IIFL Finance Offers Gold Loan At Interest Rate Of 0.54% Per Month

This post was originally published on this site

IIFL Gold Loan offers longer tenure which extends up to 24 months

Leading non-banking financial company (NBFC) – IIFL Finance, has launched gold loan products with interest rates starting from 0.54 per cent – one of the lowest interest rate offered by a gold loan NBFC. The scheme is available in more than 2,200 branches of IIFL Finance, according to a recent statement shared by the company.

Gold Loan is a secured financial product where gold jewellery is taken as collateral. During the valuation of gold, the market value is calculated according to the per gram market rate on the day of the loan application. Only the gold parts are used to calculate the value. The other metals, stones and gems are excluded from the calculations.

IIFL Gold Loan offers longer tenure which extends up to 24 months, allowing customers to manage cash flow better. In addition, it offers flexible interest repayment – monthly, bimonthly, quarterly and half-yearly options – to customers based on their requirements.

A customer can walk into IIFL Finance branch and receive the loan within a period of 30 minutes. The company offers five days of grace period for interest repayments, which is a novelty in this segment.