Gold Loan Interest Rate: IIFL Finance offers Gold Loan at an interest rate of 0.54% per month: check the features here
The leading non-banking finance company (NBFC) – IIFL Finance, has launched gold loan products with interest rates starting from 0.54% – one of the lowest interest rates offered by a loan in NBFC gold. The program is available at more than 2,200 IIFL Finance branches, according to a recent statement shared by the company.
Gold Loan is a secure financial product where gold jewelry is taken as collateral. When valuing gold, the market value is calculated according to the market price per gram on the day of the loan application. Only gold coins are used to calculate the value. Other metals, stones and gems are excluded from the calculations.
IIFL Gold Loan offers a longer term that extends up to 24 months, allowing clients to better manage cash flow. Also, it offers flexible interest repayment – monthly, bi-monthly, quarterly and semi-annual options – to customers based on their needs.
A customer can walk into the IIFL Finance branch and receive the loan within 30 minutes. The company offers a five-day grace period for interest repayment, which is a novelty in this segment.
“IIFL Finance has a loyal customer base with over 70% of customers choosing to do business with us again. Our customers include farmers and small entrepreneurs, who have used gold loans to meet their capital needs. , a period grace and easy digital repayment options,” said Mr. Saurabh Kumar, Business Manager – Gold Loans, IIFL Finance.
Shares of IIFL Finance last traded up 0.56% at 286.75 rupees each on the BSE. Shares of IIFL Finance opened on the BSE at Rs 287, recording an intraday high of Rs 290.20 and an intraday low of Rs 279.90 in the trading session so far.