IIFL Gold Loan Key Features
Up to Rs. 1 Crore (With Income Proof)
|IIFL Gold Loan Interest Rate||0.79% per month|
|IIFL Gold Loan Rate Per Gram||
Rs. 3351 per gram
|Gold Required||Minimum 18 Carat|
|Processing Fee||Up to 1.50% of the Principal Loan Amount|
Bullet Payment Scheme, Overdraft Scheme, EMI options
IIFL issues a Gold Loan per gram rate of Rs. 3351 in line with the current gold rate. The best IIFL Gold Loan Rate per gram is Rs.3351 for 22 Carat gold, measured at a maximum 75% loan to value, and the average gold price for the last one month for 22-carat is Rs.3351.
- Reason: The IIFL gold loan provides customers with a convenient way to meet various personal needs such as weddings, education, and business expansion.
- Minimum Loan Amount: Rs 3,000 is the minimum loan amount one can avail.
- Maximum Loan Amount: Because it is a secured loan, the borrower can obtain a maximum of Rs 5 Lakhs on the IIFL gold loan.
- Interest Rate: The interest rate on an IIFL gold loan begins at 0.79% per month.
- Repayment Tenure: The period of repaying for an IIFL gold loan is up to 24 months.
- Processing Fees: On an IIFL gold loan, the borrower does not need to pay any processing fees.
- Prepayment penalties: There are no penalties on the prepayment of the IIFL gold loan.
- Storage: The gold jewels provided to the bank as collateral are safely stored in the bank’s locker and can be retrieved after the loan is fully repaid.
- Gold Loan Amount Per Gram: You can get up to Rs.3351 per gram as the best rate for your gold.
Each Feature Explained in Detail Below
Introduction To IIFL Gold Loan
India Infoline Finance Limited (IIFL) is a financial services company founded in 1996 as an equity research firm by Mr Nirmal Jain. The company now ranks among the leading financial services provider in the nation and has over 25+ years of industry experience.
The company has three business verticals – IIFL Finance, IIFL Securities, and IIFL Wealth Management. IIFL has an excellent reputation when it comes to the gold loan service, as the company’s vision is to be the most respected financial services company in India. Not necessarily the largest or most profitable
Gold Loan is a secured loan. 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 Scores are also eligible for this service.
- IIFL Gold Loan Interest Rate is 0.79% per month.
- IIFL Gold Loan Rate Per Gram is Rs.3351.
- IIFL Gold Loan Tenure is up to 24 Months.
- IIFL Gold Loan processing fee is up to 1.50% of the Principal Loan Amount.
Benefits of IIFL Gold Loan
- Loan Amount: The loan’s amount can vary from Rs.3000 to Rs. 5 lakh, and solely depends on the quantity and the quality of the gold.
- EMI options: Borrowers can pay their EMI’s through IIFL’s Loans mobile app, payments apps like Paytm or directly at IIFL’s physical branch.
- Instant Liquidity: Liquidate your gold instantly. Generate instant cash in time of need, by pledging it for a gold loan with IIFL.
- Security: IIFL provides complete protection of your ornaments. Thus, you do not have to worry about the safety of their jewellery.
- Interest Rates: A gold loan is secured and offers a lower interest rate when compared to other forms of credit.
- An advantage to the farmers: Farmers can get special benefits and a lower interest rate, showing proof of their agricultural land.
Advantages of IIFL Gold Loan
The following are some of the benefits that a customer can obtain by pledging gold with an IIFL gold loan:
- No-hassle in the application process
- Minimal validation of documents
- Appealing interest rates
- Prompt disbursal of the loan amount
- The standard loan amount is calculated based on the value of the gold
- Your gold is securely stored
How to Apply for IIFL Gold Loan?
- In-person/ Physical Mode:
(i) Visit your nearest branch of IIFL with Identity and address proof along with the gold that you are ready to pledge.
(ii) The Personnel present at the bank would verify and analyse the gold and inform you of the maximum loan amount you can avail of.
(iii) The counter staff will perform your eKYC on the tablet using your Aadhaar card number.
(iv) After the Authentication of your identity, address etc., is done, the loan amount would be disbursed to you.
(i) Visit IIFL official website.
(ii) Select “under loans’ from the top headers and then click “Gold Loan”.
(ii) Fill out the gold loan application form on the following page.
(iv) An IIFL customer care executive would call you in the next two working days for further assistance.
How Much Gold Loan Can I Get Through IIFL?
