IIFL Finance, a non-banking financial company (NBFC) in India, is organising a Gold Loan Mela from September 25 to September 28, 2024, in Delhi and Gurugram. During this event, customers can avail of gold loans at an interest rate of 1% per month with no processing fees.
This comes after RBI lifted the restrictions imposed on its gold loan business.
These restrictions were imposed on March 4, 2024, which prohibited the company from sanctioning, disbursing, or assigning/ securitising/ selling any of its gold loans.
The RBI’s decision allowed the company to resume the sanctioning, disbursal, assignment, securitisation, and sale of gold loans in compliance with all relevant laws and regulations.
IIFL Finance Gold Loan Mela
The event is aimed at providing affordable credit to individuals in need of immediate financial assistance. IIFL Finance also highlighted its competitive loan-to-value (LTV) ratios and fast loan processing, along with convenient digital payment options.
Customers can visit any IIFL Finance branch or apply online through the company’s website. They are advised to read the terms and conditions thoroughly before availing the loan.
Gold Loan Trends In India
Gold loans are popular in India due to their quick approval process, lower interest rates, and accessibility without requiring a strong credit history. They provide flexible funding for various needs, such as emergencies or education, and are secured against gold, minimising risk for lenders.
Additionally, cultural significance and the rising value of gold make it a preferred choice for unlocking the asset’s value without selling it.
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