IIFL offers gold loan to the customers who have urgent need of money. Gold loan to be offered by IIFL has many features like:
Minimum loan of Rs.3000 available
Insurance of gold pledged
No extra charges for prepayment and processing
Gold Loan IIFL
Gold loan interest rates offered by IIFL are fixed as well as floating
Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in IIFL benchmark rate and should be chosen only if you believe that the rates will not hike in future
In contrast to this are floating rates which changes with a single change in IIFL benchmark rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
IIFL Gold Loan Rates depends upon
Loan amount: Gold loan rate in IIFL depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
Gold Loan Charges
Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. IIFL allows prepayment of gold loan with Nil prepayment charges
Processing Fee- IIFL asks for a processing fee of Nil with applicable service tax
Penal Interest- IIFL charges a penal interest of 0.00% per month if you don’t pay the EMI on the due date decided by the bank
IIFL Gold Loan EMI Calculator
Gold Loan EMI of IIFL is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by IIFL is Rs. 9,645 per lakh loan amount. Gold loan EMI of IIFL depends upon:
Rate of interest: Higher the interest rate, higher will be the EMI. For a 11 months gold loan from IIFL at interest rate of 12.00% per annum, EMI will be Rs. 9,645 per Rs. one lakh loan amount. At interest rate of 12.00% for the same loan, the EMI will be Rs. 9,645
Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 12.00% per annum, the EMI would range from Rs. 34,002 to Rs. 9,645 for loan tenure ranging from 3 months to 11 months
IIFL Gold Loan Eligibility Calculator
Gold loan eligibility criteria IIFL
Eligibility of Gold loan in IIFL depends upon multiple factors:-
Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing gold loan.
Gold loan rate per gram: IIFL will value the jewelry based on price of 22 carat gold adjusted for purity. IIFL use thirty days average rates of 22 carat gold prices. You can also check today gold rate at Myloancare.
Form of gold pledged: You can get gold loan from IIFL against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for gold loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
Purpose for which loan is used: You can use the gold loan from IIFL for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
19th Nov 16 IIFL Finance proposes to buy Samasta Microfinance Ltd.
IIFL Finance, a unit of IIFL Financial Holdings got approval from Reserve Bank of India to acquire Bangaluru based microlender Samasta Microfinance Ltd. The valuation of the deal is not disclosed. The acquisition will help IIFL to enter into micro finance segment and to extend its wide ranging financial services.
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