IIFL Gold Loan

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IIFL gold loan is the simplest way to meet your monetary requirement. This financial company has added a remarkable number of customers, close to one hundred thousand in this category. The days when people had to wait relentlessly to go through a cumbersome process of getting a loan, have now passed away. Here comes a simple way to get financing for your business – IIFL (India Infoline) gold loan is your one-stop shop for all financial needs.

You can find details about IIFL gold loan on Loanbaba.com, so keep a check on this page for further updated information.

IIFL Gold Loan Details Updated on 24th January 2020

Loan Amount

Rs. 3,000 to Rs. 10 lakhs

Loan Tenure

3 months to 11 months

Interest Rate

9.24%-24% p.a.

Achieve your immediate objectives while your gold stays in the safe hands; feel free to take advantage of every opportunity in the meanwhile. IIFL’s total base across all three ranks of cities - tier 1, 2 and 3. India Infoline has even extended lending to all sorts of Micro, Small & Medium Enterprises (MSME's) which comprises of farmers, exporters, importers, and traders.

Why Choose IIFL Gold loan?

The India Infoline has attractive offer on gold loan. It charges nominal rate of interest. The loan amount can be used for desirable purpose. Loan tenure is flexible and one can get maximum amount as per the gold weight. The procedure for loan sanctioning is transparent and the bank has helped several customers fulfil their financial needs with loan against gold.

Features of IIFL Gold Loan

  • Loan amount starts from Rs 3,000.00.
  • Competitive interest rates - 12% to 14%.
  • Tenure of the loan - 3 to 11 Months.
  • Renewal fees: As applicable.
  • Disbursal time - Approximately 30 minutes.
  • Carat required- 18 to 24 Ct.
  • Age Limit - Minimum 18 years to apply for the loan.

Why Apply for Gold loan on Loanbaba.com?

At Loanbaba, you can compare and apply for gold loans online. You can check out several gold loan schemes go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page. The application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

IIFL Gold Loan Interest Rates

The IIFL Gold Loan interest rate charged is related to various factors. The interest rate per year is 9.24%-24%. The rate of interest charged depends on your repayment capacity, gold weight and purity the foremost, and other factors. Acceptable forms of gold are bank-purchased coins and self-owned jewellery. The bank has the right to change its interest rates and borrowers have to clarify with the bank about the existing bank rate.

IIFL Gold Loan Interest Rate Calculator

    The calculation of jewel loan interest rate depends on the below-mentioned aspects.

  • Quantum of Finance
  • The loan amount sanctioned depends on the weight and purity of the jewellery pledged with the financial institution. IIFL gold loan interest rate calculator or calculation takes into account the loan amount to determine the rate of interest applicable. The institution will offer an amount as loan depending on per gram of gold of specific purity. The loan amount is also influenced by loan to value ratio, which can be up to 75% of the gold’s actual market value. Higher loan amount may attract a lower rate of interest, and vice-versa.

  • Tenure of the Loan
  • Period of the loan is one of the important factors to determine the rate of interest. Higher rates are usually charged for shorter tenure loans and vice-versa. However, the tenure primarily depends on your repayment capacity and the gold’s purity, weight, and of course, the loan amount. A suitable tenure is chosen in a way that you will be able to pay off the EMIs on time. A longer tenure will cause an increased interest payout, but smaller instalments every month, and vice-versa.

    You should check with IIFL for their repayment options. Sometimes, you may be allowed to repay the interest amount in instalments through the tenure with complete repayment of the principal amount at the end of the tenure. Or else, you may have to pay interest and principal component in parts and parcel every month till end of tenure.

  • Relationship with the Financial Institution
  • A sound and healthy relationship with IIFL will help you secure additional benefits and a quick loan procedure. Since the financial institution may trust its existing customers because or proven repayment track record and already submitted documents, there are higher chances of receiving best interest rate, compared to new customers. IIFL is likely to trust a customer who already has made repayments of debts on time with the institution, to offer discounted rates of interest.

  • Repayment Capacity
  • Though in a jewellery loan, your repayment capacity is not a primary concern since gold pledged acts as sufficient security, the financial institution may offer a better rate of interest if your repayment capacity is good. It indicates to the lender that you may not default at repayments and pay the instalments in time.

Though in a jewellery loan, your repayment capacity is not a primary concern since gold pledged acts as sufficient security, the financial institution may offer a better rate of interest if your repayment capacity is good. It indicates to the lender that you may not default at repayments and pay the instalments in time.