IIFL Gold Loan Per Gram
Rs.3351 per gram
IIFL Gold Loan Eligibility
To get an IIFL Gold loan, one has to fulfil the following eligibility criteria:
|Age||18-75 years of age|
|Employment Status||Salaried, Self-Employed|
|Gold Quality||Minimum 18 Carats|
|CIBIL Score||500 and above|
IIFL Gold Loan Documents Required
Applicant Identity Verification Documents can be amongst the below documents (ANY):
|Photographs||2 Passport Size|
|Identity Proof||Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)|
|Residence Proof||Aadhar Card, Driving License, Ration Card, etc. (Only 1 is required)|
IIFL Gold Loan Details
To check Gold Loan Interest Rate for all major banks you can visit: Gold Loan Interest Rate
|IIFL Gold Loan Interest Rate||Rs. 3351|
|Processing Fee||up to 1.50% of the Principal Loan Amount|
Rs 250 for a loan up to Rs 1.5 lacs and Rs 500 for a loan over and above Rs 1.5 lacs
Late Repayment Charges
2% p.a. + Applicable rate of interest.
Renewal Processing Fees
|Rs 350 + GST|
Types of IIFL Gold Loan
- Loan Against Gold: Anyone can avail of a loan against gold by pledging his/her gold jewellery with the bank. The rate of interest offered is relatively low.
- Loan for Agriculture purposes: is given to the borrowers who need a loan for agriculture purposes. To facilitate their work, IIFL offers the lowest rate of interest on gold loans.
Gold Loan Process:
A gold loan involves the steps outlined below.
Step 1: The purity of the gold is determined, and the loan amount is determined.
Step 2: The market rate of gold per gram is checked, and the previous day’s rate is taken into account.
Step 3: At this point, the loan to value (LTV) is determined. The RBI has set a maximum LTV value of 75%.
Step 4: After you have agreed to the loan amount and terms, the lender will process your application. The processing fees and other charges would be deducted from the loan amount.
Step 5: Following the signing of the final agreement, the gold loan amount is deposited into your account.
Applying through the Dialabank website?
- Visit the website Dialabank.
- Fill up the form of gold loan available on the website.
- You will be contacted on your provided number by our relationship manager.
- The relationship manager will help you with choosing the right loan option for yourself.
IIFL Gold Loan EMI Calculator
- While going to avail a Gold loan, have to know that how much gold you need to carry to the branch for a particular amount.
- Similarly, if you have got Gold jewellery, you’ll have to verify, what quantity loan to expect his straightforward calculator helps you to answer each the on top of queries and lets you opt for what quantity gold to require to the IIFL gold loan branch.
- the simplest feature of the IIFL Gold loan is that you just needn’t pay mounted EMIs each month.
- All you would like to pay is that the interest increased on your loan makes loan compensation versatile and straightforward.
|Rate of Interest||6 months||1 Yr||2 Yrs||3 Yrs|
How to Pay Your IIFL Gold Loan EMI?
Repayment of an IIFL gold loan can be made by way of EMIs and must be made through Electronic Clearing System or Automated Clearing House.
IIFL Gold Loan Contact Number
For any sort of assistance regarding the IIFL gold loan, you can contact us on the number 9878981144
What Types of Gold Can Be Used To Secure a Gold Loan?
Bank provides loans 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.
- Gold Jewelry- First of all, Bangles, necklaces, earrings, and any other type of jewellery.
- Gold Coins- Next, Not accepted for loan approval.
- Gold Bars- Also, a loan is not given on gold bars.
- Gold Biscuits- Furthermore, in this case, also loan is not approved.
How to Contact IIFL Gold Loan Customer Care?
If you have any queries about the gold loan and want to contact IIFL customer service, you can do so by dialling 1800-267-3000 or 7039-050-000. The representatives over there will listen to your question patiently and resolve it as soon as possible. You can also visit the branch to get answers to your questions. You can also email your concern to email@example.com.
Uses of IIFL Gold Loan
- To finance personal expenses such as medical bills, tuition fees etc.
- To finance business requirements.
- IIFL Gold loan can also be used for agricultural purposes.
Why Should You Avail a Gold Loan From IIFL?
- Branches across India
- Over 3.5 million happy customers
- The loan application process is completely transparent.
- The security and insurance of the gold pledged by you is of utmost importance
- The lender possesses a dedicated support team.
How to Close my IIFL Gold Loan Account?
After three months, you can close your account by paying the entire amount plus interest to the branch office. If you close your account before three months, i.e., you pay back the loan amount before the tenure, you must pay a nominal closure charge of up to Rs.150. After three months, there are no closure fees.
FAQ’s About IIFL Gold Loan
IIFL Gold Loan is the best option if you are looking to liquidate your gold instantly. It provides loans against gold ornaments at attractive interest rates with instant approval and disbursement in approximately 30 to 45 minutes. With IIFL you will be able to say “Hai Bharosa” for all your dreams to come true.
