In today’s time, gold loan is being preferred a lot for taking a loan because gold loan is available at a lower interest rate than other loans. Here it is not necessary to have a good civil score to take a gold loan because to take a gold loan, one has to mortgage his gold as security.
IIFL Finance Limited’s gold loan AUM has come down by more than Rs 7,000 crore in 3 months to around Rs 16,000 crore in June 2024, from Rs 23,354 crore in March 2024.
Today in this article we are going to know what is a gold loan?, how to take IIFL gold loan, interest rate etc. So, to know about “IIFL Gold Loan: How to take loan on gold”, read the article completely.
What is a Gold Loan?
Gold loan is a type of loan just like a home loan. For this, you have to mortgage your gold with the bank that gives gold loan. After this, the lenders examine your gold and determine the loan amount based on that.
The good thing about gold loan is that gold loan is available at a lower interest rate than other loans and it is a completely secured loan.
When you deposit the interest and principal within the stipulated time, then they return your gold to you.
Eligibility For IIFL Gold Loan
- To avail IIFL Gold Loan, the applicant must fulfil the following eligibility criteria-
- The applicant must be a citizen of India.
- The age of the applicant for gold loan should be between 18 to 70 years. If an applicant does not fall in this category, he cannot apply for gold loan.
- The gold pledged for gold loan should be in the name of the applicant or a family member.
- IIFL Gold Loan is provided only on gold of 18 to 22 carats.
Benefits Of Gold Loan
- This is a secured loan, in which you do not even need a credit score.
- Taking a loan by pledging gold reduces financial risk.
- The processing time in a gold loan is very less and you get this loan very easily.
- You do not need many documents in a gold loan, you can take a loan only with the help of Aadhar card, PAN card.
Documents required to take IIFL Gold Loan
If you want to take IIFL Gold Loan, then you must have the following documents for this.
- Identity Card – Any one of the documents like Aadhar Card, PAN Card, Passport, Valid License, Valid Voter Card etc.
- Address Proof – Any one of the documents like Aadhar Card, Valid Passport, Valid Driving License
- Bank Details
- Agricultural Land Certificate for Farmers
How To Apply For IIFL Gold Loan
To take a gold loan from IIFL, first of all you have to visit the official website, the link of which is given below.
- Go To Official Website iifl.com
- After this, click on the option of gold loan application.
- After this a registration form will open in which you have to fill your details and submit it.
- After this verify the mobile number through OTP
- After this you will get a call from customer care in which you will be told the terms and conditions of the gold loan.
- After all the details are verified, your gold loan will be approved.
- The gold loan money will be transferred to your bank account within 1 to 2 hours.
Conclusion
Gold loans are a quick and safe option that can help you get quick money by pledging your gold or jewellery. Its benefits include low interest rates, quick disbursement, and easy eligibility criteria. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
