IIFL Gold Loan
Avail of an IIFL Gold Loan for all emergency expenses. IIFL offers loan amounts up to 75% of the market value of gold, depending on its quality, at an attractive Gold Loan Interest Rate starting from 11.88% - 27% p.a. The borrowed amount can be repaid in a flexible tenure of up to 24 months at your convenience.
Apply for IIFL Gold Loan @ 11.88% Interest Rate
Features of IIFL Gold Loan
The main features of the IIFL Finance gold loan are mentioned below:
- Loan amount: IIFL offers a maximum loan amount of 75% to 90% of the market value of your pledged gold, depending on its quality and weight.
- Rate of interest: IIFL gold loan interest rate begins from just 0.99% per month. The interest rate ranges from 11.88% - 27% p.a., depending on the loan amount and repayment frequency.
- Tenure: The tenure of repayment for an IIFL gold loan varies between 1 month to 24 months.
- Processing fees: The IIFL gold loan processing fee starts from Rs. 0 onwards and can go up to 3% of the sanctioned loan amount, depending on the scheme availed.
- MTM charges: You will also be required to pay MTM charges of Rs. 500 for the evaluation of gold to reflect its current market rate.
- Eligibility: As per the IIFL gold loan eligibility norms, the applicant must be a salaried employee, business person, self-employed professional, trader, or farmer, aged between the age of 21 to 70 years.
- Gold loan calculator: You can use the gold loan calculator available on IIFL’s website to know your loan amount eligibility in an instant. All you need to do is open the calculator page, enter the gold amount (in gm or kg), and hit the ‘Calculate Now’ button.
- Type of gold accepted: IIFL calculates the market value of your gold by taking 30 30-day average gold rate of 22-carat gold. The purity of your gold is assumed at 22 carat.
Types of Gold Loan Offers by IIFL
IIFL offers the following types of gold loan schemes:
1. IIFL Gold Loan:
The IIFL Gold Loan can be availed of by salaried employees, business persons, traders, farmers, or self-employed professionals who are aged between the age of 21 to 70 years.
Key Features:
- The loan amount available is up to 75% of the market value of your pledged gold, depending on the quality of the gold.
- Repayment tenure available for this gold loan is up to a maximum of 24 months.
- The rate of interest for this scheme ranges from 9.96% to 27% p.a., depending on the loan amount and repayment frequency.
- Processing fee starts from Rs. 0 onwards and varies upon the scheme availed.
- MTM charges of Rs. 500 are applicable for the evaluation of an asset.
2. Digital Gold Loan:
This IIFL Finance gold loan is an online scheme available to cater to all your emergency expenses.
Key Features:
- Get a gold loan in a completely digital process, anytime and anywhere.
- You can also apply for a top-up on an existing gold loan.
- A free insurance cover facility is available for your pledged gold.
- Online loan renewal is possible.
- Easy paperless documentation is involved from a mobile device.
- Instant approval and 24X7 convenient online repayment.
- Just add any of your bank accounts online to receive money and for the payment of outstanding dues.
- No hidden charges involved.
- Free safe custody of your valuable gold.
Interest Rate of Gold Loan in IIFL Bank
IIFL gold loan interest rate starts from 11.88% - 27% p.a., depending on the amount of loan borrowed and the repayment capacity of the borrower. Many factors can affect the current IIFL gold loan rate of interest, including the loan amount, gold loan per gram rate, benchmarking method, gold’s value, repayment frequency, borrower’s credit score, monthly income, and so on.
