Gold Loan is a very popular term in India as they offer higher amount(on the basis of rate/gram)and less documentation. As Indians Prefer gold as safe haven to avail loan , they tend to Pledge gold in case of emergencies.
If you prefer government banks for taking gold loan, here’s an alternative; Take Loan from IIFL Finance, a non-banking finance company; as they are offering much cheaper rates(0.79% per month)than the government banks.
Generally Government banks takes long-time to issue gold loan due to heavy crowd and lesser employees. But IIFL offers gold loan instantly within 3-5 Minutes with lesser paper work.
Loan RePayment Period–
Loan can be repaid within 24 months of Pledging your ornaments at IIFL Branch.
Periodicity-
Loan can be repaid on monthly, Quarterly(3 Months) and on Half-Yearly(6 Months) Basis based on your income levels.
Grace Period-
IIFL offers 5 to 7 days Grace Period to repay the loan on or after the “due date“.
Among the various Financial Institutions, IIFL interest rate of 0.79% is considerable.
But be remember, this article is not a recommendation; It is for informative purpose only
Research thoroughly and take decision on your own. This website doesn’t hold responsibility on any of the issues arised! This is for “‘Informative” Purpose only.
bank-info.in 