Gold loan is a secured loan in which a customer pledges her/his gold as collateral with a gold loan provider to get a loan amount. In return, the customer is required to pay the interest. IIFL is a well-established financial service and offers gold loans with an interest rate starting at 9.24%. Here is more about IIFL Gold loan, eligibility, etc.
Features of IIFL Gold Loan
Some of the salient features of IIFL gold loan:
- One doesn’t need to pay fixed EMIs every month. The customer is required to pay the accrued interest which makes loan repayment flexible and easy
- One may choose to release a part of their pledged gold by making the part payment from the total loan amount
- You can pay back your loan amount or due interest at any IIFL gold loan branches Pan India. However, your pledged will be collected from the branch where the loan was taken.
IIFL Gold Loan Interest Rate (as on 24-03-2020)
|Tenure||3 months-11 months|
|Interest Rate||9.24%-24% p.a|
|Min Loan Amount||Rs.3,000|
Note: Interest rate will vary according to the amount and tenure of the loan
Anyone over the age of 18 and owns gold ornaments can avail a gold loan from IIFL. The gold jewellery you are pledging should be over 18K to be eligible for a gold loan.
To avail gold loan from IIFL, one needs to submit the listed documents for them to process your request:
eKYC will be done by your Aadhar card number or fingerprint scanning
- Aadhar card
- PAN card
- Valid driving license
- Valid passport
- Voter’s ID card
- Job card issued by NREGA
How to Apply for IIFL Gold Loan?
There are two ways through which one can apply for a gold loan with IIFL and they are:
- Walk into their branch office with an ID proof and address proof, and the gold you are ready to pledge
- Counter staff will verify your gold and will tell you the loan amount that can be issued
- Through your Aadhaar card number, the counter staff will do your eKYC on the tablet.
- Once Aadhar authentication is done, the loan amount will be given to you
- Visit the official website of IIFL.
- From the top headers, under ‘other Loans’ click ‘gold loan’
- On the next page, fill up the application form for gold loan
- Within 2 working days, you will get a call from IIFL customer care to help you regarding gold loan.
How much Loan I can Get Against my Gold Jewellery?
While planning to avail a gold loan from IIFL, you must know how much gold you will need to get the required loan amount. The table will give you an idea of how much loan to expect against your gold jewellery:
|Grams of gold (Qty)||Loan Amount you can get|
- In the above table, the purity of the gold is assumed at 22carat.
- Amount given is indicative. It is because the market of your gold is calculated by taking 30 days average gold rate of 22 carat gold.
How to Repay IIIFL Gold Loan?
You can repay your gold loan through multiple payment options given below:
- Click https://quickpay.iiflfinance.com/
- From the drop down menu, enter your loan number, customer name and amount due. Click Pay now
- On the next page, you will get options to repay your loan amount such as net banking, credit card, debit card. Select one and pay the amount
To pay through their mobile application, first one needs to register for the app. Here are the steps:
- Download the app either from Playstore or App store
- Enter your registered mobile number and date of birth
- Click on ‘Generate OTP’ and enter the received OTP in the given space
- Setup 4 digit PIN of your choice
Payment through IIFL Mobile Application
- Login to the app using 4 digit PIN
- From the side bar, click ‘Make payment’
- After that, enter the amount you wish to pay
- Tap on ‘Pay now’, select your bank and make payment
- On successful completion, the payment receipt will be displayed on the screen.
One can also pay the interest or principal amount by visiting one of their branch offices. You can also ask the counter staff to help you use the above modes of payment.
How to Check IIFL Gold Loan Status?
One can know about IIFL gold loan status through their mobile application on the go. However, one needs to register on their mobile application prior to accessing any detail regarding gold loan. Here are the steps to register. Afterwards, one can know the following details regarding their gold loan:
- View all your loan accounts with IIFL finance
- Make payment of outstanding loan
- View transaction history
- View interest certificates
- Raise a query
How to Close my IIFL Gold Loan account?
You can close your account after 3 months by paying the full amount and interest accrued to the branch office. If you are foreclosing your account before 3 months, i.e., you are paying back the loan amount before its tenor, a nominal closure charges up to Rs.150 will need to be paid from your side. There are no closure charges after 3 months
What happens if I am not able to repay my IIFL gold loan?
In case, the customer fails to repay interest/principal amount/ any other charges, post the completion of loan tenure, IIFL will issue the notice to the customer and will give 10 days’ time to repay the total outstanding amount. If a customer fails to repay the amount even after 10 days, pledged gold articles will be sold by IIFL in a public auction as per their policy.
There are certain aspects which a borrower should know about IIFL gold loan and they are:
- Failure to repay your IIFL gold loan will result in your ornaments to be auctioned off
- While calculating the amount of gold you are pledging, only the parts that are gold will be used to calculate the value. Metals, stones and gems will be excluded.
I am a co-borrower. Can I also login?
Currently only the primary borrower or the first holder can login to IIFL loans.
How will the market value of my gold jewellery be calculated?
It is calculated according to the per gram market rate of gold on the day you submit the loan application.
What is the maximum loan amount one can avail?
You can avail a maximum loan of up to 75% of the market value of your gold depending on the purity and quality of the gold you are pledging.
Is my gold safe with IIFL?
The gold pledged by you is secured in a fire and burglary proof vault in their branch office. Moreover, the pledged ornaments are covered by insurance.
Can I partly pay my loan amount?
Yes, you can make a part payment where you pay a part of the total loan amount to IIFL. By doing so, the future interest will be charged only on the balance amount after part-payment.