IIFL finance Gold Loan
Product Details
Name of Bank
IIFL finance
Maximum Loan Amount
No cap
Interest Rate
(11.88% - 27% p.a.)
Loan to Value Ratio
75%
Maximum Loan Tenure
24 months
Fees and Charges
Processing fee :- NIL
Prepayment Penalty: NIL
Late Payment Penalty: 2% per month
Penal Interest: 6% per annum
Legal And Other Charges: ₹1500
Minimum CIBIL Score
Gold loan typically do not depend on your cibil score. This is because you are provding gold as a security upfront.
Eligibility
any individual above 18 years can avail the services
Fees and Eligibility
Concession and Features
Special Concession
N/A
Special Features
IIFL finance provide free insurance cover facility for the pledged gold so you don't have to worry about any loss or damage to the gold
Pros
"Pros:
-Quick disbursal: Get the loan within 30 minutes by submitting ID, address proof, and gold .
-Low interest rate: Pay less interest than other loans, as gold is a secure asset .
- Flexible repayment options: Choose from bullet repayment, EMI, or overdraft facility .
-Free insurance cover: Avail a free insurance cover for your pledged gold ."
Cons
Cons:
-Risk of losing gold: Lose your gold if you default on the loan, as the company can auction it .
-Fluctuations in gold price: Face changes in the value of your collateral and the loan amount due to market conditions .
-Additional charges: Pay processing fee, valuation fee, documentation fee, prepayment penalty, late payment penalty, penal interest, legal and other charges .
Pros & Cons
How to Open?
you can apply for the gold loan while visiting any branch of the company or you can Book a doorstep appointment for Gold Loan
Documents Required
Aadhaar Card
Valid Passport
PAN Card
Valid Driving Licence
Voter ID Card Job card issued by NREGA
Ration Card
Electricity Bill
Account Opening and Procedure
Indian Bank
Indian Bank Jewel loan provides two loan schemes
1. Bullet Repayment
2. Monthly Repayment
The interest rate varies from 8.65% to 9.00% which is moderate as compared to different banks offering gold loans. However, the LTV Ratio is low i.e., only 65-70%, the other banks in the market offer higher LTV Ratio on the gold loans. Therefore, before applying for such loan check the terms and conditions properly and compare different banks offering gold loans.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai