IIFL Finance has launched gold loan product with interest rates starting from as low as 0.79 per cent - a scheme which will be available throughout the country for customers in all its branches, according to a recent statement shared by the company. The gold loan offered by IIFL Finance provides a longer tenure which extends up to 24 months, allowing customers to manage their cash flow better.
Through its gold loan product, the country's leading non-banking financial company also offers flexible interest repayment options to customers based upon their requirements which include - monthly, bimonthly, quarterly, and half-yearly options.
In order to avail the IIFL gold loan, customers can visit the IIFL Finance branch with the gold/ornaments they seek to pledge and receive the loan within a period of 30 minutes. IIFL Finance offers a grace period of 5-7 days for the interest repayments.
The non-banking financial firm has launched the DigiGold Loan facility, where customers can avail interest payment and top-up options online, without having to visit the branch., according to its statement. The digital facility also assumes relevance amid the COVID-19 pandemic.
“During the pandemic farmers and small entrepreneurs have used gold loans to meet their capital needs, helped by our low interest rate, longer tenure, higher grace period and easy digital repayment options. The fact that over 70 per cent of our customers come back to us for business again is a testament of our honest and transparent dealings,'' said Mr. Saurabh Kumar, Business Head - Gold Loans, IIFL Finance.
On Wednesday, August 11, shares of IIFL Finance settled 2.56 per cent higher at Rs 298.30 apiece on the BSE.