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Allahabad bank was founded by a group of Europeans in the city of Allahabad. Allahabad Bank has come up with its product Allahabad Bank Gold Loan to help consumers like farmers, Agriculturists and existing clients in their bad time. It is an attractive loan deal whose eligibility norms are easy to achieve. One can put his gold as collateral to the bank and can earn about 70 % of the loan amount with ease.


Why Allahabad Bank Gold Loan?

  1. Minimum of Rs 50,000 and Maximum of Rs 5 lakhs loan amount can be borrowed.
  2. Flexible repayment options: Hassle-free repayment option with EMI’s.
  3. Instant cash availability: Grab necessary amount of cash whenever needed.
  4. A person can also apply for Gold Finance on Agricultural Land on his name and get a discount of 1% on the interest rate charged.
  5. Full Safety of his Gold asset.


Gold Value Rate Available
22 Carat Gold Rs 1100
20 to 21 Carat Gold Rs 850
18 to 19 Carat Gold Rs 750


Features of Gold Loan :

  1. You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose
  2. You get 100% Safety & Security of your Gold Jewellery
  3. Get your Loan processed in less than 30 minutes
  4. Enjoy Anytime Liquidity.
  5. No EMI, Service only Interest and enjoy the Loan facility
  6. Lower Interest Rates
  7. Simple documentation and fast processing.
  8. Overdraft limit varies depending on the market rate of gold.
  9. The interest rate is payable the only amount of the overdraft that you use.

Advantages of Taking a Gold Loan

  1. No income and salary criteria- Gold loans do not require any documentation or validation of income or salary of the person. So even if you are unemployed and unsalaried you can still avail a gold loan. This is because you are pledging a valuable asset i.e. gold in return for the money. Can be provided in cases of bad credit history as well as a low-income level
  2. Relatively Lower interest rates- Another advantage of taking a gold loan is that they are available at low interest rates, say 12-16% annually in comparison to the personal loans interest rates of 15-26% per annum.
  3. You need to repay only the interest- You have the option to pay only the interest during the tenure of the entire gold loan and at the end of tenure, you can pay the entire borrowed amount in a single shot.
  4. Total Convenience- The most convenient of all the loans is a gold loan. This is because in this all you have to do is pledge your gold with a bank or a private finance institute and the work is done. You can get a loan up to 80% or more of its market value immediately.
  5. Less processing time- No tedious and lengthy documentation is required in case of gold loans, hence it can be resorted to in times of urgent needs. Banks take a few hours in the processing of the gold loan whereas some NBFC’s state that they only take a few minutes for the same task.

Documents Required for Gold Loan

  1. Residence Proof: Ration Card/ Electricity Bill of last three months with the name of the applicant/ Telephone Bill of last three months with the name of applicant / Passport Copy/ration card.
  2. Identity Proof: Any one of the mentioned proofs is accepted Voters Card/Driving License/ Passport photocopy/Aadhar Card.
  3. 2 passport size photographs.
  4. Proof of ownership of Land.

Allahabad Bank Gold Loan Procedure:

  1. First of all a person will need to apply online.
  2. Next, a person will have to visit the bank to evaluate his gold asset to collect the cash.
  3. Bank will measure the value of a gold asset in the form of purity and weight.
  4. Finally, the loan gets sanctioned to the borrower after evaluating the genuineness of the Gold.

Forms of Gold

  1. The gold will be accepted in the form of coins but the coins should weigh less than 50 grams, besides that gold bars can also be accepted.
  2. Gold jewelry in any form is accepted.
  3. Gold is raw form is not accepted.
  4. The gold ornaments should be of 18 karats to 22 karats purity.

Category of Gold Loan

The gold loan comes in the category of secured loans. In the gold loan, a customer pledges his/her gold ornaments to the bank as a security and promises to return the loan amount on time. If the customer fails to repay the amount of loan to the bank on time then the bank sells the gold of the customers and recovers the amount of loan. The bank is completely liable to do so.

Is Gold Loan is better than a Personal Loan?

Yes, if someone has an option to choose in between the personal loan and the gold loan then he/she is advised to go for a gold loan. because in both cases he can fulfill his/her personal needs. So if the customer has enough gold too he/she should get a gold loan. The reason after that is the rates of interest on the gold loan are quite low as compared to other loans or a personal loan. because the personal loan is an unsecured loan, so the lender has a high risk while providing the loan amount to the customer. So the rates of interest are quite high in a personal loan.

                                                         Gold Loan in 5 Lowest Rate of Interest

* For any assistance regarding Gold Loan, call us on 60011600, our trained Relationship Managers will solve all your queries.