IOB Jewel Loan 2024: Interest Rates, Eligibility Criteria, and Easy Application Process

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IOB Jewel Loan

IOB Jewel Loan

IOB Jewel Loan: Are you in need of immediate financial assistance? Do you own gold jewellery that can be used as collateral? If so, the IOB Jewel Loan provided by the Indian Overseas Bank (IOB) might be the perfect solution for you. IOB offers a hassle-free and quick way to secure funds by leveraging the value of your precious gold possessions. With competitive interest rates, speedy approval, and flexible loan amounts, IOB Jewel Loan is designed to meet all your financial needs conveniently. In this article, we will delve into the key features, benefits, and application process of IOB Jewel Loan, empowering you to make informed decisions about your financial future.

Introduction to IOB Jewel Loan

IOB Jewel Loan is a secured loan scheme offered by the Indian Overseas Bank, one of the leading public sector banks in India. By pledging your gold jewellery as collateral, you can access funds for various personal and business needs. The loan amount is determined based on the purity and weight of the gold.

IOB Jewel Loan Interest Rate

One of the key advantages of IOB Jewel Loan is its competitive interest rate. IOB offers interest rates ranging from 8.45% to 9.35%, ensuring that you benefit from affordable borrowing costs. This allows you to manage your finances effectively without being burdened by exorbitant interest charges.

Loan Amount and Repayment Options

IOB understands that your financial requirements may vary, and therefore, offers a flexible range of loan amounts. With IOB Jewel Loan, you can avail yourself of loans up to 25 lakh INR, depending on the value of your gold. Additionally, IOB provides convenient repayment options, allowing you to choose a tenure that suits your financial capabilities.

Speedy Sanction Process

IOB recognizes the importance of timely financial assistance. Therefore, the IOB Jewel Loan comes with an express speed of sanction. Once you provide the necessary documents and complete the application process, IOB strives to expedite the loan approval, ensuring that you receive the funds swiftly.

Minimal Processing Charges

IOB aims to make the loan process affordable and accessible to all. With IOB Jewel Loan, you benefit from lower processing charges, minimizing the financial burden associated with loan application and approval. This enables you to maximize the funds available for your specific needs.

No Closure or Documentation Charges

IOB believes in providing transparent and customer-friendly services. When you choose IOB Jewel Loan, you are exempted from closure charges, allowing you to repay the loan early if you wish to do so. Furthermore, IOB does not impose any documentation charges, ensuring a hassle-free borrowing experience.

IOB Jewel Loan Eligibility Criteria

If you are considering applying for the IOB Jewel Loan from the Indian Overseas Bank, it’s important to understand the eligibility criteria. IOB has specific requirements for both salaried individuals and self-employed professionals. In this article, we will outline the eligibility criteria for each category, ensuring that you have a clear understanding of the qualifications necessary to avail of the IOB Jewel Loan.

Eligibility Criteria for Salaried Individuals

To be eligible for the IOB Jewel Loan as a salaried individual, you need to fulfil the following requirements:

  1. Employment Status: You should be a permanent employee with a minimum of 2 or 3 years of service, depending on IOB’s discretion.
  2. Income Stability: You need to demonstrate a stable income to ensure timely loan repayment. IOB may evaluate your income stability based on factors such as your employment history and salary slips.
  3. Creditworthiness: IOB may consider your credit score and credit history while assessing your eligibility. A good credit score increases your chances of approval.
  4. Age Limit: You must be at least 21 years old at the time of application and not exceed the maximum age limit set by the bank.

Eligibility Criteria for Self-Employed Professionals

If you are a self-employed professional, the following criteria apply to you:

  1. Business Experience: You should have a minimum period of three years of activity in the related field. This ensures that you have a certain level of experience and stability in your profession or business.
  2. Income Proof: IOB may require you to submit income tax returns, audited financial statements, and other relevant documents to verify your income. These documents help determine your loan eligibility.
  3. Creditworthiness: Similar to salaried individuals, self-employed professionals are also subject to creditworthiness checks. A good credit history enhances your chances of getting approved for the IOB Jewel Loan.
  4. Age Limit: The minimum age requirement for self-employed professionals is generally 21 years, while the maximum age limit is set by the bank.

Applying for IOB Jewel Loan

Applying for IOB Jewel Loan is a straightforward process. Follow these simple steps to unlock the financial opportunities with IOB:

  1. Visit the nearest Indian Overseas Bank branch or access their official website.
  2. Inquire about the IOB Jewel Loan and gather all the necessary information.
  3. Complete the loan application form with accurate details.
  4. Submit the required documents, including proof of identity, address, and income.
  5. Provide the gold jewellery you wish to pledge as collateral for assessment.
  6. Await approval and receive the funds in your designated bank account upon successful verification.

FAQ (Frequently Asked Questions)

What is the interest rate for Jewel loan in IOB?

The interest rate for the Jewel Loan in IOB (Indian Overseas Bank) ranges from 8.45% to 9.35%, providing competitive rates for borrowers looking to leverage their gold assets.

What is the limit of IOB gold loan?

The Indian Overseas Bank (IOB) offers gold loans with a limit of up to 25 lakh INR, depending on the value and purity of the gold being pledged as collateral.

Which bank is best for gold loan?

When it comes to gold loans, State Bank of India (SBI) is often considered one of the best banks due to its competitive interest rates, flexible repayment options, and extensive branch network.

Which Bank gives lowest interest rate for Jewel loan?

Union Bank offers the lowest interest rates for jewel loans, ranging from 7.00% to 12.50%.

What is the interest of 1 lakh in IOB?

The interest on 1 lakh INR in IOB, considering an interest rate of 8.45% for 5 years, would amount to approximately 42,250 INR.

Video Credit: Hindi Banking


IOB Jewel Loan from the Indian Overseas Bank offers a convenient and reliable way to meet your financial needs. With its competitive interest rates, flexible loan amounts, and speedy approval process, IOB Jewel Loan provides a trustworthy solution for individuals and businesses alike. By pledging your gold jewellery, you can unlock the financial opportunities that will help you achieve your goals. Take advantage of the IOB Jewel Loan and secure the funds you require, with minimal processing charges, no closure or documentation charges, and a customer-centric approach.

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