IIFL Finance Gold Loan provides a quick and secure way to access funds by leveraging your gold assets. With interest rates starting at 11.88% p.a. ( 0.99% p.m.) for loans of at least ₹3,000 and tenures up to 2 years, it offers a flexible solution for those needing financial assistance. The application process is simple, requiring minimal documentation and ensuring fast approval. Whether for personal or business needs, IIFL's gold loan allows you to benefit from your gold while keeping it safe.
Table of Contents:
- ⇾ Highlights of IIFL Finance Gold Loan
- ⇾ IIFL Finance Gold Loan Interest Rates & Charges
- ⇾ Features and Benefits of IIFL Finance Gold Loan
- ⇾ IIFL Finance Gold Loan Interest Rates Vs Other Banks
- ⇾ Eligibility Criteria For IIFL Finance Gold Loan
- ⇾ Documents Required For IIFL Finance Gold Loan
- ⇾ Steps to Apply For IIFL Finance Gold Loan
- ⇾ Types of IIFL Gold Loans
- ⇾ FAQs
Highlights of IIFL Finance Gold Loan
Here is an overview of the IIFL Finance Gold Loan:
| Interest Rate | 11.88% to 27% p.a. |
|---|---|
| Repayment Tenure | Up to 2 years |
| Loan Amount | Minimum ₹ 3,000 or value of 1 gram of gold on a particular day, whichever is more |
| LTV Ratio | Up to 75% of the value of gold pledged as collateral |
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IIFL Finance Gold Loan Interest Rates & Charges
The table below gives the interest rates and other charges of IIFL Finance Gold Loan.
| Interest Rate | 11.88% - 27% p.a. (0.99% p.m. onwards ) |
|---|---|
| Processing Fee | As per Scheme |
| Penal Charges | 0.5% p.m (6% p.a) + GST on outstanding due amount[2] |
| MTM Charges | ₹500.00 |
| Stamp Duty and other statutory charges | As per applicable laws of the state |
| Auction Charges | ₹1500.00 |
| Overdue Notice Charges | ₹200 per Notice |
| SMS Charges | ₹5.90 per Quarter |
| Part-Payment Charges | NIL |
| Pre-Closure Charges | NIL. A minimum of 7 days interest will be charged if the loan is closed within 7 days |
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Note: Charges are inclusive of GSTFeatures & Benefits of IIFL Finance Gold Loan
Here are some key features and benefits of the IIFL Finance Gold Loan scheme:
- High Loan Amounts: Access up to 75% of the value of your pledged asset.
- Competitive Interest Rates: Starting from 11.88% p.a.,, the rates are competitive.
- Convenient Services: Utilize the doorstep gold loan service for easy access to funds from your home.
- Fast Disbursement: Benefit from a swift approval and disbursal process for urgent financial needs.
- Minimal Paperwork: Enjoy a streamlined application process by submitting only essential documents.
IIFL Finance Gold Loan Interest Rates vs. Other Banks
The table below shows the gold loan interest rates of IIFL Finance in comparison to other banks.
| Bank/NBFC | Gold Loan Interest Rate % p.a. |
|---|---|
| IIFL Finance Gold Loan | 11.88% - 27% p.a |
| Bajaj Finserv Gold Loan | 9.50% - 28% p.a. |
| Kotak Mahindra Bank Gold Loan | 8.00% to 24.00% |
| HDFC Bank Gold Loan | 8.30% to 16.55% |
| Central Bank of India Gold Loan | 8.45% to 8.55% |
| Uco Bank Gold Loan | 8.50% |
| Indian Bank Gold Loan | 8.65% to 9.00% |
| Union Bank Gold Loan | 8.65% to 9.90% |
| SBI Gold Loan | 9.05% |
| IndusInd Bank Gold Loan | 8.75% to 16.00% |
| Bandhan Bank Gold Loan | 8.75% to 19.25% |
| Punjab & Sind Bank Gold Loan | 8.85% |
| Bank of Baroda Gold Loan | 9.15% |
| Punjab National Bank Gold Loan | 9.25% |
| Bank of Maharashtra Gold Loan | 9.30% |
| Federal Bank Gold Loan | 9.49% |
| City Union Bank Gold Loan | 9.50% |
| Canara Bank Gold Loan | 9.60% |
| J & K Bank Gold Loan | 10.00% |
| ICICI Bank Gold Loan | 10.00% |
| Karur Vysya Bank Gold Loan | 10.25% |
| South Indian Bank Gold Loan | 10.01% |
| Karnataka Bank Gold Loan | 11.21% |
| Axis Bank Gold Loan | 17.00% |
| Muthoot Finance Gold Loan | 22% p.a. with a 2% rebate if 100% interest is paid monthly |
| AU Small Finance Bank Gold Loan | Up to 24.00% |
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Note: The interest rates mentioned above are subject to change at the lender's discretion.IIFL Finance Gold Loan Eligibility Criteria
Before applying for a gold loan, please ensure you meet the following requirements:
- Applicant Details: Eligible applicants include salaried, non-salaried, and self-employed individuals aged between 18 and 70 years at the time the loan is disbursed.
- Gold Purity: IIFL Finance offers loans against gold with a purity of 18 to 22 Carats.
- Maximum Loan-to-Value Ratio (LTV Ratio): IIFL Finance provides loans of up to 75% of the value of the gold pledged.
