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Allahabad Bank Gold Loan
Allahabad Bank Gold Loan Key Features – Apply Now
Allahabad Bank Gold Loan Interest Rate
7.25% per annum
Allahabad Bank Gold Loan Explanation
Allahabad Bank Gold Loan can be basic to meet a key need for cash by vowing your gold upgrades or gold coins as protection. Gold improvement is likely the speediest sort of getting and can be profited by existing customers of Allahabad Bank in addition to new borrowers. With Allahabad Bank, you will not simply benefit from the gold credit adequately yet near at a genuine movement cost. Here is all you need to consider State Bank of Bikaner and Jaipur gold development financing cost, residency, immovable, and various terms and conditions.
Allahabad Bank Comparison With Other Banks
Particulars
Allahabad Bank
SBI
HDFC Bank
Interest Rate
7.25% per annum
7.25% per annum
9.90% – 17.55%
Processing Fees
1% of the Principal Loan Amount or Rs. 1000 (Whichever Is Higher)
0.50% of the loan amount, minimum Rs. 500
1.50% of the loan amount
Loan Tenure
6 Months to 60 Months
3 months to 36 months
3 months to 24 months
Loan Amount
Rs. 50000 to Rs. 50 Lakh
₹ 20,000 to ₹ 20 Lakh
₹ 25,000 to ₹ 50 Lakh
Foreclosure Charges
Up to 0.50% of the principal amount
Nil
Nil after 3 months
Repayment Options
Y
Y
Y
Lowest EMI Per Lakh
₹ 8,734 per lakh
₹ 3,111 per lakh
₹ 4,610 per lakh
Tips To Get Gold Loan From Allahabad Bank Fast
Allahabad Bank sees both hallmarked and non-hallmarked beautifications for getting a gold new unforeseen development. Regardless, you can get the most raised gold credit per gram for brand name embellishments, as it diminishes the chances of under-valuation by the valuer. A few banks charge lower planning costs on hallmarked gold pearls.
Allahabad Bank changes the expense of 22-carat gold for the flawlessness of gold. In like manner, continually endeavour to get against higher reasonableness embellishments as it will present to you the most raised altogether for the gold new turn of events.
Allahabad Bank will deal with the net heap of gems to locate the degree of advance against the gold you can get. Solidly, attempt to pick embellishments that have the least pearls and stones. A colossal piece of the banks will lessen the meaning of pearls and stones from a hard and fast heap of embellishments. Allahabad Bank will rely upon the report of his gold value to gain proficiency with the net weight.
Higher the meaning of pearls and stones in updates cut down the net weight and assessment of jewels which achieves the lower level of diamond advance you can get Further, Allahabad Bank will not see significant stone significant stones if the gold used is under 18-carat perfection. By a wide edge an enormous bit of the basic stone updates are made in 16 carats to 18-carat gold and from this time forward, will achieve low gold development per gram.
Relentlessly endeavour to get the best LTV on the assessment of gold. Allahabad Bank is allowed by RBI to charge a most puzzling LTV of up to 85% to deal with the degree of gold credit you are ready for.
Advantages Of Allahabad Bank Gold Loan
No income and salary criteria– Gold loans do not require any documentation or validation of the income or salary of the person. So even if you are unemployed and unsalaried, you can still avail yourself of an Allahabad Bank 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.
Relatively Lower interest rates– Another advantage of taking a gold loan is that they are available at low-interest rates, say 7.25% per annum in comparison to the personal loans interest rates of 15-26% per annum.
You need to pay the interest only– You have the advantage to return only the interest amount throughout the total gold loan tenure. At the termination of the mandate, you can return the full rented amount in a one-shot.
Total Convenience– The most convenient of all the loans is an Allahabad Bank 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.
Less processing time– No tedious and lengthy documentation is required in the case of Allahabad Bank Gold Loan. 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.
Foreclosure: Allahabad bank charges the borrower up to 0.50% of the outstanding principal debt in the event of a Gold Loan Foreclosure.
You can call on 9878981144 to avail the Best Deals and Offers on Allahabad Bank Gold Loan.
How Much Loan Can I Get From Allahabad Bank Gold Loan?
To the latest, Allahbad Bank Gold Loan Rate Per Gram is Rs. ₹ 3,800 to ₹ 4,350. 22-carat jewellery is calculated at a maximum LTV of 75%. The loan per gram keeps on changing every day as per the price of the gold. Mentioned below the table explains the detailed shift in prices:
Allahabad Bank Gold Loan Per Gram – Apr 18 2024
Allahabad Bank Gold Loan Rates/ Gram
Weight
Loan on 18Cr Gold
Loan on 20Cr Gold
Loan on 22Cr Gold
Loan on 24Cr Gold
1 gm
2440
2722
3005
3287
10 gms
24400
27220
30050
32870
20 gms
48800
54440
60100
65740
30 gms
73200
81660
90150
98610
50 gms
122000
136100
150250
164350
100 gms
244000
272200
300500
328700
200 gms
488000
544400
601000
657400
300 gms
732000
816600
901500
986100
500 gms
1220000
1361000
1502500
1643500
About Allahabad Bank Gold Loan
A club of Europeans established the Allahabad Bank in the town of Allahabad. Allahabad Bank has grown up with its goods Allahabad Bank Gold Loan to help customers like producers, Farmers, and enduring customers at their wrong time. It is an engaging loan agreement whose qualification standards are simple to manage. One can put his gold as a guarantee to the bank and can receive about 70 % of the loan amount with comfort.
