India Infoline Finance Limited (IIFL) is a financial company headquartered in Mumbai. It was founded in 1995 as a private limited company under the provision of the companies act. Next, The company was shifted to a public limited company in the year 2007. Interestingly, IIFL ranks among the top 7 financial conglomerates in India. Furthermore, the company provides a wide range of financial products namely, Personal Loan, Gold Loan and many more. Finally, IIFL has an excellent reputation when it comes to the gold loan service. 

What is IIFL Gold Loan?

Gold Loan is a secured service. In which the applicant has to put gold ornaments as security in the bank, to avail a loan against them. Also, after the repayment of the loan amount, the ornaments are returned to the customer in the same shape. If the loan seeker is unable to repay the loan amount, then gold ornaments are confiscated by the bank. Therefore, it is essential to choose the loan amount sensibly. Besides, people with weak CIBIL Score are also eligible for this service. 

IIFL Gold Loan Interest Rate

  1. To begin, The Gold Loan Interest Rate of this service starts at 12% p.a.
  2. Secondly, The financial organizations provide these loans for 1 to 4 years.
  3. Also, The pre-closure charges are in between 2% of the value of the loans.

Who all can apply for IIFL Gold Loan?

To get an IIFL Gold loan, one has to fulfill the following eligibility criteria:

  1. First of all, gold should be in the name of the applicant or family member. That is, the gold ornaments which are on the name of the applicant or family member, the loan is approved only on those ornaments.
  2. Secondly, the customer applying for a loan should be a resident of India. Thus, the loan seeker should have the nationality of India.
  3. Thirdly, The age of the person should lie in between 18-70 years group. Therefore, anybody who does not fall in this category is not approved a gold loan.
  4. Next, the minimum loan amount is 18000 Rupees. And it can go up to 1 Crore depending upon the quality of gold.
  5. Last but not least, Gold Loan Interest Rates are quite affordable in comparison to other services.

Features of IIFL Gold Loan

  1. Loan Amount: To begin, An applicant can avail maximum amount of Rs.1,00,00,000. But, it solely depends upon the quality and quantity of gold.
  2. EMI options: Secondly, Hassle-free payment of EMIs. That is, the people can structure the payment of a gold loan according to their need. 
  3. Instant Liquidity: Moreover, Enjoy liquidity of cash at any time. Generate instant cash in time of need. Which is possible due to the facility of overdraft.
  4. Security: Furthermore, The bank provides the complete protection of the ornaments. Thus, you do not have to worry about the safety of their jewelry.
  5. Interest Rates: Also, Individual can get the advantage of a lower rate of interest. 
  6. An advantage to the farmers: Finally, an applicant can also apply for a Gold loan on Agricultural Land on their name. And get a discount of 1% on the interest rate charged.

IIFL Gold Loan Calculator

IIFL Gold Loan Calculator helps people to know the amount of loan the bank will disburse to them. Through this calculator, one can estimate the amount of loan one can get. Steps IIFL follows to decide the loan amount are as follows:

  1. The Purity of Gold: To begin, IIFL uses an in-house jeweler for accessing the actual purity of the gold. Thus, after the evaluation of the gold, the loan amount is decided by the banks. The banks provide around 75% of the value of gold as the loan amount. 
  2. The Weight of Gold: Also, the quantity of gold is another factor that decides the loan amount. But, the price of jewels and stones carved in the jewelry is excluded from the value of gold.  
  3. Price of Gold: After evaluating the gold jewelry, IIFL multiples the quantity of gold with the gold rate to calculate the total value of the gold. As per the instruction of RBI, the average gold rate of past 30 days is considered as the rate of gold for calculation of the amount. 
  4. LTV Ratio: After the calculation of the value of gold, IIFL applies an LTV of around 75% to calculate the final value of the loan amount. 

IIFL Gold Loan Per Gram

When it comes to a gold loan, people are generally concerned about the Gold Loan Per GramTo get an IIFL Gold Loan an applicant should have at least 10 grams of gold. Following is the amount of loan that banks disburse on per gram of gold:

Firstly, For 18 Carat Gold 

  1. Gold Loan Amount per 10 grams= Rupees 16,000.
  2. Amount of Gold Loan Per Gram= Rupees 1,600.

Secondly, For 19 Carat Gold

  1. Loan Amount per 10 grams= Rupees 17,000.
  2. Gold Loan Per Gram= Rupees 1,700.

Thirdly, For 20 Carat Gold

  1. Loan against Gold Amount per 10 grams= Rupees 17,500.
  2. Gold Loan Per Gram= Rupees 1,750.

Fourthly, For 21 Carat Gold

  1. Gold Loan Amount per 10 grams= Rupees 18,500.
  2. Gold Loan Per Gram= Rupees 1,850.

Next, For 22 Carat Gold

  1. Gold Loan Amount per 10 grams= Rupees 20,080.
  2. Gold Loan Per Gram= Rupees 2,080.

Note: The Banks do not accept 24 Carat Gold for loan approval.

*Read More about Gold Loan Per Gram

What are the documents required for IIFL Gold Loan?

