Is it possible to secure a gold loan without presenting a bill or invoice for the gold jewellery?
Indeed, obtaining a gold loan without providing a bill or invoice for the gold jewellery is feasible. IIFL primarily assesses the gold's purity and weight, making bills or invoices non-compulsory for the loan application.
Is a PAN card a mandatory requirement when applying for a gold loan?
Yes, a PAN card is one of the accepted identity proof gold loan documents necessary for a loan application with IIFL. It plays a crucial role in the documentation process.
Are there any penalties imposed for delayed interest payments?
Yes, IIFL may levy late payment charges in the event of interest payment delays. Borrowers are advised to adhere to the prescribed loan repayment schedule to avoid incurring such charges.
How much gold needs to be pledged for a gold loan?
The quantity of gold required for a gold loan depends on the loan-to-value ratio, which allows borrowers to access up to 75% of the appraised value of their pledged gold.
Who qualifies for a gold loan?
Individuals aged between 18 and 70, possessing gold jewellery with a minimum purity of 18 carats, and the necessary documents required for gold loan are eligible to apply for an IIFL Gold Loan.
What is a gold loan?
A gold loan is a type of secured loan in which you pledge your gold ornaments as collateral to the lender. It is a fast and convenient way to get access to funds when you need it most.
How do I apply for an IIFL Gold Loan?
You can apply for an IIFL Gold Loan online or visit any of our branches and fill out the application form with all the necessary documents. Once your eligibility has been verified, you can avail a loan against your pledged gold ornaments.
Is there any minimum amount required for availing a gold loan from IIFL?
You can avail a minimum loan of Rs.3000 or price of 1gm gold as of loan application date, whichever is maximum.
What is the tenure for IIFL Gold Loan?
The tenure of an IIFL Gold Loan can be either 12 months or 24 months, depending on your requirements.
Can I release my pledged gold before the repayment of the loan?
No, you can not release your pledged gold before the repayment of the loan, but you can avail the facility of part release by clearing all the interest dues and repaying the principal amount according to the gold released.