IIFL Gold Loan Eligibility Calculator

Gold loan eligibility may differ from one candidate to another. You must go through the eligibility criteria before applying for the loan. For a jewel loan, the eligibility criteria will be usually based on gold weight and purity, along with age of the applicant, etc. You can also use free-of-cost gold loan eligibility calculator at Loanbaba.com

Documents Required to Apply for IIFL Gold Loan

Below-given is a list of documents needed to apply for IIFL gold loan.

1. Identity proof (any one of the mentioned):

PAN card is mandatory. Besides that, you can submit any of the proofs for identity such as Driving Licence, Passport, Voters ID, Aadhaar card, etc.

2. Address proof (any one of the mentioned):

You can submit electricity bill, telephone bill, trade license, ration card, passport, lease agreement, purchase agreement, etc.

You need to also attach 2 recent passport-sized photographs with duly filled and signed loan application form.

Types of IIFL Gold loans

The bank has gold loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.

How to Apply for Gold Loan IIFL?

To apply for a jewellery loan with the financial institution, you can either choose online or offline method of loan application as mentioned below.

1. Online Process:

Visit the official website of IIFL and look for online loan application facility for a loan against gold. If such facility is available, you will be able to submit the loan application on the website itself by attaching the necessary documents’ soft copy. After dropping the application, you will be contacted by one of the customer executives to discuss the procedure further. You will be able to even track your loan application online. However, for gold valuation process, you may have to visit the nearest branch office.

2. Offline Process:

Visit the nearest branch office in your area and enquire for jewellery loan details and schemes. A customer executively will run you through necessary details and suggest you schemes best suited for your requirements. If interested, you can fill up the loan application form at the branch itself. It is best to carry necessary documents and gold to be pledge for valuation, in case you plan to apply for the loan.

3. Disbursal Process:

After gold valuation and application procedure are done, a loan amount and other aspects, such as interest rate, tenure, and other terms and conditions will be finalized. If the terms are agreeable, you can ask for the loan agreement and sign it. After the loan process if complete, the funds will be transferred to your bank account the same day.

Gold loan IIFL FAQs

Below provided is important IIFL Gold Loan FAQs.

  • addFAQs
    1. What are the benefits of gold loan IIFL?
    2. All other loans may require you to produce salary slips and other certifications for verification purpose IIFL gold loan can be availed just for Gold over 18 carats. The loan amount is decided based on the value of gold as per the regulation of RBI (Reserve Bank of India). Their fire and theft proof vaults keep your gold insured and intact.

    3. What is the EMI pattern of gold loan India Infoline?
    4. IIFL gold loan EMI is a fixed sum that you pay towards repayment of loan on a regular basis until your loan is fully paid off. Lowest EMI which you can pay to IIFL is Rs 9,645.00. In case of prepayment of the loan, you get the option to either keep the EMI same and lessen the loan tenure or to decrease the EMI and keep the same tenure.

    5. What are the charges for a loan against gold by IIFL?

    The Processing fee is - 0.15% (Minimum Rs 50.00) and Rs 500.00 MTM (Month to Month) charges. The Foreclosure charges are: if the loan is closed before 3 months: <1 Lakh = Rs 50, 1 to 3 Lakhs = Rs 100, >3 Lakhs = Rs 150.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of IIFL.

IIFL Gold Loan Review

Gold Loan
star star star star star 15.0/5
IIFL provided me an instant response in regards to my Gold Loan application. The processing charges were minimal. It is a trusted service from their team.
Mumbai January 22, 2020
Gold Loan
star star star star star 14.0/5
My experience with IIFL for Gold Loan in Bangalore was a good one. My schedule was so hectic that I chose to apply online for the loan at loanbaba and was not disappointed by either of their service. Both loanbaba and Federal were professional in their service.
Mumbai January 21, 2020
Gold Loan
star star star star star 15.0/5
I had applied my Gold Loan in Mumbai at IIFL. I was in dire need of funds and fortunately got the loan amount soon.
Mumbai January 17, 2020
Gold Loan
star star star star star 15.0/5
I requested for Gold Loan in Ahmadabad from IIFL. At first there were some issues as their charges were increasing my expenses than expected, but worked out a solution to it. All thanks to their customer service.
Mumbai January 14, 2020

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