IIFL Gold Loan 2023: Are you looking for a quick and easy way to get cash? A gold loan may be the perfect solution for you.
Gold loans are a convenient and affordable way to borrow money, and they are especially popular in India. With an IIFL gold loan, you can get a loan up to 75% of the value of your gold, and the interest rates are very competitive.
In this blog post, we will discuss everything you need to know about IIFL gold loans, including the benefits, charges, and interest rates. We will also provide tips on how to get the best deal on an IIFL gold loan.
So, if you are looking for a quick and easy way to get cash, read on to learn more about IIFL gold loans.
Loans Offered by IIFL Finance
IIFL Finance offers three types of loans:
What is Gold Loan?
A gold loan is a type of secured loan where the borrower pledges their gold jewelry or ornaments as collateral. The lender then advances the borrower a certain percentage of the value of the gold, typically up to 75%. The loan amount, interest rate, and repayment terms will vary depending on the lender and the borrower’s creditworthiness.
Gold loans are a popular option for borrowers who need quick cash, as they are relatively easy to obtain and do not require a good credit score. They can be used for a variety of purposes, such as medical emergencies, education, business expenses, or personal needs.
What is IIFL Gold Loan?
IIFL Gold Loan is a secured loan offered by IIFL Finance against the pledge of gold ornaments. You can get a loan up to 75% of the value of your gold, and the interest rates are competitive. IIFL gold loans are available for a variety of purposes, including business needs, medical expenses, and personal emergencies.
IIFL Gold Loan Features
The IIFL Finance gold loan provides a simple way to access funds, and it comes with several great benefits. When you apply for an online gold loan with IIFL Gold Loan, you can expect:
- Security and Insurance: Your pledged gold is kept safe and insured.
- Fast Approval: Loan approval takes only a few minutes.
- Speedy Disbursement: You’ll receive the loan amount quickly.
- Minimal Documentation: You can meet your requirements with very little paperwork.
IIFL Gold Loan Charges
IIFL Finance offers competitive gold loan interest rates and transparent fee structure. There are no hidden charges associated with IIFL gold loans. Here is a breakdown of the fees and charges:
|Interest rate||0.99% onward p.m. (11.88% – 27% p.a.)||Varies according to the loan amount and repayment frequency.|
|Processing fee||₹0 onwards||Varies depending on the scheme availed.|
|MTM charges||₹500.00||Charges levied for valuing the gold asset to reflect its current market rate.|
|Auction charges||₹1500.00||Charges levied in case of auction of the gold asset to recover the loan amount. Auction intimation charges: ₹200.|
IIFL Gold Loan Interest Rate
IIFL Gold Loan interest rate starts from 9.24% p.a. onwards. The final interest rate will be determined by the lender based on the loan amount, repayment tenure, and the quality of gold pledged.
IIFL Finance offers a variety of gold loan schemes with different interest rates and features. For example, the IIFL Gold Loan Overdraft scheme offers an interest rate of 11.88% p.a. onwards, while the IIFL Gold Loan for Business scheme offers an interest rate of 12.99% p.a. onwards.
IIFL Gold Loan Eligibility
To be eligible for a gold loan from IIFL Finance, here are the straightforward criteria:
- Age Requirement: You should be at least 18 years old but no older than 70.
- Occupation: Whether you’re a salaried individual, a business owner, a trader, a farmer, or a self-employed professional, you’re eligible.
- Gold Purity: The gold you use as collateral should be between 18 to 22 carats in purity.
- Loan Amount Limit: The maximum loan you can get is up to 75% of the value of your gold. So, if your gold is worth ₹100, you can get a loan of up to ₹75.
That’s it! These are the simple requirements to qualify for an IIFL Finance gold loan.
IIFL Gold Loan Required Documents
To get a gold loan, you’ll need to provide some documents as per the Reserve Bank of India’s rules for customer verification. Here’s what you can use to get IIFL Gold Loan From IIFL Finance:
For Proving Your Identity:
- Aadhaar Card
- PAN Card
- Driver’s License
- Voter ID Card
For Confirming Your Address:
- Aadhaar Card
- Rent Agreement
- Electricity Bill
- Bank Statement
- Driver’s License
- Voter ID Card
These documents are required to make sure everything is on the up-and-up when you apply for a gold loan. It’s all part of the process to keep things safe and secure.
How do I apply for IIFL Gold Loan?
Here’s how you can easily get a quick Gold Loan from IIFL Finance:
- Locate the Nearest Branch: Find the closest IIFL Gold Loan branch to your location.
