Loan interest rates have increased over the past few years, making everything from home loans to personal loans very expensive. People have to pay more EMIs than before. Personal loan interest rates range from 12% to 21%. However, you can get some loans at lower interest rates. Gold loan is one such low-interest loan.
Non-banking financial company (NBFC) IIFL Finance will organize the Gold Loan Expo from September 25 to 28, 2024 in Delhi and Gurgaon NCR. On this occasion, ABFC is offering gold loans to customers at an interest rate of 1% per month. Additionally, the company offers zero processing fees. This means you will get a loan with 1% interest per month and no fees.
How to get this loan
IIFL Finance said the Gold Loan Expo aims to provide affordable loans to those seeking immediate financial support. IIFL Finance says it offers competitive loan-to-value ratios and fast loan processing. Customers can also take advantage of simple digital payment options. If customers want to avail a gold loan from IIFL, they can visit any IIFL Finance branch in India or apply online through the company’s website.
The Reserve Bank of India has imposed a ban
Let us tell you that the Reserve Bank of India has banned gold loans from IIFL on March 4, 2024 and hence the company cannot provide gold loans. However, the RBI has now lifted this restriction. Following the decision, the company was allowed to resume the approval, disbursement, transfer, securitization and sale of gold loans. The company will then kick off the show.
What is a gold loan?
Talking about gold loan, it is a secured loan with gold jewelry or gold coins as collateral. Under this loan, money is deposited into people’s accounts immediately. Gold loans are an attractive option for people looking for instant financial support. Getting a gold loan is considered very easy as it requires minimal documentation and has lower interest rates compared to unsecured loans.
