IIFL Gold Loan Interest rate calculator works on various inputs like
Loan Amount – Generally banks offer lower interest rates for higher amount. However, IIFL offers loan between Rs. 3,000 and Rs. 1,000,000 amount.
Relationship with the Bank – IIFL offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low gold loan interest rates from the bank.
Repayment Capacity – Before giving loan to the borrower, IIFL checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
IIFL Gold Loan Eligibility Calculator
Eligibility of gold loan in IIFL relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
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.
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
Documents Required for IIFL Gold Loan
The documentation process of IIFL is smooth. Here is a list of documents which are required to apply for home loan from IIFL:
Identity proof: Passport, Driving License, PAN Card, Aadhar Card, Voter's ID Card
Address proof: Aadhar Card, Voter’s ID Card bank statement, rent agreement, utility bills, registry copy
Compare Gold Loan Interest Rates of IIFL with other banks
ICICI Bank has announced the launch of its mobile app named Mera iMobile. This is an exclusive mobile banking app for rural customers that will help them to access banking services as well as agri services. Banking services will offer customers gold loan, Kisan credit card, farm equipment loan and loan to self-help groups. It is the first banking app offering agriculture associated information. The app will be available in English and 11 different Indian languages.
Promoter of the gold loan NBFC, Manappuram Finance is planning to sell his stake in the company from its current stake holding of 28.2 per cent. The news resulted in a rise in the stock price of the gold loan NBFC by 2 percent at Rs. 95 per share.
Manappuram Finance has launched a new ad campaign with an ad agency named Maxus to promote its newly launched gold loan product, Online Gold Loan. The ad campaign highlights the utility of Manappuram Finance gold loan products in terms of providing easy liquidity and convenience to its customers to be able to lead a contemporary lifestyle. The Online Gold Loan allows the customers to avail gold loans via the company’s mobile app.
Muthoot Finance is planning to raise funds worth Rs. 2,000 crore via non convertible debentures through a public issue. The leading Gold Loan NBFC expects to utilise the funds for lending activities and other business purposes. The issue is being managed by Edelweiss Financial Services and AK Capital Services.
Manappuram Finance has launched a new gold loan campaign Online Gold Loan (OGL) for gold loan borrowers. Consumers can easily get gold loan via internet or Smart Mobile App of the gold NBFC after completing the required physical loan process. Under the scheme, all transactions including approval additional gold loans and repayment of interest and loans can be conducted online.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at firstname.lastname@example.org to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.