|IIFL Gold Loan Interest Rate 20th June 2021|
|Interest Rate||9.24% to 24% per annum|
|Processing Fee||None to depending on the loan amount|
|Tenure of the Loan||3 months - 11 months|
|Mark-to-Market (MTM) Charges||Rs. 500|
IIFL Gold Loan Interest Rate starts from 9.24%. It can go up to 24% per annum. You can take the loan for personal expenses or any other purpose, other than a speculative one. The IIFL gold loan rate depends on the pledged asset’s purity, net weight, tenure, loan amount, and other factors. You can avail of quick repayment facilities online, at the branch, or on the mobile app. Also, you can choose a partial release of the jewellery on prepayment.
In this post, we will discuss IIFL Gold Loan Interest Rate features, interest calculation, foreclosure, part-payment, repayment, documents required, and frequently asked questions.
Here is more information:
The lowest applicable rate of interest for the jewel loan is 9.24%. The interest rates depend on the loan value, purity of gold, and loan-to-value ratio. The existing customers stand at an advantage of availing loans at lesser rates compared to regular users.
As mentioned above, the actual IIFL Gold Loan amount you can get depends on the jewellery you pledge with the institution. The value is determined by the purity level of gold on a per gram basis. Higher loan values attract lower interest rates. The limits of loan one can avail are between Rs. 3,000 to Rs. 10 lakhs, or up to 75% of the asset’s market value.
Existing customers can apply for special offers if they have maintained a healthy relationship with the bank in the past. Thus, maintaining a good relationship with the NBFC may benefit you with lower interest rates on the loans.
Longer tenure loans attract lower interest rates and vice-versa. You can avail of gold loans for tenure between 3 months to 11 months.
The loan depends on the pledged gold. The LTV is up to 75%. IIFL also provides loans with low LTVs. The IIFL Gold loan interest rates are lower in this case.
The NBFC provides loans at a concessional interest rate and charges for agricultural use. This is because the agriculture sector is the highest priority sector in the industry. Thus, the agrarian loans are available at 1 – 2% lesser than standard rates.
Here are the details for foreclosure and part-payment of gold loan IIFL:
The NBFC allows a quick repayment facility along with loan sanction and disbursal. Here are the options for how you can repay your loan:
Visit the nearest IIFL gold loan branch to repay the principal and interest amount. You can also visit the branch from where you got the funds. The payment is instant. A branch executive will help you with the steps to payment.
You can repay the gold loan anytime and from anywhere. The online payment system is safe, easy, convenient. Also, the transactions are secured for everyone.
You can download the IIFL Loans Mobile app. This app is for both Apple and Android phones. This gives you ready access to your loan account with a click. You can go through the account summary, access the interest certificate and complete statement, enter a query, repay the loan, and more.
The NBFC requires minimum documentation for a loan against gold. All you have to do is submit your address and identity proof. It takes about 5 minutes to verify the documents at the branch. If you have an Aadhaar number, then the e-KYC procedure is done at the branch on tablets. No other document is then required for the loan sanction.
The branch executive will verify your Aadhaar Number on UIDAI through fingerprint scanning or OTP. This completes the KYC online procedure. After authentication of Aadhaar, you do not have to submit other documents after this process. Your loan application also is pre-filled if you submit the Aadhaar details. This ensures faster processing of the loan.
You can also submit a physical KYC. As identity proof, IIFL can accept PAN Card/Passport/Aadhaar Card/Voter’s ID Card/Driving Licence/Job Card issued by NREGA, etc. As an address proof, the institution will accept a Passport/ Job Card issued by NREGA/Driving Licence/Aadhaar Card/Voter’s ID Card, etc.
Below given are few important questions regarding gold loan by IIFL.
You can get up to 75% of the gold’s market value as a loan. The amount sanctioned will also depend on the net weight and purity of the asset.
You can choose between 3 months and 11 months as tenure. The interest pay-out will depend on the length of the tenure. The shorter the tenure, the lower is the pay-out, and vice-versa.
Once you repay a certain amount of the outstanding amount, then you can request a partial release of gold. The financial institution will review your request, and do the needful.
You can pay back the interest due or loan amount at any of the branches. Or, you may also pay the interest through the official website. But you have to visit the branch to redeem the pledged gold.
The institution secured the pledged gold jewellery in a burglary and fire-proof vault at the branch. Complete electronic surveillance is provided at all times. Also, a free insurance cover is available for the collateral.
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