Yes, a nominal processing fee needs to be paid for availing gold loan

The minimum tenor to avail gold loan at IIFL Finance is 3 months and the maximum tenor is 24 months

Yes, you can repay your loan amount or interest due at any gold loan branches

To release your gold ornaments, you have to visit the branch from where the gold loan was disbursed

1. In the event, the customer fails to settle the loan account or repay interest/installments/Principal Amount/any other amount, charges ("the total Outstanding"), post the completion of Loan tenure or otherwise. IIFL shall issue the notice at customer address given in this Application by giving 10 days time from the issue of the notice to customer for repayment of the total Outstanding. In the event, a customer fails to repay the total Outstanding even after giving 10 days notice for repayment, customer Pledged Gold Articles may be sold by IIFL in a Public Auction as per IIFL policy. The Auction will be announced to the Public by way of the issue of the Advertisement in at least two newspapers of which at least one newspaper shall be of a vernacular language and another shall be a national daily newspaper. If any of the Pledged Articles are sold at a price lower than the amount due from the customer, the customer shall pay the deficit amount to IIFL. In case of default in repaying the deficit amount by the customer, IIFL has all the right to initiate legal action against the customer and take possession of all the movables and immovables property belonging to the customer. If the Pledged Articles are sold at a higher price than the amounts due from the surplus amount, if any, may be refunded to customer after adjusting all the other amounts payable by customer to IIFL. If losses are incurred on sale, the same shall be reimbursed by customer to IIFL and in the event customer is unable to make good such losses, IIFL may institute legal proceedings to recover the losses from customers assets/property. IIFL shall not be responsible for any loss or costs incurred for selling the same if caused by such sales of Pledged Articles.
2. IIFL reserves the right to sell any of the Pledged Articles by auction at any point of time, even before the expiry of 12 months, if IIFL is convinced that the market price or the maximum realizable value by sale of the Pledged Articles, is likely to come down below or equal to the total amount payable by customer, by way of principal, amount of the Loan interest and other amounts payable in respect of the Loan , after serving a notice of 10 days to customer at his address given in this Application.

Yes, a lot of lenders offer gold loans without requiring income proof, since your gold acts as collateral and the loan is secured against your gold. Ultimately, the focus is on the value and purity of the gold that you pledge, and not on your earnings.

While availing a gold loan, usually Income Tax Returns (ITR)  is not a mandatory requirement. Since it's a secured loan, lenders primarily assess the gold’s value rather than your income or tax records.

Individuals who do not own gold or try to pledge impure or low-quality gold may not be eligible. Also, minors and those without valid ID/address proof are typically not qualified for a gold loan.