IIFL stands for India Infoline Limited, which is one of the leading finance companies. The company was founded by Nirmal Jain. IIFL has been awarded by Euromoney for the Best Private Banking Services Overall in India for 2017. In this article, we will review the IIFL Gold Loan, its features, and explore its pros and cons, along with some alternatives and frequently asked questions.
About the Company
IIFL is ranked among the top seven financial conglomerates in India and as the top independent financial services firm in India in terms of market capitalisation. IIFL and its group companies are backed by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK Government’s private equity arm. The main work of the company is provide affordable loans such as home loan, gold loan, business loan, etc.
The IIFL Finance Gold loan is a one-stop solution for all capital needs. With IIFL’s Gold loan, you get industry-best benefits through our process designed to offer instant funds based on the value of your gold. Their loan process is customer-oriented, and faster and ensures that you do not have to go through lengthy and time-consuming loan application processes. IIFL’s loan against gold comes with the attractive, affordable, and lowest interest rates to help you raise funds instantly.
The gold loan process is customised to offer unique and comprehensive features to cater to all of your capital needs. Gold loan per gram is the amount given as a loan for every gram of pledged gold. For example, IIFL offers Rs 3,504 per gram. If you have 100 gms of gold, the offered loan amount will be Rs 3,50,400.
IIFL Gold Loan Process
The gold loan process includes the following steps.
• Choosing A Lender:
You need to choose a lender that offers many gold loan options with attractive and affordable interest rates and flexible repayment options.
• Application Form:
Fill out the gold loan application form by entering your personal information and completing KYC by submitting the relevant documents.
• Pledge Assets:
Once you pledge your gold asset, the lender will analyse the current value of the metal and offer you a certain percentage of the total value as the loan amount.
• Approval and Disbursal:
Once the lender successfully reviews the application form, they approve the loan within 5 minutes and disburse it into the bank account within 30 minutes.
Pros of IIFL Gold Loan
- Gold pledged is secured and insured.
- Loan approved in few minutes.
- Quick loan disbursal.
- Minimum documents required.
- No external collateral
- Gold loan tax benefits
- Online process
- Immediate capital
- No end-use restrictions
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Cons of IIFL Gold Loan
- if you are unable to repay the loan, the lender upholds the legal right to liquidate your gold to recover the money
- LTV ratio varies from lender to lender.
- Prices are constantly fluctuating
- Have to pledge the gold ornaments as collateral with the lender until complete repayment of the loan. If the lender is not reputed or experienced, you could risk losing your gold to theft.
- The lender could ask you to repay the entire amount in single EMI if the value of gold falls sharply in the domestic market.
IIFL Gold Loan Alternatives
- Muthoot Finance
- Manappuram Finance
- Union gold loan
- SBI Gold Loan
- Kotak Mahindra Gold Loan
- Rupeek Gold Loan Review
- HDFC Gold Loan
- AXIS Gold Loan
IIFL Gold Loan Reviews by Customers
- The company has banged a good 3.9/5 in rating.
- Most of the users felts that the rate of interest is higher when compared to other services. The company needs to decrease the interest rate.
- Overall, almost every customer was happy with their customer service. However, some complaint that their customer service is very good before loan process, but after loan is sanctioned, they do not provide any support. Visit ThinkMoneyTrader for more financial bytes like this.
Frequently Asked Questions
Q1. Is IIFL gold loan Safe?
Ans. Being one of the major gold loan providers, IIFL understands the needs of the customers and disburses the loan amount in an hour. The gold pledged is safely locked in the bank locker and you do not have to worry about its safety.
Q2. What is the rate of 1 gram gold loan in IIFL?
Ans. IIFL offers Rs 3,504 per gram. If you have 100 gms of gold, the offered loan amount will be Rs 3,50,400.
Q3. What is the minimum loan amount in IIFL gold loan?
Ans. Rs 3,000
Q4. Can we trust IIFL?
Ans. IIFL is a trusted and well-known name in the financial services industry. But before availing any services from any broker, it is imperative to ask “is IIFL safe” or any other broker or financial services company safe.
Q5. How much time does it take for the disbursal of the loan?
Ans. The loan amount is credited directly into your bank account within 30 mins after the loan approval.
Q6. What is the gold loan tenure of IIFL Finance gold loan?
Ans. The loan tenure of an IIFL Finance gold loan is up to 24 months.