IIFL has earned an excellent reputation when it comes to gold loans. IIFL Gold Loan is the most convenient way to manage funds for your personal and business requirements like education, weddings, business expansion, etc. With IIFL Gold loans, you can easily arrange immediate funds by pledging your gold jewelry. The maximum repayment tenure is up to two years.
Type of IIFL Gold Loan
IIFL Flexi Loan
IIFL Agri loan
It is a secured loan, the minimum loan amount one can avail of is a minimum of Rs. 3000/- and maximum up 5 lac. The borrowers don’t have to pay any processing fees. The IIFL gold loans can be repaid in 24 months. With IIFL Gold Loan, you don’t have to pay any repayment charges.
With IIFL Gold Loan, you don’t have to worry about your gold jewelry provided to the bank as collateral. It is safely stored and can be retrieved after loan repayment in the same condition as it was given.
The charm for gold is deeply rooted in Indian culture. Gold is an integral part of the Indian family. The golden glow has always captivated the Indians, and its infatuation is growing over the years. Gold is more than an investment for Indians. Gold occupies a special place in Indian hearts, and in times of financial crises, they don’t want to part with their gold belongings. The gold loan can be a good option in such conditions.
Gold Loan
A gold loan is a secured loan taken by the borrowers from the lender by pledging their gold articles as collateral. Gold quality should be in the range of 18%-24%.
Usage of Gold loans
The gold loan amount can be used to meet all sorts of personal and business financial requirements such as medical emergencies, marriage, higher education, etc.
Documents required to process Gold loan
The requirements of documents may vary from lender to lender. Usually, the following documents are required for gold loans.
Application form for gold loan
KYC documents including Copy of PAN Card, Copy of Aadhar Card
Photograph of the borrower
Income proof - latest salary slip/form 16/ bank statement
Post disbursement documents, if any
Eligibility
Most lenders offer gold loans to all individuals above eighteen years of age like salaried employees, self-employed professionals, businessman pensioners, farmers, traders, etc.
Best Gold loan providing companies
Muthoot Finance
PNB
Axis Bank
Federal Bank
ICICI Bank
Manappuram
Interest rate and processing fees
The interest rate varies according to product variant, repaying capacity of the borrower, etc. Generally, the interest rate on gold loans ranges from 9% to 17% based on various factors and lenders. Some lender also charges processing fees ranging from 1-3% of the gold loan amount. There are several other charges like late payment charges, pre-payment / foreclosure charges, etc. Check out all these charges before applying for a gold loan.
Tenure for Gold loan
Gold loans are short-term loans, generally availed for a short term. The duration may vary from one month to 36 months. Some companies also provide loans for five years.
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