IOB SME GOLD - FAQ

Q1) What is the minimum and maximum amount available?

ANS: Min.-Rs.25000/-&Max-Rs.50.00Lakhs.

Q2) Are multiple loans possible under MSME GOLD loan?

 ANS: Yes, Multiple loans possible till max amount put together Rs. 50.00 Lakhs. Only one single cash credit to maximum amount is possible.

Q3) Can individual customers avail loans under the scheme?

ANS: Yes. Individual persons doing MSE activity can also avail the loan.

Q4) What is the effective rate of interest?

ANS:

Demand Loan: RLLR+0.65%

Cash Credit: RLLR+0.65%

Refer lending rates page for RLLR or Refer Jewel loan lending page for latest rate.

Q5) Within how much time loan is to be repaid?

ANS: Demand Loan is to be repaid within 12 months. The entire principal and interest to be repaid in part or bullet repayment any time before maturity. Cash Credit is to be renewed every year Interest to be serviced as and when debited.

Q6) Is partial release of Jewels permitted?

ANS: Yes, it is permitted in CC by reducing the Drawing Power.

Q7) Whether pre payment charges are applicable?

ANS: No pre payment charges.

Q8) How much processing charges to be paid?

ANS:  Processing Charges

Up to Rs.0.50 lakh - Nil

Above Rs.0.50 lakh up to Rs.1.00 lakh - Rs.100

Above Rs.1.00 lakh up to Rs.2.00 lakhs - Rs.250

Above Rs.2.00 lakh up to Rs.3.00 lakhs - Rs.500

Above Rs.3.00 lakh up to Rs.5.00 lakhs - Rs.750

Above Rs.5.00 lakh up to Rs.10.00 lakh - Rs.1000

Above Rs. 10.00 lakhs - Rs.2000

Q9) Is Loan against 24 carat Gold Coins available?

ANS: In case of 24 carat gold coins purchased from banks, finance is restricted upto 50 grams per borrower.

Q10) What is the per gram rate given for 22 carat jewels?

ANS: Latest rates can be found in jewel loan lending rates page.

Q11) Whether 18 Carats Ordinary Jewelry pledged to get loan?

ANS: Yes. 18 carat and above jewels can be pledged to get loan. To know the latest rates, refer jewel loan lending rates page.

Q12) what is UAM or Udyam? And how to register for it?

ANS: The Udyam registration is the latest procedure of registration for the Micro, Small, and Medium Enterprises. The unique identification provided for Udyam is known as the Udyam registration number. More assistance and apply for UAM refer Free Udyam registration website by ministry of MSME.

Q13) I am doing Business. Am I eligible for loan under MSE-Gold Scheme?

ANS: Yes. Further to know about MSME refer here.

Q14) I am an informal MSME. Can IOB help me to Get MSME?

ANS: Yes. Indian Overseas Bank (IOB)  is one of the designated agencies in Udyam Assist Platform to generate Udyam Registration Number (URN) and Udyam Assist Certificate (UAC). Contact the nearest branch to get help.