Gold Loan Interest Rates 2020375 views
- Want to get Loan Against your Gold? Know why IIFL Gold Loan would be the most suitable option!
- Know about the applicable interest rates, the loan eligibility and flexible repayment options of IIFL Gold Loan!
Want to overcome the financial emergency by going for a loan against your gold ornaments? IIFL Gold Loan could be the most preferred choice for you due to its amazing features and benefits. IIFL is one of the leading Non-Banking Financial Company (NBFC) providing customized gold loans besides other financial products. Having a presence in more than 50 cities across India with its 2,366 branches, IIFL presents you with an opportunity to avail of the loan by submitting your gold as the collateral.
Instead of letting your gold loan stay idle in your locker at home, you can get the desired loan amount against the precious yellow metal at an affordable interest rate. Also, your gold will surely be a lot safer in the fire and burglary proof vaults of IIFL as compared to your home. The most special part about the IIFL Gold Loan is that you don’t need any income proof to get the loan amount. You just need gold which is above 18 carats. With over 3.5 Million satisfied customers, it assures you to fulfill any of your needs related to funds. So, if you want to know more about this gold loan facility, don’t stop reading!
Table of Contents
- 1 What is the IIFL Gold Loan Interest Rate?
- 2 How to Apply for the IIFL Gold Loan?
- 3 What are the Documents that You Will Need to Submit?
- 4 How to Use the IIFL Gold Loan Calculator?
- 5 How to Make the IIFL Gold Loan Repayment?
- 6 How to Contact IIFL Gold Loan Customer Care?
What is the IIFL Gold Loan Interest Rate?
In the case of any loan facility, an individual looks very closely at the interest rates he or she will be getting from the lender. Why? Because it directly impacts your repayment (EMI amount) as it will consist of both your principal and interest amount. So a higher interest automatically translates into higher repayments and vice-versa. IIFL Gold Loan interest rates start from 9.24% per annum and the final rate will be decided by the lender based on the loan amount and tenure you opt for.
Talking about the loan amount, you could take as low as INR 3,000. The maximum limit will depend on the overall value of gold. IIFL offers a maximum loan amount upto 75% of the gold value. Suppose the value of your gold ornaments is INR 8 lakh. In such a case, you could get a maximum of INR 6 lakh as the loan amount. There is no restriction on its end-use which means you can use the loan amount to meet any of your monetary needs ranging from renovating your house to buying the newly launched gadget in the market.
We are providing some other details related to IIFL Gold Loan in the table below. Do not forget to check it!
|Details||IIFL Gold Loan|
|Minimum Loan Amount||INR 3,000|
|Maximum Loan Amount||Maximum 75% of the value of gold ornaments|
|Interest Rate||9.24% - 24.00%|
|Processing Fee||INR 0 onwards depending on the scheme you’re opting for|
|Mark-to-Market (MTM) Charges||INR 500|
|Gold Loan Closure Charges||INR 0 to maximum INR 150 if the loan is closed within 3 months|
No Charges after 3 months
How to Apply for the IIFL Gold Loan?
Now that you’ve got some important details related to the IIFL Gold Loan, you would like to apply for it, right? IIFL provides a pretty simple and transparent process to apply for the Gold Loan facility.
To apply for a Gold Loan, you just have to submit a few details and your loan application will be on the way. You can see the following steps by which you can apply.
- Go to the official website of IIFL and then go to the Gold Loan section.
- There, you will see a form where you will need to submit a few details such as your name, mobile number, the required loan amount, and the residing city.
- After filling all these details, click on the ‘Submit button and your application will be processed.
The IIFL representatives will soon contact you based on your loan application. They will tell you about the scheme in detail and also about your requirements so that you can make a better decision while choosing them.
After this, you will have to go to any of the nearest branches of IIFL where you have to submit your gold ornaments and jewellery. Other than this, you will need ID and Address Proof. IIFL can give loan approval in just 5 minutes provided everything goes well. After this, the overall value of your gold will be calculated with the in-house valuation process of IIFL and subsequently the loan amount, which will be disbursed into your account or in the form of cash within 30 minutes.
What are the Documents that You Will Need to Submit?
The documentation process is quite an important factor in deciding your eligibility and also to authenticate your candidature. If you are worried about the tiring and long documentation process you will have to face, let us tell you that at IIFL, you will need to follow a simple and minimal documentation process.
