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IILF Offers Gold Loan at Lowest Interest Rate

lowest gold loan interest rates

IIFL Finance has recently launched a gold loan plan offering 0.54 percent as interest rate, one of the lowest gold loan interest rates offered by NBFCs. The scheme is offered by most branches of IIFL Finance as per the recent statement shared by the company. 

What is a gold loan?

Gold loans are one of the more secured financial services or products offered by banks in return for gold items kept as collateral. They offer attractive interest rates within a sufficient time frame after the judgment of the purity and standard weight of the gold. Usually, the gold value is ascertained as per the per gram market rate prevalent on the day the loan is applied for and sanctioned. 

IIFL Gold loans

Gold loans offered by IIFL have some attractive features like –

How to apply for gold loans at IIFL?

The best part about IIFL gold loans online is that they offer you 70% of your gold worth at attractive interest rates and the lowest, starting from 0.54% p.a. The beneficial aspect of such loans is that they help you compare across various lenders before going for the one that seems to be the most suitable.

If you are looking forward to applying for gold loans online at IIFL then this should be your go-to guide.

This point narrates how one can check for his credit amounts, the number of loans outstanding against the ones borrowed and your ability or history of paying them back on time. Credit history is the foremost requirement to check your eligibility for a loan. It also reinstills the faith of the lender in your capacity as the borrower to pay back the entire sum.

This stage includes inputting and verifying your details and the amount of gold loan you are eligible for against the items. This includes your age, identification cards like Aadhar, Voter or PAN and KYC documents.

Once you’re through the first two stages, you need to ascertain the standard weight and purity of the gold that you are willing to keep as collateral in the bank against your loan. This is done by bank personnel only, to keep in check that they are not essentially making bad loans or handing out loans against duped items or faux items.

If all the above steps have been found satisfactory, you can go to the bank’s online portal and apply for the same. You need to upload your documents, fill out the details and submit your application form on the website. An OTP will be generated which will help you track your one-time loan or transaction details on the site. Once these two are done, you need to physically go to the bank to deposit your gold items in return for money. The loan amount will be directly transferred to your account in two or three working days.

Key benefits of gold loans from IIFL

The primary benefits from gold loans that can be availed from IIFL include –

These are all the details you need to keep in mind while taking out gold loans at IIFL, at one of the lowest interest rates. Go through the bank’s scheme related documents carefully before investing.

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