GOLD LOAN
- You can get a gold loan service at your convenience with our Doorstep Gold Loan Service. The Gold Loan officers will be glad to assist you with a fast and transparent transaction. We offer both the highest gold value and the lowest interest rates.
- Your gold remains safe with us. However, you have the freedom to take advantage of every opportunity.
- Other loans require income proofs or salary proofs and much other documentation. However, the IFL Gold Loan requires minimal documentation and quick disbursement. All you need for a Gold Loan is 18-carat gold. The Reserve Bank of India regulations dictate that the loan amount will depend on the gold’s value. Your gold is insured, protected and stored with complete security in our fire- and burglary-proof vaults.
Everything you must be aware of is GOLD LOAN.
- The Gold Loan Sector is booming in India and is a growing sector in the global economy. Gold prices are constantly fluctuating, but several loans are available today to help solve your financial needs.
- In today’s generation, when we hear the word loan, there are hardly any chances that we may think of a place we can take a loan from a place we don’t have a prior association with. However, there is one place where you can receive a loan from an unknown place, and it’s from the doorstep loans. You can receive the loan from the doorstep without any hassles.
How does a gold loan work?
The entire process of getting a gold loan is remarkably identical to the similar secured loan options. In this instance, you present your gold items to a bank along with the necessary set documents. The lender reviews the gold items and confirms the documents submitted. According to the appraisals according to the evaluations, the lender approves the amount of the loan.
Which are the documents required to process a loan application?
The common list of documents includes:
- Passport Size Photographs,
- Identity evidence (PAN Card, Voter’s ID, Aadhar Card etc.) and
- Address document (Passport, Driver’s License, Electricity Bill etc. ).
Who is eligible to get a loan for gold?
Anybody who owns gold can apply for a loan. Gold loans are available to Indian residents, including salaried professionals, business people and homemakers. You don’t need good credit to be eligible for a gold loan. Even if your credit score is low, you can still get funds if you have enough gold to promise.
What is the gold loan tenure?
Each lending institution has a different repayment period. It typically ranges between 3 and 12 months. Depending on your case, some lenders offer longer terms or allow you to renew the loan to extend it. The tenure of a gold loan is much shorter than other types of loans. Make sure that you pay the amount back on time. A default on gold could result in the loss of your gold articles.
How can the gold loan be repaid?
Your lender will determine how much you can repay your loan. It will include both principal and interest. Lending institutions typically allow you to pay the interest each month and the principal amount at maturity. You may also opt to pay your gold loan via EMIs (Easy Monthly Installments).
What are the benefits of going for an IFL gold loan?
It can be used to meet immediate financial needs, such as international education, medical expenses, or other personal uses.
- Zero Processing Fees- Due to the secured nature of gold loans, a faster process means less documentation is required.
- Flexibility in Use – Because you cannot monitor your end users, you can use the loan to cover any expense.
- Secured Loan Type: Other than the pledged ornaments of gold, you are not required to provide additional security or collateral to the lender.
- 0.49% interest rate: Gold loans have a lower interest rate than personal loans. This is because gold acts as collateral.
- Gold is rarely used to generate money. A gold loan is a great way to raise capital and use the money when needed to meet your financial obligations. You can liquidate a static asset. You are also safer in a bank or financial institution’s vault than at home.
- Quick service- Now, you can avail IFL gold loan in 30 minutes at your home
- Trust factor- we have been serving in the industry for the last 26 years.
The main factors that fuel consumers to seek out gold loans from consumers are:
1. One of the simplest methods to get cash is to take out a Gold Loan. It is because it is an asset that is secured and doesn’t require the presence of collateral. For home loans and personal loans, you need to present income certificates and bank statements, as well as income tax returns (ITR).
2. Multipurpose: One of the best things about gold loans is that they can be used for any reason. There aren’t any limitations on using these loans, but more and more people are converting to this kind of loan.
3. High LTV (LTV) one of the most pressing questions consumers ask is what proportion of the asset’s value can be funded? In the case of a gold-backed loan, banks take 75 percent of the value of gold as the loan amount, while NBFCs may go up to 90 percent.
4. Repayment flexibility – Based on your preference, the gold loan may be paid back in a variety of ways. It is also most convenient for the borrower to repay the loan as soon as they can. The gold loan is paid back the following day.
5. The loan can be used for small or substantial amounts. A person is able to avail of a loan on gold with a minimum amount of Rs 3,000 per month. This could be why many people choose to use gold loans over credit cards.
6. The need for only basic identity documents. One may apply for a gold loan with basic identity documents such as ID and proof of address.
7. Credit score does not affect the loan. There is no effect from your credit scores on your gold loan’s interest rate.
8. It is easy to calculate. With just one click of our mouse on our gold loan calculator, you will be able to get an idea of the amount of gold you can borrow per gram
9. Security of Gold The gold pledged is secure and safe by the lender.