Documents Required for IIFL Finance Gold Loan
Before you proceed with your application for a gold loan with us, please review the list of documents required:
- Identity Proof: Aadhaar Card, Valid Passport, PAN Card, Valid Driving Licence, Voter ID Card,
- Address Proof: Aadhaar Card, Valid Passport, Electricity Bill, Valid Driving Licence, Voter ID Card, Bank Statement
Steps to Apply for IIFL Finance Gold Loan
Here are the steps to apply for IIFL Finance Gold Loan:
- Step 1: Visit an IIFL Gold Loan branch with your gold. Locate the nearest branch.
- Step 2: Submit your ID proof, address proof, and gold for immediate approval.
- Step 3: Once your loan gets approved, your loan amount will be disbursed to your bank account.
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Types of IIFL Gold Loans
IIFL Finance offers various types of gold loan to fulfill the financial requirements of different sectors. These include:
IIFL Gold Loan at Home
- Purpose: IIFL Gold Loan at Home allows individuals to receive loans at their doorstep, facilitating personal, professional, and business needs by using gold as collateral.
- Loan Tenure: The repayment period for IIFL Gold Loans at Home can extend up to 2 years.
- LTV Ratio: The Loan-to-Value (LTV) ratio for IIFL Gold Loans at Home can reach up to 75% of the total value of the gold pledged.
IIFL Gold Loan for Women
- Purpose: This loan enables both salaried and self-employed women to access funds for personal, professional, or business needs by pledging gold jewelry as collateral.
- Loan Tenure: The repayment duration for IIFL Gold Loans for Women can go up to 2 years.
- LTV Ratio: The LTV ratio can be as high as 75% of the total value of the gold pledged.
IIFL MSME Gold Loan
- Purpose: This option is designed for entrepreneurs to meet their business needs by pledging gold jewelry as collateral.
- Loan Tenure: Applicants can avail of IIFL MSME Gold Loans for a tenure of up to 2 years.
- LTV Ratio: The LTV ratio can extend to 75% of the total value of the gold pledged.
IIFL Gold Loan for Education
- Purpose: This loan helps individuals secure funding for tuition fees, study materials, or overall educational expenses by pledging gold assets.
- Loan Tenure: The tenure for IIFL Educational Gold Loans can last up to 2 years.
- LTV Ratio: The LTV ratio can be up to 75% of the total value of the gold pledged.
IIFL Agriculture Gold Loan
- Purpose: This loan assists farmers in financing the purchase of seeds, fertilizers, agricultural equipment, or managing unexpected expenses.
- Loan Tenure: Applicants can access the IIFL Agricultural Gold Loan with repayment periods of up to 2 years.
- LTV Ratio: The LTV ratio can reach up to 75% of the total value of the pledged gold.
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Check out more on other gold investment & deposit schemes from the links below:
Check out more on sovereign gold bonds below:
IIFL Finance Gold Loan App
The IIFL Finance Gold Loan app offers a fast and hassle-free way to secure funds, empowering you to achieve your financial goals with ease.
You can use the app to avail gold loans for the following purposes :
- Agriculture: Access funds to cover costs for seeds, fertilizers, equipment rentals, and labor, ensuring healthy crops and optimal yields.
- Business Growth: You can use gold loans to fuel your business expansion by acquiring additional machinery and enhancing manufacturing capabilities.
- Weddings: Obtain financing for wedding expenses, including vendor bookings, catering, decorations, attire, and jewelry through our gold loans.
- Self-Help Groups: Gold loans empower self-help groups to easily access capital for starting small businesses or developing resources such as clean water wells.
- Healthcare: Instead of liquidating assets or breaking fixed deposits at a loss during emergencies, use gold loan funds for urgent medical treatments and procedures.
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You can also check out other loans offered by IIFL Finance below:
| IIFL Personal Loan | IIFL Business Loan |
Check out more on gold loans from the top banks below:
| SBI Gold Loan | HDFC Gold Loan |
| ICICI Bank Gold Loan | IDFC Bank Gold Loan |
| Axis Bank Gold Loan | Canara Bank Gold Loan |
| Bank of Baroda Gold Loan | PNB Gold Loan Interest Rate |
| Federal Bank Gold Loan | Indian Overseas Bank Gold Loan |
| Union Bank Gold Loan | Bank of Maharashtra Gold Loan |
| Indian Bank Gold Loan | IndusInd Bank Gold Loan |
| Kotak Mahindra Gold Loan | South Indian Bank Gold Loan |
| IDBI Gold Loan | RBL Bank Gold Loan |
| Yes Bank Gold Loan | Central Bank of India Gold Loan |
| UCO Bank Gold Loan | Karnataka Bank Gold Loan |
| JK Bank Gold Loan | Dhanlaxmi Bank Gold Loan |
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Check out more on gold loan rates from other gold loan lenders:
| Bajaj Finserv Gold Loan | Rupeek Gold Loans |
| Manappuram Gold Loan | Capri Gold Loan |
| Muthoot Finance Gold Loan | Shriram Finance Gold Loan |
| Kosamattam Gold Loan | - |
Frequently Asked Questions
You can apply online through the IIFL website or visit a nearby IIFL branch.
Typically, you need identity proof (Aadhaar, PAN, etc.), address proof, and gold jewelry for valuation.
The maximum loan amount can go up to 75% of the gold's market value, subject to a limit set by the lender.
Interest rates generally start from 11.88% per annum, but can vary based on the loan amount and tenure.
The loan tenure can go up to 2 years, depending on your preference.
The repayment period aligns with the loan tenure, typically up to 2 years.
IIFL accepts gold jewelry, coins, and bars, but they must meet certain purity standards.
The processing time is usually quick, often within a few hours to one day, depending on documentation.
Yes, you can prepay your loan. Some charges may apply, but they are typically lower than other loan types.
Yes, you can borrow money against your gold through a gold loan, which is secured by the gold you provide.
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