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Gold loans have been offered in India by local moneylenders for centuries. Even organised lenders such as banks and non-bank finance companies have been offering gold loans for decades. But the Covid-19 pandemic has changed the way a borrower can avail a gold loan.

The gold loan process can be quite complex, with many costs and charges that are initially hard to understand. However, once you’re familiar with the process, getting gold loans becomes relatively straightforward. Here’s everything you need to know about the charges associated with the gold loan to make an informed decision about the best lender for your needs.

To obtain a gold loan, visit IIFL Finance's website or nearest branch, complete a short application, submit KYC documents (Aadhaar, PAN), and have your gold evaluated for instant loan approval.

Indian households often consider, gold jewellery as a “safe investment” that gives good returns in times of need. Similarly, a gold loan has become an excellent option as it allows you to borrow money against your gold assets over a certain period. It helps tackle financial emergencies by offering quick money in exchange for gold. When choosing an institution to disburse your gold loan, you need to consider their reputations, interest rates on offer, and the repayment terms.

While seeking a gold loan, a crucial factor is the lowest gold loan interest rate. Gold loans are collateral-backed and less expensive than other types of loans. However, interest rates differ from one vendor to the next in addition to other vital factors that cause an increase or decrease in the rate.

The origin of gold loans traces back to south India. Moneylenders such as the Tamil Nadu Chettiars, the Shroffs and Marwaris from other areas of India, and landowners pan India have traditionally granted locals money against their gold for special occasions such as marriage.

To calculate a gold loan per gram, divide the loan amount by the weight of the pledged gold in grams. The value depends on gold purity, current market rate, and the lender’s loan-to-value (LTV) ratio.