When there is a financial need it is better for you to borrow a secured loan, as it comes with a lowest interest rate and provides more security. And Indian Overseas Bank introduces gold loans for customers by which they can borrow money from the bank by pledging the gold ornament or product. Indian Overseas Bank gold loan limit is based on the current value of gold in the market. And as you know gold is an item which is available to anyone and has been used as an asset to access cash for a long time. Read this article and know about Indian Overseas Bank Gold Loan schemes and their benefits.
How to use the Indian Overseas Bank Gold Loan?
You can use the money for paying your debts, buying an expensive product or meeting a medical emergency. See the below mentioned gold loan schemes of Indian Overseas Bank to know about them in detail.
Agricultural Jewel Loan:- For a short-term production need farmers can pledge their gold products and buy loans from Indian Overseas Bank. The maximum limit to the borrower is INR 10 lakhs which depend on the gold item you pledge. You can do the repayment for the borrowed amount in 12 months using the bullet payment with which you can pay the principal outstanding amount in a lump sum.
Agriculture Term Loan:- To meet the basic needs of farmers Indian Overseas Bank Gold Loan scheme provides a loan up to INR 10 lakh to the customers. They just have to visit the bank branch and provide the gold item for the valuation as per which the limit is decided. Repayment of this loan can be made in monthly, Quarterly, Half yearly, or Yearly basis as per your convenience. The tenure for the Indian Overseas Bank Gold Loan payment is up to 3 years which you can choose as per your compatibility.
Jewel Loan SME:- For the MSME sector the bank lends you up to INR 5 lakh against the gold product which you can use to stable the business. The payment of the loan is to be made in 12 months in bullet payment.
Jewel Loan – Others:- Indian Overseas Bank provides you a gold loan for both domestic and business needs. Under this scheme you can borrow maximum up to INR 25 lakh. And you can pay the loan in 12 to 35 months. If you borrow a Indian Overseas Bank Gold loan upto INR 5 lakh, then you can do bullet payment in one year to repay the borrowed amount. Otherwise, if you borrow a gold loan above INR 5 lakh, you can do payment in EMIs up to 35 months tenure.
IOB Swarnalakshmi:- This Indian Overseas Bank Gold Loan scheme is for women customers. If you have a savings or current account in Indian Overseas Bank then you can apply for this loan. The minimum age to get this gold loan is 18 years and customers can borrow a loan amount up to INR 5 lakh. To pay the borrowed loan you get a tenure of 12 months in which you can pay the principal and interest in bullet payment before the loan reaches maturity.