Amritsar
Gold loan funds are generally available for personal or business purposes, subject to lender policies and applicable regulations. Borrowers should confirm any specific end-use conditions, if applicable, before availing the loan.
Gold loan approval in Amritsar involves evaluation of the pledged gold and verification of KYC documents. Once approved, disbursal is carried out as per the lender’s internal process. Processing timelines may vary depending on documentation and operational procedures.
The loan amount depends on the gold’s purity, net weight (after deducting stones), prevailing market value, and the applicable loan-to-value (LTV) ratio as per regulatory guidelines. LTV may be up to 75% of the assessed value, subject to prevailing norms and lender policy.
To apply for a gold loan in Amritsar, applicants are required to submit valid KYC documents such as Aadhaar Card, PAN Card, Passport, Driving Licence, or Voter ID for identity and address verification, in accordance with regulatory guidelines.
Eligible collateral generally includes gold jewellery such as chains, bangles, rings, necklaces, and other ornaments, subject to purity and valuation standards. Acceptance criteria may vary depending on lender policy.
Before considering an application for a gold loan, IIFL Finance ensures the applicant meets the following criteria.
The applicant is an Indian national in the age-group of 18 to 70 years;
The applicant is either salaried/an entrepreneur/self-employed/trader/farmer
The applicant can pledge gold jewellery with a purity of 18-22 carats.
IIFL Finance charges 11.88% - 27% p.a on a gold loan. This effectively translates to 0.99% per month. However, it is subject to the loan amount and the repayment frequency of the gold loan.
Citizens desiring to raise a gold loan from IIFL Finance must pledge gold jewellery only.
An applicant opting for a gold loan from IIFL Finance enjoys benefits such as, no credit score requirement, transparency in the application process and interest rate, charges and fees levied and quick approval and disbursal. The lending company also offers the flexibility to use the loan amount for any legal purpose.