Andhra Bank Gold Loan

Gold Loan at 7.15% p.a

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Andhra Bank Gold Loan Key Features – Apply Now!

Andhra Bank Gold Loan Interest Rate 7.15% per annum
Andhra Bank Gold Loan Per Gram Rate Per Gram Today is ₹ 5,293
Andhra Bank Gold Loan Amount Up to Rs. 1 Crore (With Income Proof)
Andhra Bank Gold Loan Processing Fee 1.50% of the Principal Loan Amount
Andhra Bank Gold Loan Prepayment Charges 2%+GST (Within 3 Months), 0 (After 3 months)
Andhra Bank Gold Loan Repayment Tenure 3 Months to 24 Months
Andhra Bank Gold Loan Repayment Scheme Bullet Payment Scheme, Overdraft Scheme

About Andhra Bank Gold Loan

Gold Loan is a very simple concept and in this type of loan, A customer pledges gold. It may include jewelry, ornaments, etc. as security for taking the loan. This type of loan is useful if you are in need of money for immediate expenses. And also expect to be able to pay it back in the short term. It is cheaper and faster as compared to a personal loan. The banker uses the gold as security against latent mortgage default by the customer. The loan that is against gold is a specific percentage of the value of the gold. The gold has been pledged and the loan is sanctioned after analysis of basic documents. The amount is then given to the customer in the form of cash, account transfer, or demand draft. These are short-term loans while the repayment period can vary from one month to a few years.

About Andhra BankAndhra Bank Gold Loan

Andhra Bank is a medium-sized public sector bank (PSB) of India and has its headquarters in Hyderabad, Telangana, India. Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh. The bank was registered on 20 November 1923 as well as commenced business on 28 November 1923.

Why Gold Loan?

Features

  1. Know your Gold Loan eligibility in 1 minute, available online, and across all branches.
  2. Highly competitive interest rates for Gold Loans.
  3. Special offers, interest rates, and nominal charges for account holders.
  4. Special Gold Loan offers* for women.
  5. ROI for tenure less than 1 year is also available at 1%.
  6. Generally, the gold loan is available at the interest rate of 7.15% to 14.5%.
  7. In rural areas Agricultural loan against gold is also available for agriculturists at a very nominal rate of Interest of 7%-8%, proof of agricultural document needs to be provided.
  8. Many go for the fulfillment of their short-term goal through gold loans, such as their child’s education, marriage, or other family problems. Many think that instead of keeping it idle at home or in a locker, the gold loan is the best option.

Benefits

  1. Simple documentation
  2. Competitive pricing
  3. Gold Loan disbursal in just 30 minutes*
  4. Transparent procedure
  5. Gold Loans available for various needs.

Documentation For Gold Loan

Simple and easy documentation for Gold Loans (though documentation varies from individual to individual). This loan is not valid for Gold Biscuits and Mangalsutra.

  1. Proof of identity: Copy of passport/voter ID card/driving license
  2. Proof of address: Copy of ration card/telephone or electricity bill/rental agreement/passport
  3. Passport size photographs.

Eligibility Criteria For Gold Loan

  1. Age: 21 to 65 years.
  2. Profession: Anybody with a Steady source of income including Bank’s Employees, Pensioners.
  3. The borrower will be given an option to pay only interest. This is applicable during the entire term. And at the end of the tenure, you can pay the complete borrowed amount in a single shot.
  4. The customer must have a minimum gold of 20 grams.
  5. Should have documents that are required and gold (not less than 22 karats).

Know about the terms and conditions:

    1. Foreclosure Charges- charges that are to be paid when the loan is closed before the tenure is completed.
    2. Foreclosure charges can be up to 1%. The minimum loan tenure is 6 Months. So, foreclosure charges after 6 months are 0.
    3. Charges for late payment of Loan Amount.
    4. 2% p.a. as penal interest over and above the applicable rate of interest.

Gold Loan Interest Rate of Major Banks

Bank

 Interest Rates

HDFC Bank Gold Loan

7.15% – 14.50%

ICICI Gold Loan

7.15% – 16.10%
Muthoot Finance Gold Loan

7.15% – 24.00%

Axis Bank Gold Loan

7.15% – 17.00%
Manappuram Gold Loan

7.15% – 26.00%

Yes Bank Gold Loan

7.15% – 15.99%
Bank of India Gold Loan

7.15% – 26.00%

Federal Bank Gold Loan 

7.15% – 13.50%
IIFL Gold Loan

7.15% – 12.00%

Central Bank of India Gold Loan

7.15% – 14.65%

Canara Bank Gold Loan

7.15% – 12.65%

Allahabad Bank Gold Loan

7.15% – 10.45%

Induslnd Bank Gold Loan

7.15% – 15.75%
PNB Gold Loan

7.15% – 11.75%

Bajaj Finance Gold Loan

7.15% – 26%
SBI Gold Loan

7.15% – 15.99%

Indian Bank Gold Loan

7.15% – 15.99%
UCO Bank Gold Loan

7.15% – 26.00%

Kotak Mahindra Bank Gold Loan

7.15% – 13.50%
Syndicate Bank Gold Loan

7.15% – 12.00%

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