- Gather Your Documents: Bring along your identification proof, address proof, and of course, your gold. These documents are essential for a smooth and speedy approval process.
- Streamlined Process: We’ve made the process simple. Our experts will assess the value of your gold in-house, and once approved, you can expect the loan amount to be deposited directly into your account or receive it in cash.
It’s as easy as 1-2-3! Walk into our branch, provide the necessary documents, and watch your funds materialize. Getting the financial assistance you need has never been this straightforward.
How to Pay IIFL Gold Loan online by IIFL Quick Pay?
To make an online payment for your IIFL Gold Loan through IIFL Quick Pay, you can follow these steps:
- Visit the IIFL Finance Quick Pay Website: Go to the official website of IIFL Finance Quick Pay.
- Enter Loan Details: Click on the Quick Pay link, and you’ll be directed to a page where you can enter your loan details. This typically includes your loan account number and other required information. Fill in the details accurately.
- Verify Details: Double-check the information you’ve entered to ensure it’s correct. This is crucial to prevent any payment issues.
- Select Payment Method: Choose your preferred payment method. You may have options like debit card, credit card, net banking, UPI, etc., depending on what’s available on the IIFL Finance website.
- Complete Payment: Follow the on-screen instructions to complete the payment process. You may need to authenticate the transaction using an OTP (One-Time Password) sent to your registered mobile number.
- Confirmation: After successful payment, you should receive a confirmation message or email. Make sure to keep a record of this confirmation for your records.
If you encounter any issues or have questions about the online payment process, it’s a good idea to reach out to IIFL Finance’s customer support for assistance. They can guide you through the process and provide any necessary help to ensure your payment goes smoothly.
How do I close my IIFL Gold Loan?
IIFL Finance did not provide an online option for closing a gold loan. Typically, gold loan closures are done through physical visits to the branch where you obtained the loan. Here are the general steps to close an IIFL gold loan:
- Visit the Branch: Go to the nearest IIFL Finance branch where you obtained the gold loan. It’s essential to visit the specific branch where your loan was processed.
- Carry Required Documents: Take along the necessary documents, including your loan account details, identity proof, and any other documents requested by the branch for loan closure.
- Settle the Outstanding Amount: Pay off the outstanding loan amount along with any accrued interest and charges. You can make this payment in cash or through other payment methods accepted by the branch.
- Receive Closure Confirmation: After settling the loan, the branch will provide you with a loan closure confirmation letter or statement. Make sure to keep this document for your records.
- Retrieve Pledged Gold: If you have pledged gold ornaments, you should be able to retrieve them from the branch once the loan is fully repaid. The branch will return your pledged gold items to you.
- Obtain a No Objection Certificate (NOC): Ensure that you receive an NOC from the branch, which confirms that the loan has been closed satisfactorily. This document is important for your records and future references.
IIFL Gold Loan Benefits | IIFL Gold Loan advantages
- Quick disbursal of loans against your gold jewelry, so you don’t have to wait long after applying.
- You’ll receive the highest loan amount possible, ensuring you get the most value for your gold jewelry and ornaments.
- Your pledged gold is securely stored in specialized rooms and is covered by reliable insurance, giving you peace of mind.
- The loan comes with complete transparency; all fees are clearly communicated at the application stage, so you won’t encounter hidden costs.
- Tailored gold loan schemes are available to meet your specific capital needs, ensuring you can raise sufficient funds for your requirements.
IIFL Gold Loan Customer Care Number
For Questions and Help:
- Call at 1860-267-3000.
If You Prefer Email:
- Mail at [email protected].
Finding IIFL Finance in Person:
- If you want to talk to face to face, find IIFL Finance nearest branch using “IIFL Finance Locate Us” locator.
Q. What is the minimum age to avail a gold loan from IIFL?
The minimum age to avail a gold loan from IIFL Finance is typically 18 years.
Q. What purity of gold ornaments cannot be pledged for availing gold loan from IIFL?
IIFL Finance typically accepts gold ornaments with a purity ranging from 18 to 22 carats for pledging as collateral to avail a gold loan. Gold ornaments with lower purity, such as 14 or 10 carats, are generally not accepted for this purpose.
Who is IIFL?
IIFL is a financial services company based in Mumbai. It was founded by a group of enthusiastic entrepreneurs back in 1995 and played a leading role in retail broking. Over time, IIFL has grown to offer a wide range of financial services.
These include non-banking and housing finance, managing wealth and assets, providing financial advice and brokering, distributing mutual funds and financial products, handling investment banking and institutional equities, and offering real estate brokering and advisory services.