IIFL Gold Loan Kaise Le 2024? IIFL Gold Loan Interest rate

Sachin Blogger May 5, 2024 87 Views

IIFL Gold Loan Kaise le: IIFL Gold Loan interest rates start from 9.24%. All credit worthy persons are eligible. Minimum loan amount Rs. Receive. 3000 and maximum Rs. 10 lakhs. Loan tenure up to 11 months. No processing fees. Check out other deals and offers through CreditMantri now

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IIFL Gold Loan

IIFL Gold Loan can be the simplest and safest way to secure funds for your immediate needs at attractive interest rates. IIFL Gold Loan with minimal documentation and safe storage is a viable option to get money quickly. Thus the amount received from gold loan can be used for marriage, education, business expansion and other similar purposes.

Introduction to IIFL Gold Loan

IIFL offers loans against gold at competitive interest rates. Being one of the leading gold loan providers, IIFL understands the needs of the customers and disburses the loan amount in an hour. The pledged gold remains safely locked in the bank locker and you do not have to worry about its safety. The gold rates and all other charges are informed to you in a transparent manner before the loan amount is sanctioned. So you don’t have to worry about hidden charges and fees on gold loan.

Benefits of IIFL Gold Loan

Following are some of the benefits that a customer can avail by pledging gold with IIFL Gold Loan.

Hassle free application
Minimum Documentation
attractive interest rates
Instant payment within an hour
Standard loan amount against gold value
secure storage

What is gold loan?

Gold is a symbol of wealth and prosperity. But when you need money for some unexpected immediate expenses, pledging your gold can be a good option to get it quickly. In gold loan, gold ornaments and jewelery are pledged as collateral to secure the loan for all your needs. Typically, the loan amount sanctioned is a fixed percentage of the value of the pledged gold. Banks use gold as a security against possible payment default by the customer.

Interest rates are slightly lower than personal loans because lenders get the benefit of collateral in case of default. Unlike other loans, gold loans do not require salary proof or a very good credit score.

Benefits of gold loan

Gold loan provides immediate help in times of emergency as it helps a person to get cash within a day. The loan can be used for any of the following purposes and more:

Gold loan can be taken for children’s education.
This can be useful for business expansion or need for working capital.
To improve agriculture by purchasing machinery for irrigation and other needs.
When a medical emergency arises, a gold loan can be a savior.
To get instant money while traveling
Gives a feeling of using one’s own assets to finance one’s needs

What type of gold can be used to secure a gold loan?

You can pledge any type of gold such as gold jewelery and ornaments. Initially, the purity of the gold is checked by the lender and on the basis of which the loan amount is sanctioned. If a customer pledges 15 grams of jewellery, out of which only 5 grams is gold and the rest is a component of other metals, the loan amount is decided based on the purity of 5 grams of gold.

Features of IIFL Gold Loan

Purpose: IIFL Gold Loan provides customers a convenient way to meet all types of personal needs such as marriage, education, business expansion, etc.

Minimum Loan Amount: Minimum loan amount starts from INR 3000.

Maximum Loan Amount: Since it is a secured loan, the borrower can avail up to Rs 10 lakh on IIFL Gold Loan.

Gold Loan Tenure: The repayment tenure on IIFL Gold Loan is up to 11 months.

Processing Fee: The borrower does not have to pay anything as processing fee on IIFL Gold Loan.

Prepayment Charges: There is no prepayment charge on IIFL Gold Loan.

Storage: Gold jewelery provided as collateral to the bank is safely stored in the bank’s locker and you can get it back after the entire loan repayment.

Gold Loan Amount per Gram: Gold loan per gram ranges between Rs 1755 to Rs 2145 and is subject to change depending on the purity of gold and market prices.

IIFL Gold Loan Kaise le ?

You can visit the nearest IIFL branch with your gold, apply for the loan and receive the loan amount after the verification process within an hour. If you want to get it from the comfort of your home, you can apply online and the bank officials will come to your home and after assessment, the loan will be processed and disbursed to your account immediately after approval.

Do Read:- Bank Of Maharashtra Car Loan Apply Online

IIFL Gold Loan loan process

The gold loan process involves the following steps.

Step 1: The purity of the gold is checked on the basis of which the loan amount is decided.

Step 2: The market rate of gold per gram is checked and the previous day’s rate is taken into consideration.

Step 3: Loan to Value (LTV) is decided in this step. The maximum LTV value prescribed by RBI is 75%.

Step 4: Once you accept the loan amount and terms, the lender processes the application. Processing fees and other charges are reduced from the loan amount.

Step 5: After signing the final agreement, the gold loan amount is transferred to your account.

How to pay your IIFL Gold Loan EMI?

Your IIFL Gold Loan can be repaid in the following three ways.

Standing Instruction (SI): If you are an existing account holder of IIFL, Standing Instruction is the best mode of repayment. Your EMI amount will be automatically debited at the end of the monthly cycle from the IIFL account specified by you.

Electronic Clearing Service (ECS): This mode can be used if you have a non-IIFL account and you want your EMI to be automatically debited from this account at the end of the monthly cycle.

Post-Dated Check (PDC): You can deposit post-dated EMI checks from non-IIFL account at your nearest IIFL loan centre. A fresh set of PDC has to be submitted on time. Please note that post dated checks will be collected only at non-ECS locations.

It is recommended that you select SI or ECS mode for faster and less error prone payments compared to using PDC.

FAQs- IIFL Gold Loan Kaise le

1.What is the tenure of IIFL loan against gold?

The tenure of IIFL Gold Loan is up to 11 months acc to iifl.

2.What if the loan amount is not repaid on the due date?

If the loan amount is not repaid on or before the due date, penal interest will be charged. If there are persistent defaults, the lender will secure the loan amount by auctioning the gold.