IIFL Gold Loan Interest Rate

Last Updated 19th May 2020

IIFL Gold Loan Interest Rates Jul 2020

IIFL offers one of lowest gold loan rate of 9.24% , both for its existing bank customers as well as new borrowers. IIFL jewel loan interest rate varies by amount of loan, purity of gold and loan to value ratio. Check Best Offers.

IIFL Gold Loan Rate 9.24% onwards
Processing Fee Nil
Loan Tenure 3 months to 11 months
Loan Amount ₹ 3,000 to ₹ 10 Lakh
Prepayment Charges Nil
Gold Loan SchemeEMI Scheme
Apply for Gold Loan @ 9.90%* Get upto ₹ 500* Cashback

IIFL Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. IIFL gold loan can be taken for meeting urgent personal expenses like children education, marriage and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from IIFL has the following benefits:

  • Minimum loan of Rs.3000 available
  • Insurance of gold pledged
  • No extra charges for prepayment and processing

IIFL Gold Loan Details

If you are planning to take a Loan against Gold from IIFL, you need to know the following details of its gold loan schemes:

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewelry
  • Type of Gold Accepted: Gold jewelry of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: IIFL offers jewel loans to all individuals above 18 years of age including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • IIFL Gold Loan Interest Rate starts from 9.24% to 24.00%
    • IIFL charges a processing fees of Nil
    • Loan Tenure of Gold Loan ranges from 3 months to 11 months
    • Lowest EMI per lakh on Gold Loan from IIFL is ₹ 9,516 offered at the lowest interest rate of 9.24% at the longest loan tenure of 11 months
    • IIFL allows prepayment of jewel loans with Nil charges
  • Documents Requirement: Only basic KYC documents for address proof and income proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.
  • Popular Gold Loan Schemes of IIFL
    • EMI Scheme

How can I get a Gold Loan from IIFL ?

You can apply for a gold loan with IIFL directly through branch walk-in or by filling an online application form. However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare. MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan. Customer representatives of bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get gold loan in a single branch visit during which IIFL will do an appraisal of your jewellery in terms of its purity and weight. In case, the jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

IIFL Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in IIFL is 9.24%.The factors that are used by IIFL to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. IIFL’s existing account holders get gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail depends on the weight of jewelry you can pledge with the bank. Generally, banks offer a jewel loan per gram of gold which differs by the purity of gold and loan to value ratio offered. Banks offer lower interest rates for higher amount. IIFL offers loan between ₹ 3,000 and ₹ 10 Lakh amount.
  • Relationship with the Bank: IIFL offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can get the benefit of low gold loan interest rate from IIFL.
  • Loan tenure: Many banks charge higher rate of interest for gold loans of lower tenure and lower interest rate for gold loans of higher tenure. IIFL offers gold loan with a tenure of 3 months to 11 months.
  • Loan to Value ratio: Maximum gold loan to value of gold jewelery ratio on gold jewelry has been fixed at 75% by RBI. However, IIFL also offers loans at lower LTVs. Interest rate on loans with lower LTV will be lower compared to loans with higher LTV. Maximum LTV offered by IIFL is 75% calculated on net weight of gold in your jewelry.
  • Purpose of Loan: All banks, including IIFL also offer gold loan for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. IIFL's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.
Other Charges of Gold Loan IIFL

In addition to interest rates, IIFL also carry some other charges while offering gold loan which include:

  • Processing fees – IIFL charges minimum processing fees Nil. To get lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allows prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil.

Documents Required for IIFL Gold Loan

The documentation process of IIFL is smooth. You need to submit one proof of identity and one proof of address to get a gold loan. The list of identity and address proofs is as follows:

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement

Compare Gold Loan Interest Rates of IIFL with other banks

Frequently Asked Questions on IIFL Gold Loan

How much gold loan can I avail from IIFL?

You can get upto ₹ 10 Lakh as gold loan from IIFL.

How can I check my IIFL gold loan status?

You can log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. Alternatively, you can also check your gold loan status by logging into the net banking account that received at the time of availing the loan. However, if you are concerned about the loan approval status, then in case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan IIFL available online? Is there a IIFL gold loan online payment facility?

Yes, you can apply gold loan online in IIFL to get a quick loan. Yes, IIFL offers gold loan online payment facility.

Are there any prepayment charges on gold loan?

Yes, you can prepay your jewel loan. Applicable prepayment charges - Nil.

Does IIFL offer Agricultural Gold Loan?

No, IIFL does not offer any special gold loan scheme for agriculture. You will need to avail loan against gold against the bank’s regular gold loan scheme, even if you need it for agricultural purposes.

IIFL Gold Loan News - Jul 2020
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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