FAQs

 

 

Gold loan or loan against gold is a secured loan in which a customer pledges his/her gold ornaments as collateral with a gold loan company. The company, in turn, gives a loan amount as per the market value of gold to the customer. It is a very quick and easy way of fulfilling one’s financial needs as compared to the other loans.

The advantages of taking gold loan from IIFL include -

  1. Faster and easier transactions
  2. Interest rate @9.24% p.a. onwards
  3. Quick disbursal of loan
  4. Best value for gold in the market
  5. Security and insurance of gold pledged

 

The market value of your gold is calculated according to the per gram market rate of gold on the day of the loan application. If pledging gold ornaments or jewellery, only the parts that are gold are used to calculate the value; other metals, stones and gems are excluded from the calculations.

Any kind of gold jewellery/ornament of purity over 18 karat can be provided as security to avail a gold loan.

 

For the list of acceptable documents for a gold loan, please click here.

You can avail a maximum loan of up to 75% of the market value of your gold depending on the quality of the gold.

The minimum tenor is 3 months, while the maximum is 11 months.

Yes... a nominal processing fee has to be paid in availing a gold loan.

The gold ornaments pledged by you are secured in a fire and burglary proof vault in our Gold Loan branch. The branch is under electronic surveillance and guarded by security at all times. Additionally, the pledged ornaments are covered by insurance.

Yes, you have the option of foreclosing your account where you can pay-back the loan amount before its tenor and release your gold from the branch. Depending on your loan amount, a nominal closure charge from Rs. 0-150 will be charged for closing the loan before 3 months. There are no closure charges after 3 months.

Yes, you can make a part payment where you can pay-back a part of the total loan amount. Here, you will have the advantage of future interest being charged only on the balance principal amount after part-payment. Moreover, you may choose to release a part of your gold ornaments/jewellery as per the loan amount that has been paid back.

Yes, you can once you have paid back a part of the loan amount as per the value of gold you wish to have released.

Yes, you can pay-back your loan amount or interest due at any of the Pan-India IIFL-Gold Loan branches. Also, you can make interest payment at www.iifl.com. However, to redeem your gold ornaments/jewellery, you will have to visit the branch from where the loan was taken. For any further queries or to locate your nearest branch, please give us a missed call on: 080 300 88 600

1. In the event, 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, 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 atleast 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 customer, customer shall pay the deficit amount to IIFL. In case 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 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.

 

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