Indian Overseas Bank Gold Loan Interest Rate: Comprehensive Guide for 2024
Gold loans are a popular financial solution in India, offering quick access to funds by leveraging your gold jewelry as collateral. If you’re considering a gold loan from Indian Overseas Bank (IOB), this guide provides detailed insights into the Indian Overseas Bank gold loan interest rate, loan eligibility, and repayment options.
What is the interest rate of a gold loan in IOB?
The Indian Overseas Bank gold loan interest rate varies depending on the loan amount and purpose. As of 2024, the rates range between 7.00% to 9.50% per annum, with special schemes for farmers and other categories. Customers are advised to check the latest rates with their nearest IOB branch.
How much gold loan per 10 grams?
The gold loan per 10 grams depends on the current market value of gold and the loan-to-value (LTV) ratio set by the Reserve Bank of India. At IOB, borrowers can get up to 75% of the gold value. For instance, if gold is priced at ₹5,500 per gram, the loan amount for 10 grams can go up to ₹41,250.
Which bank is best for a gold loan?
While many banks offer gold loans, Indian Overseas Bank is renowned for its competitive interest rates, transparent policies, and quick loan processing. However, comparing options like HDFC Bank gold loan interest rate, SBI gold loan schemes, and IOB’s offerings can help you make an informed decision.
What is the rate of 1 gram gold in IOB Bank?
The rate of 1 gram gold in IOB for loan purposes depends on the purity and the prevailing market price. Typically, the rate is slightly lower than the market price, as the bank applies a standard deduction for safety.
What is the interest rate for a 3 lakh loan in IOB?
For a 3 lakh gold loan, the Indian Overseas Bank gold loan interest rate generally falls between 7.50% and 9.00% per annum. The final rate may vary based on the tenure and the type of scheme chosen.
What is the interest of a 1 lakh gold loan?
For a 1 lakh gold loan, the monthly interest could range from ₹583 to ₹750 depending on the interest rate. This translates to an annual rate of 7.00% to 9.00%.
What is the interest rate of IOB?
The Indian Overseas Bank gold loan interest rate is one of the most competitive in the market, ranging from 7.00% to 9.50% annually, subject to scheme-specific conditions.
What is the EMI for a 5 lakh gold loan?
For a 5 lakh gold loan, the EMI depends on the tenure and interest rate. For example:
- At an 8% interest rate for a 12-month tenure, the EMI would be approximately ₹43,430.
- Customers can use the IOB EMI calculator to get precise figures.
Read More: Unlocking Financial Freedom: A Comprehensive Guide to Student Loans and Credit
How to pay an IOB jewel loan online?
To pay your IOB jewel loan online, follow these steps:
- Log in to the IOB net banking portal or mobile banking app.
- Navigate to the “Loans” section and select “Gold Loan Repayment.”
- Enter the loan account details and amount.
- Confirm payment using your preferred method (UPI, net banking, or debit card).
How much gold for 20 lakhs?
To borrow ₹20 lakhs, you will need approximately 363 grams of gold, assuming an average value of ₹5,500 per gram and an LTV ratio of 75%.
What is HDFC gold loan interest rate?
The HDFC gold loan interest rate typically ranges from 7.50% to 9.50% per annum, comparable to IOB’s rates. However, HDFC may offer additional benefits such as faster processing or promotional schemes.
Indian Overseas Bank Gold Loan Interest Rate for 1 Lakh
For a 1 lakh gold loan, the monthly repayment is affordable due to IOB’s competitive interest rates. Borrowers can expect an EMI ranging between ₹583 to ₹750, depending on the tenure and rate.
IOB Gold Loan Interest Rate Per Month
The monthly interest rate for IOB gold loans ranges from 0.58% to 0.79%, making it one of the most affordable loan options.
IOB Jewel Loan Rate Per Gram
The IOB jewel loan rate per gram is determined by the current gold price and purity. For instance, with a market price of ₹5,500 per gram, the per-gram loan amount could be as high as ₹4,125.
