What are the guidelines of applying for Gold Loan?

Indian Overseas Bank offers Gold Loan at contentious Interest Rates. Indian Overseas Bank is one of the major gold loan providers as it understands the needs of the customers and disburses the loan amount in one hour. Also, The pledged gold is locked safely in the bank locker and the borrower does not have to worry about its safety. The Gold Loan Interest Rates and all other charges are announced to borrower upfront in a transparent manner before sanctioning the loan amount. Hence, the borrower does not have to worry about the hidden charges and fees on their gold loan. Moreover, with Dialabank hassles stay miles away for borrower.

What is Gold Loan?

A gold loan is a loan in which a borrower can get a loan against gold. It is a secured loan. In gold loan, the bank will take the borrower’s gold in order to give a loan to the borrower. Also, the Bank will take the borrower’s gold as a security. Bank will take full responsibility for the borrower’s gold.

Features of Indian Overseas Bank Gold Loan

• 1. To begin with, Indian Overseas Bank gold loan is very easy to apply. One can apply for the Gold Loan Online within a few minutes.
• 2. Next, If a borrower is eligible, the loan can be approved within 5 minutes.
• 3. Also, if the borrower has its complete documents it can be disbursed quickly.
• 4. Besides, the responsibility of the gold is of the bank. Thus, the borrower should be carefree as gold assets will be kept under very tight and fireproof security.
• 5. Moreover, The rates of interest provided by the bank are quite affordable.
• 6. Most importantly, the documentation process is very easy and simple.
• 7. Last but not least, Bank will not ask the reason behind the gold loan, one can use this loan amount according to their needs.

Who can get an Indian Overseas Bank Gold loan?

All the following people can avail a gold loan only if they fulfill the eligibility criterion.

• 1.Any salaried individual
• 2. Any self-employed
• 3. Housewives/homemaker
• 4.Students (age should more than 18 years)
• 5. A farmer

Forms of Gold

1. Firstly, Any jewelry carries with the quality of 18 carats to 22 carats is acceptable.
2. Secondly, Gold coins weigh less than 50 grams can get a gold loan.
3. Thirdly, Bank does not accept minted/forged gold coins.
4. Fourthly, Bars and bricks are not acceptable.
5. Finally, Raw gold is not acceptable.

What are the Documentation Required for Indian Overseas Gold Loan?

1. Proof of Address of Applicant: The applicant has to particularly choose from Aadhar Card /Pan Card/Valid Driving License/ Ration Card/ Utility Bills on the name of applicant/ Rental Agreement of applicant/ Voter ID card.
2. Proof of Identity: The document for proof of identity should be specifically from one of the following: Aadhar Card/ Pan Card/ Driving License/ Voter ID Card
3. Signature Proof: The documents considered for proof of signature are namely, Bank’s Verification document/ Valid Passport.
4. Besides the above requirements, the applicant needs 2 passport size colored photographs.

Indian Overseas Bank Rate of Interest

The rate of interest starts at 11.5% and can go up to 15.5% per annum. Prepayment charges are 1% and the tenure of the loan is from 3 to 12 months.

How to Apply for Indian Overseas Gold Loan?

You can apply for a gold loan at Indian Overseas Bank online on Dialabank very easily. One just has to fill a simple application form providing basic information with an individual’s contact number. The customer will get a call back with all the assistance and guidance.

Gaurav Khurana worked as national sales head of Ing Investment Mgt India, Vice President & National Sales Director of Cross-Sell. Asst. Vice President & Branch Head of Citi Bank. Ceo of DidalaBank India’s First Financial Portal from 2011 to Present.