Interest Rate & Loan Details
- Interest Rate: Starting from 7.00% p.a. (subject to change as per IOB policy)
- Loan Amount:
- Minimum: As per bank’s discretion
- Maximum: Up to ₹25 lakh
- Loan Tenure: Varies based on the specific gold loan scheme
- Processing Fee: As applicable by the bank
- Pre-closure Charges: Nil (as per IOB norms)
- Loan-to-Value (LTV) Ratio: Determined by the bank based on the quality and purity of the pledged gold
Purpose of Gold Loan
IOB provides gold loans to meet various financial requirements, including:
- Personal expenses
- Educational needs
- Medical emergencies
- Business expansion
- Agricultural investments
Eligibility Criteria
To be eligible for an IOB Gold Loan, you must meet the following conditions:
- Age: Minimum 18 years
- Ownership: You must own gold ornaments, jewelry, or specially minted gold coins sold by banks (up to 50 grams per customer)
- Income: Applicants should have a steady source of income to ensure loan repayment capability
- KYC Compliance: Submission of valid KYC documents for verification
Documents Required
Applicants must provide the following documents when applying for an IOB Gold Loan:
- Application Form: Duly filled and signed
- Photographs: Two recent passport-size photos
- Identity Proof (Any one):
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Driving License
- Address Proof (Any one):
- Aadhaar Card
- Utility Bills (Electricity, Water, Telephone)
- Ration Card
- Lease Agreement
Loan Amount & Security
- Minimum Loan Amount: As per bank’s discretion
- Maximum Loan Amount: Up to ₹25 lakh
- Loan Security: Pledge of gold ornaments, jewelry, or specially minted gold coins sold by banks (up to 50 grams per customer), duly verified for quality and quantity
Repayment Options
IOB offers flexible repayment options for gold loans:
- EMI-Based Repayment: Fixed monthly installments over the loan tenure
- Bullet Repayment: Principal and interest are repaid at the end of the loan tenure
Charges & Fees
- Processing Fee: As applicable by the bank
- Gold Appraiser Charges: Applicable as decided by the bank
- Prepayment Penalty: Nil
Key Considerations Before Applying
- Gold Quality: Only gold ornaments, jewelry, and specially minted gold coins sold by banks (up to 50 grams per customer) are accepted as collateral
- Loan Terms: Carefully review the loan agreement before signing to understand all terms and conditions
- Gold Security: Failure to repay the loan may result in the forfeiture of your pledged gold
Benefits of IOB Gold Loan
- Quick Loan Approval: Fast disbursal, often within a few hours
- Attractive Interest Rates: Starting from 7.00% p.a.
- High Loan Value: Loan amount up to ₹25 lakh, depending on the value of the pledged gold
- Flexible Repayment: Choose between EMI and bullet repayment options
- No Guarantor Required: The pledged gold itself serves as collateral
Contact IOB
- Customer Care Number: 1800 425 4445