Compare Gold Loan Interest Rate with Other Lenders
Below is the comparison of the IIFL gold loan interest rate with the interest rates of other best gold loan banks in India. You can check which bank offers the lowest gold loan interest rate in India before applying for a loan:
| Lenders | Rate of Interest (p.a.) | Loan Amount | Processing Fee | Tenure |
|---|---|---|---|---|
| IIFL Finance Gold Loan | 11.88% - 27% | 75% to 90% of the gold’s value | Rs. 0 - 3% | 1 month - 5 years |
| Indian Bank Gold Loan | 8.25% p.a. onwards | Up to Rs. 10 Lakhs | Up to 0.50% | Up to 35 months |
| UCO Bank Gold Loan | 7.40% - 7.90% | No upper limit | Up to 0.20% | Decided by the bank |
| PNB Gold Loan | 9% p.a. onwards | Rs. 25 000 to Rs. 25 Lakhs | 0.30% or Rs. 500 + GST, whichever is higher | Up to 12 months |
| Bank of Baroda Gold Loan | 8.85% | Up to Rs. 50 Lakhs | Up to 0.50% + GST | 12 - 36 months |
| Bank of India Gold Loan | 8.45% - 10.40% | Up to 85% of the gold’s market value | Up to Rs. 1,000 | 3 -36 months |
| Union Bank of India Gold Loan | 8.25% - 10.15% | Up to Rs. 25 Lakhs | As decided by the bank | Up to 3 years |
| Canara Bank Gold Loan | 9.15% | Rs. 5,000 - Rs. 35 Lakhs | 1% | 6 - 12 months |
| HDFC Bank Gold Loan | 7.60% - 17.05% | Up to Rs. 1 Crore | 1% | 3 - 24 months |
| Federal Bank Gold Loan | 8.64% onwards | Rs. 1,000 to Rs. 1.5 Crores | Up to 0.80% | 6 - 12 months |
| SBI Gold Loan | 8.55% - 8.65% | Rs. 20,000 - Rs. 50 Lakhs | Nil till 31.01.2023 | 3 - 36 months |
| ICICI Bank Gold Loan | 10% - 19.8% | Rs. 50,000 - Rs. 1 Crore | 1% + GST | 6 - 12 months |
| Karnataka Bank Gold Loan | 9.33% to 9.95% p.a. | Up to Rs. 25 Lakhs | Up to 0.25% | 6 - 12 months |
| Axis Bank Gold Loan | 17% - 19% | Rs. 25,001 - Rs. 25 Lakhs | Up to 0.50% | 6 - 36 months |
| Bajaj Finserv Gold Loan | 9.50% - 28% | Up to Rs. 2 Crores | Rs. 99 | Up to 36 months |
| Muthoot Fincorp Gold Loan | 12% - 27% | Rs. 1,500 - No upper limit | 1% | 7 days - 36 months |
IIFL Gold Loan Fees & Charges
Apart from the IIFL Gold Loan interest rate, you will also be required to pay the following charges:
- Processing fees: The processing fee varies depending on the availed gold loan scheme and starts from just Rs. 0 onwards. The maximum processing charges can go up to 3% of the loan amount sanctioned.
- MTM charges: You will also be required to pay MTM charges of flat Rs. 500 on the IIFL Finance gold loan, which is the lowest in the industry.
How to Apply for an IIFL Gold Loan
You can easily apply for an IIFL gold loan by following the steps mentioned below:
- Search for an IIFL gold loan near me on the internet and walk into your nearest IIFL gold loan branch with the complete set of documents. You can search for the nearest IIFL gold loan branch here https://www.iifl.com/finance/locate-us/gold-loan.
- Alternatively, you can also book a doorstep appointment for the loan.
- You will then have to submit the following documents required for gold loan at IIFL along with the application form:
- Proof of identity:
- Aadhaar Card
- Valid Passport
- PAN Card
- Valid Driving Licence
- Voter ID Card
- Job card issued by NREGA
- Proof of address:
- Aadhaar Card
- Voter ID Card
- Valid Passport
- Electricity Bill
- Ration Card
- Valid Driving Licence
- Job card issued by NREGA
- Proof of identity:
FAQs
Yes. Availing of a gold loan from IIFL is safe. The lender safely stores your pledged gold items in the well-maintained locker so that you do not have to worry about their safety.
IIFL gold loan per gram rate is currently Rs. 3,504 per gram. If you pledge 100 grams of gold, the loan amount offered will be Rs. 3,50,400. The value may differ depending on the gold rate, quantity, and value.
You can avail of a maximum loan amount of up to 75% of the market value of the gold, depending on its quality and quantity.
Yes. You can repay the gold loan in monthly instalments in a tenure varying anywhere between 1 month to 5 years.
The maximum loan repayment period available for an IIFL gold loan is up to 5 years.
You can pay IIFL gold loan EMI either online from the IIFL Loans Mobile app or offline by visiting your IIFL Gold Loan branch and paying your interest or principal amount instantly by cash.
You can contact IIFL gold loan customer care by calling 1860-267-3000 or 7039-050-000 from 9:30 AM to 6 PM any day (except Saturday, Sunday and Public Holidays).