Gold Loan Vs. Loan Against Property - Differences You Must Know
The two most utilized loan products are gold loan & a loan against land property. Get to know the difference between gold loan & loan against property here!
Life is an endless cycle of ups and downs where the need for capital is constant. Whether to cover personal expenses or invest in a business to earn profits, people need adequate funds to ensure the effective coverage of expenses. Most people raise capital through various loan products. Two of the most widely utilised loan products are a loan on gold jewellery and a loan against land property.
Gold Loan Vs. Loan Against Property - What’s The difference?
Here are the most distinctive differences between a loan on gold jewellery and a loan against a house property:• Loan Amount
Before applying for either loan, analyse the current value of the gold ornaments and the house property. Lenders such as banks and NBFCs approve the loan amount based on the value of the gold or the immovable asset, which is generally 75% of the total value. Analysing both assets will determine the one with the higher weight and fetch you the highest loan amount.• Loan Tenure
A gold loan has a tenure of up to 24 months, within which the borrower has to repay the loan amount. However, a loan against property is a long-term loan with a tenure of up to 18 years.Get Gold Loan at the comfort of your home
Apply Now• Collateral
Gold loans require pledging gold ornaments as collateral, while a loan against property requires pledging an immovable asset such as a house or land as collateral. Hence, gold loans are considered more flexible and quick than loans against property.• Approval and Disbursal
The application process for a gold loan is completely online and is quick and straightforward. Lenders approve gold loans within 5 minutes of application and disburse the loan amount into the bank account.The application for a loan against property is extensive. It may take days to approve, and the lender disburses the loan amount into the borrower’s bank account.
Avail Of An Ideal Gold Loan With IIFL Finance
With IIFL Gold loan, you get industry-best benefits through our process designed to offer instant funds based on the value of your gold . IIFL Finance Gold Loans come with the lowest fee and charges, making it the most affordable loan scheme available. With a transparent fee structure, there are no hidden costs you have to incur after applying for the loan with IIFL Finance.FAQs:
Q.1: What are the interest rates on IIFL Finance Gold Loans?
Ans: The interest rates on IIFL Finance gold loans are between according to the market.
Q.2: How can I apply for a Gold Loan with IIFL Finance?
Ans: Getting a gold loan from IIFL Finance is super easy! Click on the ‘Apply Now’ button mentioned above and fill in all the required details to get a loan approved in 5 minutes.
Q.3: What is the loan tenure for the IIFL Finance gold loan?
Ans: The loan tenure for an IIFL Finance gold loan is according to the market.
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Apply NowDisclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.