Indian Overseas Bank Gold Loan Interest Rate 2024
As of 2024, the Indian Overseas Bank gold loan interest rate remains competitive, with rates starting at 7.00% annually, making it a preferred choice for borrowers.
Indian Bank Gold Loan Interest Rate
Indian Bank, another leading financial institution, offers gold loans at interest rates starting from 7.30%, slightly higher than IOB’s base rate.
IOB Gold Loan Interest Rate for Agricultural Purposes
Farmers benefit from subsidized interest rates on gold loans under IOB’s agricultural schemes, with rates starting as low as 7.00% per annum.
How to Pay IOB Gold Loan Online?
Customers can conveniently repay their IOB gold loans online via the bank’s net banking portal or mobile app. Ensure timely payments to avoid additional charges.
Gold Loan Details for Table:
| Gold Weight (grams) | Approximate Gold Value (₹5,500 per gram) | Loan Amount (75% of Gold Value) |
|---|---|---|
| 1 gram | ₹5,500 | ₹4,125 |
| 5 grams | ₹27,500 | ₹20,625 |
| 10 grams | ₹55,000 | ₹41,250 |
| 20 grams | ₹1,10,000 | ₹82,500 |
| 30 grams | ₹1,65,000 | ₹1,23,750 |
| 40 grams | ₹2,20,000 | ₹1,65,000 |
| 50 grams | ₹2,75,000 | ₹2,06,250 |
| 75 grams | ₹4,12,500 | ₹3,09,375 |
| 100 grams | ₹5,50,000 | ₹4,12,500 |
| 150 grams | ₹8,25,000 | ₹6,18,750 |
| 200 grams | ₹11,00,000 | ₹8,25,000 |
| 250 grams | ₹13,75,000 | ₹10,31,250 |
Notes:
- Gold Value: The values are based on an approximate market rate of ₹5,500 per gram of gold. The actual value will vary based on the prevailing market rates.
- Loan-to-Value (LTV): The table assumes an LTV ratio of 75%. The actual loan amount may vary based on IOB’s assessment of the gold’s purity and market value.
- Interest Rates and Terms: The Indian Overseas Bank gold loan interest rate typically ranges from 7.00% to 9.50% annually. The actual rate depends on factors like the tenure and type of loan.
- Repayment: The repayment amount will depend on the loan tenure, interest rate, and EMI structure.
For exact figures, it is always best to visit an IOB branch or check their website for the latest updates.
Fixed Deposit Interest Rates:
| Tenure | Interest Rate (General Public) | Interest Rate (Senior Citizens) |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 90 days | 3.75% | 4.25% |
| 91 days to 180 days | 4.00% | 4.50% |
| 181 days to 1 year | 4.75% | 5.25% |
| 1 year to 2 years | 5.50% | 6.00% |
| 2 years to 3 years | 5.75% | 6.25% |
| 3 years to 5 years | 6.00% | 6.50% |
| 5 years and above | 6.00% | 6.50% |
Important Notes:
- Senior Citizens: Typically, IOB offers an additional 0.50% interest for senior citizens on most FD tenures.
- TDS on FD Interest: Tax Deducted at Source (TDS) is applicable on interest earned above ₹40,000 (₹50,000 for senior citizens) in a financial year.
- Premature Withdrawal: In case of premature withdrawal, a penalty may apply, usually reducing the interest rate by 1% from the original rate.
For the most accurate and up-to-date rates, please visit the official Indian Overseas Bank website or contact their customer service.
Conclusion
The Indian Overseas Bank gold loan interest rate offers an attractive and affordable solution for individuals looking for quick financial assistance. Whether you’re facing an emergency, funding a business venture, or consolidating your debts, IOB offers competitive interest rates, high loan-to-value ratios, and flexible repayment options.
With IOB’s transparent policies and customer-friendly services, it’s no wonder that millions of people trust this bank for their gold loan needs. Before you decide, take a moment to compare IOB’s rates with other options like HDFC and SBI, ensuring you get the best deal possible.
Your gold has the potential to unlock significant value, and Indian Overseas Bank is here to help you access it with ease. Don’t wait—visit your nearest IOB branch or apply online today and take the first step toward financial freedom!