Andhra Bank offers you a monetary value against your gold ornaments. It is an effortless option for you whether you are jobless or have bad credit score, you can still fulfill your needs through Andhra Bank Gold Loan. It is a loan that can be used to achieve financial emergency the bank provides you 75% of the market value of gold. Andhra Bank Gold Loan has different schemes one of them is "AB Swarna Loan Scheme" especially for Non-Agricultural Gold Loan (NAGL) segment.

Know More - 5 Must factor to keep in mind before availing a Gold Loan

Why Andhra Bank Gold Loan?

  1. Loan quantum of Rs 50,000 lakhs is available.
  2. Repayment: Maximum of 60 EMI’s are required.
  3. Third Party is acceptable to the bank.
  4. Instant availability on the same day.
  5. Enjoy fewer hassles.
  6. No pre-closure charges are involved.
  7. No credit history is required.
  8. 50 % of margin is available.

Know More - Top Reasons why Gold Loan is the best borrowing option

Andhara Bank Gold Loan Interest Rate 2019

In general loan on gold, the credit is available at a low interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of personal loan or any other kind of loans. Though the gold loan rate keeps on changing time to time as well as person to person. 
  1. 1. The gold loan is available at 1% PM interest rate.
  2. 2. Gold Loan Interest rate - 10.70%.
  3. 3. Moreover, offer low processing fee that is  0.85%.
  4. 4. Further, pre-closer charges range from  0 – 2 %.

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.
  2. Can be provided in cases of bad credit history as well as low-income level.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

Know More - 4 Different Ways of Repaying Your Gold Loan

Andhara Bnak Gold Loan Documentation

  1. Proof of Identity;Aadhaar Card/Recent Passport Copy/ Voters ID card/ Driving License/PAN Card.
  2. Address Proof;Aadhaar Card/Ration card/ Telephone and  Electricity Bills of last three months with the name of applicant/ Rental bill/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate/Recent Driving Licence.
  3. Signature Proof;Passport Copy/Driving License/Banker's verification/cheque and 2 passport sized colored photographs.

Andhara Bank Gold Loan Eligibility

The loan seeker can avail a Gold Loan only if the eligibility criteria are fulfilled:

  1. Firstly, The applicant should lie in the age group 18-70 years. Hence, Any applicant who is either above 70 years or less than 18 years will not be considered for loan approval.
  2. Most importantly, you should be a citizen of India. That is, the nationality of a person should be Indian.
  3. Next, employment status is not considered. Therefore, both salaried and self-employed can apply. The bank is not bothered about your employment status.
  4. Furthermore, The weight and quality of gold are equally important. As a result, the gold should weight at least 10 grams, and purity should lie between 18 carats to 22 carats.
  5. Finally, Maximum funding that can be availed is up to 1Crore.

Know More - Gold Loan: Factors to Remember

Andhra Bank Gold Loan Procedure

  1. Apply Online on any Financial Portal www.dialabank.com.
  2. If you are eligible you will get the loan approval.
  3. Now you have to get your documents and gold to the bank.
  4. They will evaluate the value of your gold in terms of purity and weight.
  5. If your gold found to be genuine, you can avail the loan amount within 30 minutes.
  6. You will get 100 % safety of your gold. Your gold will be kept in a tight security.

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

Know More - What is CIBIL Score?

Why Dialabank?

Dialabank is considered as the best platform to apply for a gold loan online. There are so many reasons behind this.

  1. First of all, Dialabank is India’s first financial helpline; it provides the best financial services to customers all over the country.
  2. Besides that, the bank has a good reputation among the customers because of its best services.
  3. Another reason, if you apply for a gold loan on Dialabank, then you will get a low HDFC Gold Loan Interest Rate.
  4. Also, Dialabank provides document pickup facility from the doorstep of the customer.
  5. One more important thing is that the Dialabank guides the customers free of cost. That is, there are no additional charges of applying for a gold loan online on the website of Dialabank.
  6. Also, while applying for a gold loan through Dialabank, very less paperwork is required.
  7. One more thing is that you will get high LTV of your gold.
  8. Finally, the Relationship managers are trained enough to guide you in the entire process of Gold Loan.

 

Know More - Gold Loan and Loan Against Property

FAQs About  Andhra Bank Gold Loan 

  1. How does Gold Loan work?
     Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold deposits. The amount is provided as per the market value of Gold after applying some safety messuers.

  2.  Is Gold Loan secured?
    Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.

  3. What happens when you don’t repay a Gold Loan?
    If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.

  4.  Do I need a co-applicant to get a gold loan?
     No, to avail Gold loan you don’t need any co-applicant.

  5. Is Gold loan better than a Personal loan?
    Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is un-secured and hence carries higher interest than a gold loan.

  6. What is the best online platform to avail gold loan?
    Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.

  7. Is there any fee payable for the Gold Loan?
    Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.

  8. How can I avail a gold loan?

    You can avail the service of a gold loan in a few clicks.

    • Fill in your expected details in the web-form on Dialabank.
    • Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
    • We will suggest you the loan which meets your requirements, in your specific region.
    • Submit the required documents with our representative, who will be in touch with you.
    • Accept the loan amount in just 30 minutes.
  9. Is Gold Loan better than a personal loan?

    Yes, a gold loan is far better than a personal loan. Reasons being:

    • A gold loan does not require a CIBIL score or any proof of your income.
    • Gold loans are less time-consuming and hustle free in comparison with Personal Loans. 
    • A gold loan is a secured loan and therefore, is the most opted loan nation-wide.Gold Loan Interest Rate of Different Banks - Updated on 2019.
  10. What is the benefit of gold loan?

    Gold loans have various benefits, which are why it is the most opted loan in the country. Some of the benefits are listed below:

    • Proof of your income is not needed Loan
    • Disbursal in just 30 minutes
    • CIBIL score is not required
    • Less Documentation 
    • Maximum Funding
    • It is a Secure Loan

Gold Loan Interest Rate of Different Banks - Updated on 2019

 
Bank  Gold Loan Rate 
HDFC Bank 10.75%
Yes Bank  10.85%
Axis Bank 10.90%
SBI Gold Loan 11.50%
ICICI Bank 11.75%
IIFL Gold Loan 11.75%
Allahabad Bank Gold Loan 11.75%
Muthoot Gold Loan 12.00%
Federal Bank Gold Loan 12.00%
Manappuram Gold Loan  12.25%
IDBI Bank 12.25%
PNB Gold Loan 12.25%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* For any assistance regarding Gold Loan, call us on 95920-46860, our trained Relationship Managers will solve all your queries.