In this documentation process, you just have to go to any of the Gold Loan branches – which are more than 900 across the country – with your ID proof and Address Proof. As we told you before also, that the total approval time is only 5 minutes. There are mainly two methods for the documentation which are eKYC and Physical KYC Process. You can have a look at both of them below.
In this process, the KYC process is done online. You just need your Aadhar Number. The lender authenticates your Aadhar through OTP or Fingerprint Scanning with UIDAI, an abbreviated form of the Unique Identification Authority of India. After this online process is completed, you don’t need to submit any other documents for getting the IIFL Gold Loan. Besides, your loan processing will be faster as your application form will be pre-filled with your Aadhar details through the eKYC process.
Physical KYC Process
If you want to opt for the physical KYC process, you will need to submit any of the following documents as the identity and address proofs.
- Identity Proof – Aadhar Card/ PAN Card/ Passport/ Driving Licence/ Voter’s ID Card
- Address Proof – Voter’s ID Card/ Aadhar Card/ Passport/ Job Card issued by NREGA
How to Use the IIFL Gold Loan Calculator?
Now you must have this question in your mind: what loan amount I could get if I have a certain quantity of gold or for getting a fixed sum of the loan amount, how much gold will I have to bring to the IIFL branch? To get an answer to all these questions, you can use the IIFL Gold Loan Calculator which is an amazing tool and can be used by anyone. This tool can be used in two ways and both are mentioned below. Do check them!
When you want to know how much loan your gold can give you with the IIFL Gold Loan, you just have to put the quantity of your gold (in grams) in the calculator. As soon as you will click on ‘Get Results’, you will get the exact loan amount you are eligible for. This is done by taking the market value of your gold considering the 30 days average gold rate for the 22 carats. IIFL will calculate the value based on the parts that are gold and exclude other metals, stones and gems from the calculations So keep this factor in mind.
Suppose you want to get a loan amount of INR 80,000 and want to know how much gold you will need for this? All you need to do is put the desired loan amount into the calculator, and you will get the exact gold in grams you will need to submit. You need to remember that this is just an indicative amount and the lender will eventually decide the amount.
How to Make the IIFL Gold Loan Repayment?
Repayment is a crucial aspect of any loan as it shapes your credit history. And a gold loan repayment is no exception. But for the IIFL Gold Loan, you need to remember that you don’t need to repay the loan through EMI, instead, you only have to pay the interest amount on your loan. This feature makes the whole repayment process easier and more flexible for all the individuals who want to opt for the loan. The best thing about the IIFL gold loan is that not only it provides variety in the loan schemes but also when you repay the loan.
There are mainly three repayment methods that you can opt for – Online Payment, Payment through App, and Payment at Branch. We are giving you details about all these methods below so that you don’t have to face any trouble in the repayment.
Payment at Branch
First, we would talk about this repayment method at the branch. For this, you don’t need to do anything other than going to the branch from where you have got the gold loan. The representatives over there will collect your payment for the principal or interest amount. If for some reason, it is not convenient for you to go to the branch, you can opt for the other two methods as they are more convenient and can be done from anywhere.
The second method is to opt for online payment. With this method, you can make your loan repayment from anywhere at any time. You just need an internet connection for that. For this, you have to go to the official website of IIFL and there you will see the Online Payment page. Select the Gold Loan among all the options, enter your loan number, name, and due amount. You can use any of the payment methods available there. This is a fast and instant method to repay your gold loan without any stress.
Payment via App
Now, this last payment method is the best of all as it provides more than paying the loan amount. IIFL has provided you with this application named IIFL Loans Mobile available both on Android and iPhone. You just need to download the app from the App Store and register yourself by putting your mobile number and Date of Birth linked with the IIFL account. With this application, you can do the following things.
- Know your Account Summary
- Complete Loan Account Statement
- Make Payment of the Outstanding Gold Loan
- Get hands-on the Interest Certificate
- Submit any kind of query related to the loan
How to Contact IIFL Gold Loan Customer Care?
In case you have any queries about your gold loan and you want to get in touch with the IIFL customer care, you can do it by dialing 1800-267-3000 or 7039-050-000. The representatives over there will hear your query patiently and resolve it at earliest. You can go to the branch too to get your questions answered. Other than this you can email your concern at [email protected]