The documents should be particularly from the following options

Applicant Identity Verification Documents can be amongst the below documents (ANY):

  1. Passport: Valid Copy of passport both front and last page.
  2. Voters ID card: Copy of Valid Voter Identity Card.
  3. Driving License: Copy of Driving license which is valid.
  4. Aadhar card: Copy of Aadhar Card with current information.

Applicant Address Verification Proof can be amongst the below documents(ANY):

  1. Passport: Valid Copy of passport both front and last page.
  2. Voters ID card: Copy of Valid Voter Identity Card.
  3. Driving License: Copy of Driving license which is valid.
  4. Aadhar card: Copy of Aadhar Card with current information.
  5. Utility Bills on the name of the applicant.
  6. Sales Tax Certificate.
  7. Rental Agreement.

Signature Verification Documents required are namely:

  1. Valid Copy Passport.
  2. Bank’s Verification Certificate.
  3. Cheque

For Farmers: Agriculture Land Proof.

Forms of Gold accepted by IIFL?

Bank provides loan on certain ornaments of gold. Following is the list that shows which ornaments banking institutions consider for a gold loan. And, which they do not.

  1. Gold Jewelry-  First of all, Bangles, Necklace, Earrings and any other type of jewelry.
  2. Gold Coins- Next, Not accepted for loan approval.
  3. Gold Bars- In addition, Loan is not given on gold bars.
  4. Gold Biscuits- Furthermore, in this case also loan is not approved.

IIFL Gold Loan Procedure

Online Process 

The applicants have an option to apply easily at the comfort of their home. To do so, follow the steps:

  1. First of all, visit www.dialabank.com.
  2. Secondly, a borrower will have to submit an application form with all the current information.
  3. After this, our relationship managers will get back to you to guide you through the entire loan process. 
  4. Then, all you have to do is to visit the bank for submission of documents and evaluation of the gold ornaments. 
  5. Finally, the bank sanctions the loan to the applicant after checking the genuineness of the asset provided.
  6. The whole Gold Loan process takes approximately 45 minutes after the evaluation of the assets.

*Besides, you can directly call us on 95920-46860. 

Another option, the loan seeker has an option to avail a gold loan from the nearby branch. To do this, search Gold Loan Near me on google. After this, Google will provide all the nearby branches that offer the service of a gold loan. You will have to visit the branch until the loan disbursal, thus is a tiring procedure in contrast to the online process.

IIFL Gold Loan Calculator

You also have an option to calculate the EMI before availing a loan. You can do so very quickly. Just click below and get to know the amount of the EMI you will have to manage.

EMI CALCULATOR

* For any assistance regarding Gold Loan, call us on 95920-46860, our trained Relationship Managers will solve all your queries.

FAQ's IIFL Gold Loan

Q. How does IIFL Bank Gold Loan Work?

Gold Loan is very simple to understand as well as easy to avail. The IIFL Bank provides you with funds against your gold Jewelry. The amount depends upon the gold weight.

Q. IIFL Bank Gold Loan is secured or not?

Yes, IIFL bank gold loan is secure it is necessary to note that the Gold Loan comes in the types of secured loan. Because in case of a loan on gold the applicant put their gold jewelry into the IIFL bank’s locker as security or as collateral.

Q. When you don’t repay a Gold Loan amount?

If the applicant is unable to return the gold loan amount at fixed tenure, then IIFL bank is liable to sell his gold Jewelry.

Q. To avail a loan on gold from IIFL Bank do I need a co-applicant?

No, to avail IIFL Gold Loan you don’t need any co-applicant.

Q. Which is better Gold Loan or Personal Loan?

Most importantly you get at least 75% of their actual gold value as a Gold Loan amount. Next, the Gold loan application process takes only a few mins. Low credit score/CIBIL can even get Gold Loan. From here we can see that availing Gold Loan is a much better option than other loans.

Q. What is the best online platform to avail gold loan?

Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.

Q. Is there any fee payable for the IIFL Gold Loan?

Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.

Q. Can I foreclose the IIFL Gold loan earlier?

Ans Yes. You can choose to foreclose the loan any time within 1 -2 months of availing the gold loan.

Q. Does Gold loan affect CIBIL?

Paying regular EMIs of Loan on Gold give you higher points. 150 reward point when you repay your amount this helps to maintain your Credit Score/CIBIL. Thus taking a gold loan and repaying it on time will undoubtedly boost your credit score or CIBIL score.
 

Other Major Banks

Bank

 Interest Rates

HDFC Bank Gold Loan

10.00% - 14.50%

ICICI Gold Loan

10.00% - 16.10%

Muthoot Finance Gold Loan

18.00% - 24.00%

Axis Bank Gold Loan

14.50% - 17.00%

Manappuram Gold Loan

19.00% - 26.00%

Yes Bank Gold Loan

10.00% - 15.99%

 

 

 

 

 

 

 

 

 

 Related Articles

 Why Interest Rates Keep On Changing?

What is Healthy and Weak CIBIL Score?

Gold Loan: Features and Benefits

Gold Loan: Factors to Remember