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.
Loan can be repaid on monthly, Quarterly(3 Months) and on Half-Yearly(6 Months) Basis based on your income levels.
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.