Why You Should Take A Gold Loan From IIFL Finance
Planning to apply for gold loan? Check out the reasons why you should consider taking gold loans with IIFL Finance. Visit to know more details here!
A gold loan is a simple and secured financial product where one can borrow money by placing one’s personal or family’s gold jewellery as collateral with a lender. One can borrow money from either banks or reputable non-banking finance companies (NBFCs).
The basic process is the same across lenders, where a borrower owning gold jewellery approaches a financer. The lender values the jewellery based on the market price of gold and offers the maximum amount that can be availed after keeping a buffer. You check the gold loan amount for your pledge gold per gram using our gold loan calculator
Based on the borrower’s choice, whether it is the actual loan amount or the time period for repayment, the lender then customises the gold loan interest rate. The lender also discloses the additional charges and fees associated with processing, managing and, at the end, closure or repayment of the loan leading to return of the gold jewellery.
Why IIFL Finance
IIFL Finance is the non-banking finance unit of one of the most prominent private financial service groups in the country—IIFL Group, formerly known as India Infoline. As a public company, it has several big investors as also over 63,000 public shareholders and is monitored by top regulatory authorities. This ensures that its processes and the loan book it manages adhere to strict protocols.
The company has built a strong base for itself through the years. It has grown its business to become one of the leading retail-focused diversified NBFCs in India, engaged in the business of loans and mortgages. It has a pan-India reach, through both physical and digital channels, making it convenient for customers to approach and avail loans.
Wide Reach:
IIFL Finance have number of branches across India, creating a reach to all part of India.
Gold Loan Network:
The company offers gold loans in more than 1,260 cities across 22 states, with 83% of the branches located in tier II, III cities and rural areas.
Size:
It has more than doubled its assets under management over the last five years. Its AUM grew 15% to Rs 51,210 crore as of March 31, 2022, despite the second and third waves of Covid-19 pandemic.
Retail Focus:
As many as 94% of IIFL Finance loans are to retail customers.
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Why Gold Loan From IIFL Finance
IIFL Finance uses a seedhi baat, or straight talk, approach to build customer confidence and relationship with the borrower.
The underlying approach of this strategy is to stick to the core values of honesty and transparency of keeping the customer above all else.
IIFL Finance tries to simplify the process and make it transparent enough to make it an honest transaction.
The primary rule of the seedhi baat strategy revolves around communication. This cuts off jargons or heavy words and technical terms from the interaction with the borrower to keep it simple. It also means presenting the terms of the loan clearly upfront.
So, if IIFL Finance says it processes loan applications in few minutes and disburses loan after the approval, it does stick to that promise due to its simple gold loan process. All it has to do is assess the purity of the gold jewellery and the weight of the yellow metal that its experts do swiftly once they look at the gold jewellery being used as a collateral.
IIFL Finance simple and transparent gold loan schemes has helped its AUM from the business grow to Rs 16,228 crore as of March, 31, 2022.
Key Features Of IIFL Finance Gold Loan
- Approves gold loan in five minutes and disburses the loan amount shortly .
- Offers loan tenure for short term.
- Gold loan amount starting from minimum amount with no maximum limit.
- Truly ‘digital gold loan’ offering via an end-to-end digital process for availing loan against gold jewellery.
- Gold pledged is insured and secured in vaults.
- Allows gold loan anytime, anywhere via its Money@Home Gold Loan scheme.
- Provides top-up on existing loan, renewal and payment of outstanding dues digitally.
Conclusion
Gold loan is often the cheapest form of debt you can take to meet your short-term personal or small business needs. All you have to do is approach reputable lenders like IIFL Finance, which offers a swift and seamless approval and disbursal process.
IIFL Finance pan-India network and its focus on customer convenience, especially via a doorstep gold loan service, make it easier for borrowers to pledge their precious gold jewellery to take on a loan.
Its thrust on transparency further provides comfort and security to the borrowers. Moreover, unlike standalone gold loan companies, IIFL Finance also has other retail finance products and intends to build a long-term relationship with the borrowers who could be customers of its other products.
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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.
