Gold can turn to be your true partner if being used perfectly. If you are currently going through some harsh times, why not use your gold to get some loan on it. Indian Overseas Bank provides users the opportunity of taking a loan against gold. The bank usually provided you loan by taking gold as security and it is absolutely the bank’s responsibility to take care of the borrower’s gold. Trust and reliability are the two basic terms that you must appreciate here. IOB Gold Loan service is the best way to get funds in response to the security of your gold. Isn’t it seeming to be surprising? If you still have some queries, just go through the given guide very carefully to let the things easily happening for you.
Table Of Contents
- 1 Eligibility Criteria for Indian Overseas Bank Gold Loan Eligibility
Eligibility Criteria for Indian Overseas Bank Gold Loan Eligibility
People who are willing to get IOB gold loans should need to pass the eligibility criteria of:
- He/She needed to be in the age group between 18 to 70 years
- He/She needed to be a citizen of India
- Employment Status is not an aspect to consider on
- Gold that borrower is going to get the loan on should be needed to be absolute as pe quality and quantity
- One cannot exceed the limit of 1 Crore on IOB Gold Loan
What are the interest rates of IOB Gold Loans 2020?
One of the best things about the Gold loan is that it includes a very lower interest rate. IOB gold loans are the symbol of security and affordability where one can easily get loans lower to market interest. The IOS gold loans usually get changed accordingly. It is readily available at a rate of 1% PM interest rate. Moreover, the processing speeds are also quite low here and the pre closer charges also range from zero to two percent only. You are free to check out and compare other services before finalizing your IOS gold loan decision.
Why opt for Indian Overseas Bank Gold Loans?
If you are currently facing the lower situation and are willing to have some financial security, just get a loan from Indian Overseas Bank on your gold. It is the best way one could improve your financial status without making many efforts. We are preferring here to opt for IOS gold loans instead of personal loans as these loans usually comprise of lower interest rates.
IOS takes absolute care of your gold asset and will be supposed to be safer than your jewelry in a bank locker. You don’t need to pay charges for the safety of your gold. You will get funds and security of gold simultaneously. If you still have queries in your mind here are some quick points that will help you in knowing much about IOS gold loans.
- Easy applying process
- Easy document verification
- Absolute funding and extremely caring of gold simultaneously
- Lower interest rates
- Doesn’t need to verify the reason before applying for the gold loan
What kind of gold is acceptable at IOB gold loans?
Indian Overseas Bank follows up a particular guideline to ensure the perfect security of both banks and borrower’s interests. Gold is used for a loan is properly checked out before sanctioning the loan process. The basic criteria of gold for IOS gold loan is:
- Quality of the gold should lie in between 18 to 22 carats
- Minimum of 50 grams of gold is being required for applying for gold loan
- Minted or forged gold coins are not accepted
- Bar and bricks are not available for IOS gold loans
- Raw gold is also not being used for IOS gold loans
Documentation required for Indian Overseas Gold Loan
Keep your documents ready before applying for Indian Overseas Gold Loan. The documents that are being required at the time of IOS Gold Loan application are:
- Address proof or applications such as Aadhar Card, PAN Card, Ration Card, Driving License, Voter Card, etc.
- Identity Proof
- Signature Proof
- Two passports sized colored photographs
How to apply for IOS Gold Loans?
Applying for Indian Overseas Gold Loan is not a tough process. It will hardly take your few minutes to accomplish. The best thing about the IOS gold loan is that you don’t need the security of the gold here. The only things that you have to do while applying for IOS Gold Loans are:
- Launch the official website of Indian Overseas Bank.
- Fill in the application form online being present there.
- You will receive a call back from the relationship manager and will assist you through the entire process.
- Check out the eligibility criteria for the IOS gold loan.
- Submit all of the documents requires including proofs in the bank.
- It will take a few minutes to complete the process.
- Once done, your required credit will be credited to your account.