iifl gold interest rate
|IFL Gold Loan Interest|
|Interest Rate||9.24% to 24% per annum|
|Processing Fee||None to depending on the loan amount|
|Tenure of the Loan||3 months – 11 months|
|Loan Amount||· Minimum Rs. 3,000
· Up to 75% of the pledged gold’s market value
|Foreclosure Charges||· No charges after 3 months
· Within 3 months – Rs. 0 to Rs. 150 depending on the loan amount
|Mark-to-Market (MTM) Charges||Rs. 500|
IIFL Gold Loan Interest Rate is from 9.24%. This can increase up to 24% per annum. You can also take up the loan for your personal expenses or any other purpose. IIFL gold loan rate depends on pledged asset’s purity, net weight, tenure, loan amount, and other factors. You can now avail for quick repayment facilities online, at branch or on mobile app. You can also go for partial release of jewellery on prepayment.
Here in this blog, we will further discuss on IIFL Gold Loan Interest Rate features, foreclosure, interest calculation, part payment, repayment, documents needed and frequently asked questions.
Features of IIFL Gold Loan Interest Rate
Detailed information is given below:
IIFL Gold Loan Interest is between 9.24% and 24% per annum.
NFBC accepts gold jewellery over 18 Karats.
Loan approval is done within 5 minutes and disbursal in done within 30 minutes is possible.
Any self employed, salaried, housewife, businessman, students and more people who are above 18 years of age can apply for this loan.
This gold’s market value is calculated as per gram rate on the day you apply for funds.
If you want to determine loan amount, tenure, rate of interest then gold’s net weight and purity are also mainly considered with Loan to Value Ratio (up to 75%).
Other gems, stones, metals and more in jewellery are excluded from calculations.
IIFL Gold Loan Interest Calculation
Lowest applicable rate of interest for jewel loan is about 9.24%.Its interest rate depends on loan value, loan to value ratio, gold purity. Existing customers gets an advantage on availing loan at a very less rates compared to new users.
IIFL Gold Loan amount can depend on jewellery you pledge with institution. Its value is determined by its purity level of gold per gram basis. Higher loan values attract lower interest rates. Its limits of loan can avail between Rs. 3,000 to Rs. 10 lakhs, or up to 75% of asset’s market value.
Existing customers can also apply special offers if they are said to have maintained a healthy relationship with bank in past. Thus maintain a good relationship with NBFC might benefit you with decrease in interest rates on loans.
Increase in tenure loans attracts decrease in interest rates and vice-versa. You can also avail of gold loans for tenure between 3 months to 11 months.
Loan to Value Ratio (LTV)
Their loan depends on the pledged gold. The LTV is increased up to 75%. IIFL provides loans with low LTVs.
IIFL Gold Loan Foreclosure and Part-payment
Detailed information on foreclosure and part-payment of gold loan IIFL:
Foreclosure: You can also foreclose the loan account after repaying entire loan amount before the tenure period. Then you can apply to release your pledged gold at branch. Foreclosure fee will apply depends on your loan amount. Charge may be from Rs. 0 to Rs. 150 for foreclosure before 3 months. No charges to be paid after 3 months.
Part-payment: You can also choose to pay a portion partly for total loan amount before tenure. This may help to save on interest payout by decreasing principal outstanding. This can also help with partial release of collateral
IIFL Gold Loan Repayment
The NBFC allows you for a quick repayment facility along with loan sanction and disbursal. There are many other options for how you can repay your loan:
- Pay at a Branch
- Pay Online
- Payment Through the App
- Documents to Apply for an IIFL Gold Loan
- Submit e-KYC
- Physical Documents
FAQs about IIFL Gold Loan
Below mentioned questions are related to gold loan by IIFL.
Can we do loan prepayment. Will prepayment fee apply for IIFL Gold Loan?
Yes, you can move for prepay of your loan. No prepayment charges are applicable.
Is This loan available online? Any other online payment facility?
Yes one can apply for online gold online. This will help to get a quick loan. IIFL provides online payment facility for its borrowers.
What is gold loan maximum amount one can avail at IIFL?
One can avail not more than INR 10 Lakh as the gold loan