat to get a loan.
  • Another equally essential criteria are the weight of gold which should be more than 10 grams.
  • Anyone can apply for a Gold Loan whether you are a salaried applicant or self-employed.
  • To avail a Gold Loan on agriculture land, one has to submit the land proof to the bank.

Documentation for Odisha Gramya Bank Gold Loan

  • Firstly, an Identity Proof is required. It can be an Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport.
  • Secondly, One proof of residence is also required while applying for a gold loan; it can also be an Aadhar Card/ Card/ Voter ID card/ PAN Card/Driving License/ passport/Ration Card/Electricity/water bills of last three months with the name of the applicant.
  • Two colored photographs.

Odisha Gramya Bank Gold Loan Process

  1. The bank checks the purity of the gold.
  2. The bank verifies the market rate for gold and the price of the previous day is take into consideration
  3. The LTV (Loan to Value) set by the RBI is 75%.
  4. If you have acknowledged the Gold loan amount and terms, the lender processes the application. The processing fees & other charges deducted from your Gold loan amount.
  5. After signing the agreement, the loan amount is disbursed to your account.

FAQs About Odisha Gramya Bank Gold Loan

Q. How much Gold Loan can I get per gram in Odisha Gramya Bank?

The amount of Gold Loan you get against 1 gram of Gold depends on the quality of your Gold and the market price of the gold. Odisha Gramya Bank gives you a funding of 80% of the total market value of your gold.

Q. What is Odisha Gramya Bank Gold Loan?

Odisha Gramya Bank provides Gold Loan services for fulfilling the monetary needs of individuals when they need it the most. You can avail a maximum of ₹5 lacs at an attractive rate of interest for a tenure of maximum 36 months and can be used for agricultural as well as nonagricultural purpose.

Q. What is the Gold Loan interest rate in Odisha Gramya Bank?

The rate of interest charged by the banks on these loans varies depending on the amount that is to be borrowed. For knowing the exact rate of interest that will be charged from you, visit the nearest branch of the bank.

Q. How to pay Odisha Gramya Bank Gold Loan online?

The bank provides you with easy payment options for paying your Gold Loan. Call on the customer care helpline number of the bank to know the exact information.

Q. How to apply Gold Loan in Odisha Gramya Bank?

You can apply for your Gold Loan with Odisha Gramya Bank by visiting the nearest branch with your Gold ornaments. You can also apply at Dialabank’s digital platform and compare offers from all the banking and non-banking financing companies across India.

Q. How to renew Odisha Gramya Bank Gold Loan online?

You can renew your Gold Loan by visiting the branch and asking your loan officer for the same. A renewal form has to be submitted along with any fees as applicable. Upon revaluation of your gold new terms are decided and your loan is renewed.

Q. How to take Gold Loan from Odisha Gramya Bank?

Taking Gold Loan from Odisha Gramya Bank is a convenient process. You just need to be eligible for the loan and apply for it either online or offline. The bank gives quick approval and disbursement after the evaluation of gold ornaments that are to be pledged as security.

Q. What is Gold Loan in Odisha Gramya Bank?

Odisha Gramya Bank gives Gold Loans at an attractive rate of interest which can be used for various purposes. The tenure is flexible up to 3 years and the bank gives quick disbursal of the loan. Minimal documents are required for the application to be submitted. The process takes a maximum of 90 minutes to complete.

Q. How to get Odisha Gramya Bank Gold Loan?

Getting a loan is a simple and easy process. You just need to get your gold and documents verified, and then agree on the terms and the offer made by the banker to get quick disbursal of funds in your bank account.

Q. How to check Odisha Gramya Bank Gold Loan status?

You can check for your Gold Loan status by contacting the bank branch either in person or through customer care number.

Q. How to close Odisha Gramya Bank Gold Loan?

You will have to visit the branch with your loan documents and once all the pending payments are made your Gold Loan will be closed and your pledged gold will be returned to you.

Q. How to renew Odisha Gramya Bank Gold Loan?

If you desire to renew your Gold Loan with Odisha Gramya Bank all you need to do is visit the branch with your documents and apply for a renewal.

Q. What happens if someone defaults Odisha Gramya Bank Gold Loan?

If someone fails to pay the amount due for the loan on or before the due date, the bank charges a penal fee and if these defaults are continuous the bank has the right to publically auction your gold to recover the amount.

Q. How many branches of Odisha Gramya Bank Gold Loan?

Presently, the bank has a network of 549 branches, out of which 446 are in remote rural areas.

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