You can get a gold loan from IIFL with the following steps:
- Fill in the form available on Dialabank.
- Our expert relationship manager will get back to you on your number within 30 minutes.
- We will evaluate your loan repayment capacity eligibility and suggest you the best options.
- Submit your documents.
- Enjoy the loan amount instantly in your accounts.
IIFL Gold Loan Rate Per Gram is Rs.3351, depending on the quality of your gold i.e (18-24 carats).
The IIFL Gold Loan is very simple to understand, as well as easy to avail. The IIFL provides you with funds for your gold Jewelry. The amount depends upon the gold weight which can be repaid within the tenure period.
IIFL Gold Loan Interest Rate is 0.79% per month
You can check your Gold Loan status in IIFL online by visiting the Bank’s online portal/ website and logging in with the credentials required to access your personal application status.
The gold loan interest rate in IIFL can be calculated by subtracting the principal amount from the total loan amount to be paid for the entire tenure. You can also check the EMI Calculator to know about your total payable amount.
You can avail a maximum of up to 75% of your gold’s value which you have pledged with IIFL.
The loan tenure of your IIFL gold loan is up to 24 months.
A processing fee of up to 1.5% + GST.
The charges for pre-payment with IIFL gold loan is up to 1.5% of the outstanding loan amount.
You can renew your gold loan online with IIFL by simply filling the renewal form available on the portal of IIFL, and once everything is processed, your loan will be renewed for a new tenure.
IIFL Gold loan interest can be paid online using various modes like the i-mobile app, m-banking, net banking, debit cards, etc.
If you do not pay the IIFL Gold loan for 3 consecutive months the bank would warn you against further defaults. In case the defaults continue, the bank may have to sell your pledged gold ornaments.
You can apply for an EMI moratorium with an IIFL Gold loan in 2 ways:
- Fill a form online by logging in with your credentials.
- Visit the branch near you and apply for the same by filling a form physically.
You are not eligible to pay your Gold loan through a credit card as per RBI Guidelines.
If the customer is unable to repay any amount, maybe the interest/principal amount/ any other charges, post the completion of loan tenure, IIFL will send a legal notice to the customer and will give a slot of 8-10 days time to repay the total outstanding amount. If a customer fails to repay the amount even after the given time period, pledged gold articles will be sold by IIFL in a public auction as per their policy.
Table of Contents
- 1 IIFL Gold Loan Key Features
- 2 Introduction To IIFL Gold Loan
- 3 Benefits of IIFL Gold Loan
- 4 How Much Gold Loan Can I Get Through IIFL?
- 5 IIFL Gold Loan Per Gram
- 6 IIFL Gold Loan Eligibility
- 7 IIFL Gold Loan Documents Required
- 8 IIFL Gold Loan Details
- 9 Types of IIFL Gold Loan
- 10 Applying through the Dialabank website?
- 11 IIFL Gold Loan EMI Calculator
- 12 How to Pay Your IIFL Gold Loan EMI?
- 13 IIFL Gold Loan Contact Number
- 14 What Types of Gold Can Be Used To Secure a Gold Loan?
- 15 Uses of IIFL Gold Loan
- 16 FAQ’s About IIFL Gold Loan
- 16.1 ✅ What is IIFL Gold Loan?
- 16.2 ✅ How Can I Get Gold Loan From IIFL?
- 16.3 ✅ How much Gold Loan Can I get per gram from IIFL?
- 16.4 ✅ How Does IIFL Gold Loan work?
- 16.5 ✅ What is the Gold Loan interest rate in IIFL?
- 16.6 ✅ How to check Gold Loan Status in IIFL?
- 16.7 ✅ How to Calculate Gold Loan Interest in IIFL?
- 16.8 ✅ What is the maximum Gold Loan amount I can avail for my gold from IIFL?
- 16.9 ✅ What is the Loan Tenure of IIFL Gold Loan?
- 16.10 ✅ How much Processing Fee is Applicable on IIFL Gold loan?
- 16.11 ✅ What are the Charges For Pre-payment in IIFL Gold Loan?
- 16.12 ✅ How to Renew IIFL Gold Loan Online?
- 16.13 ✅ How to pay IIFL Gold loan Interest Online?
- 16.14 ✅ What if I can’t pay the Interest on IIFL Gold loan for 3 months?
- 16.15 ✅ How can I apply for an EMI moratorium on an IIFL Gold loan?
- 16.16 ✅ How to pay an IIFL Gold loan through Credit Card?
- 16.17 ✅ What happens if I am unable to repay my IIFL Gold Loan?