IOB launches two new gold loan products to address unique needs

Chennai-headquartered Indian Overseas Bank (IOB) has introduced two new jewel loan products - IOB Gold Powered Card and Jewel Loan Suvidha.

IOB Gold Powered Card will provide instant access to a card linked directly to their jewel loan overdraft accounts. It will provide the flexibility for customers to service both interest and principal at the maturity of the loan i.e., 12 months from the date of sanction, according to a statement.

Offering loan amounts ranging from ₹25,000 to ₹25 lakh, IOB Gold Powered Card can also be used for cash withdrawal at ATM and for POS and e-commerce transactions. The cash withdrawal limit per transaction is ₹20,000 with a daily limit of ₹1 lakh. For e-commerce and POS transactions, the per day and per transaction limit is ₹25.00 lakh. Validity extends to three years, subject to annual reassessment.

• Also read:IOB hikes rates on retail term deposits, launches new Rupay and CASA variants

Jewel Loan Suvidha is described as an exclusive jewel loan product that has been developed to cater to the unique needs of housing loan borrowers, not only from IOB but also from other banking institutions. It seeks to address critical financial requirements such as margin money, registration charges and unforeseen project escalation costs that may arise during a housing loan period. This solution offers reimbursement within a 12-month timeframe from the date of incurring expenses.

The loan amount will range from ₹25,000 to ₹50 lakh and it provides flexible repayment options, including bullet payment and EMI modes, while also availing income tax benefits subject to fulfilment of the conditions prescribed under the Income Tax Act, 1960.

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