Gold Loan is commercial produce given by the bank, which feeds to your demands of short term or long term stocks. It is accessible to avail of financial services administered by banks at cheap rates of interest and needs insignificant documentation. Allahabad Bank gives you the Loan price within an hour of application. The appraisal and endorsement method is instantly done, keeping in mind your necessity concerning the need for supplies.
Major Eligibility Criteria For Availing Of The Allahabad Bank Gold Loan is:
Age
18-70 years of age
Nationality
Indian
Employment Status
Salaries, Self-Employed
Gold Quality
Minimum 18 Carats (10 grams)
Allahabad Bank Gold Loan At Home
With the changing needs of the times, Allahabad Bank has come across a simple yet valuable solution that will make everything easy for you. Just like your necessary commodities such as groceries, clothes and much more, everything is provided at your doorstep, in the same way, now, you can quickly get a gold loan at the comfort of your home.
If you are in urgent need of funds or too busy to visit a bank or prefer social distancing, Allahabad Gold Loan At home is a one-step solution. The process is straightforward. You need to give us a call to put in your request for a gold loan. Our executive from the nearest branch will visit your home at the earliest. Everything will be done at your home in your presence, from the evaluation of the loan documentation to the transfer of the loan amount. Furthermore, there are many benefits of Allahabad Bank Gold Loan at Home:
Fast loan approval
Lower interest rates
Maximum value of gold
Flexible repay tenures
Easy payment options
No additional charges
24*7 customer support
Full security of the gold
No hidden fees
Service at your doorstep within 30 minutes
Allahabad Bank Gold Loan Documents Required
Loan Against Gold is a loan commodity given to the borrowers by the Allahabad Bank wherein supplies are presented for satisfying the financial requirements of the candidate. The gold adornments of the candidate are kept as protection by the bank in trade for the funds. The whole Allahabad Bank Gold Loan method is hassle-free and comfortable to get with minimum documentation. The bank guarantees the high protection of your gold embellishments until the loan is settled.
Documents Required For Applying For Allahabad Bank Gold Loan Are :
Photographs
2 Passport Size
Identity Proof
Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)
Residence Proof
Aadhar Card, Driving License, Ration Card, etc. In the case of Rented House then the rent agreement or water/electricity bills for the last three months can be considered. (Only 1 is required)
Agricultural Land Proof
Required only if the Loan is taken for Agricultural Purpose
**Any other documents as requested by the bank shall be duly submitted.**
GOLD LOAN @ 0.75%*
APPLY NOW
Uses Of Allahabad Bank Gold Loan
The funds acquired by availing the Allahabad Bank Gold Loan service can be used for several purposes such as:
To fund any particular investments such as matrimony, hiking, instalment of higher tuition payments, etc.
For all your marketing requirements, such as purchasing fresh supplies, developing marketing, etc., a loan service is available.
You can additionally avail of a Gold Loan for horticultural ideas. The bank gives lower prices of interest for Gold Loans that are utilized for farming or related projects.
Starting from 7.25% per annum (depends on the sum of the loan
Least amount of Loan
Depends on the value of the jewel which is being kept as security
Loan period
Adjustment of advance sum inside 2 months from the date of reap of yields
Benefits Of Allahabad Bank Agricultural Jewel Loan Scheme
There is no processing fee is applicable up to ₹ 25,000.
0.30% of the loan amount, Minimum of ₹ 300 charge is applicable to the amount ranging from above ₹ 25,000 – less than ₹ 5 lakh.
0.28% of the credit sum, subject to at least Rs.1,500 is applicable to the amount more than Rs.5 lakh however under Rs.1 crore.
Allahabad Bank Gold Loan Interest Rate, Fees and Charges
A Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by Allahabad Bank are lower in comparison to other loans because it is a fully secured loan.
Gold Loan Interest Rate
7.25% per annum
Processing Fee
1% of the loan amount or ₹1000 whichever is higher
Prepayment/Foreclosure Charges
Nil
Types Of Allahabad Bank Gold Loan
There are 3 types of Allahabad Bank Gold Loans:
Allahabad Bank Gold Loan for Agriculture Purpose – The bank provides a discount of 1% on the interest rate if taken for Agricultural purposes. You just need to present the agricultural land proof for availing of the discount along with the other documents that are required for it.
Allahabad Bank Gold Loan for Personal Consumption – The Bank provides the Loan at attractive rates of interest to people looking for quick funds to fulfil their personal needs such as weddings, trips, etc. The bank provides the disbursal for the loan quickly with no prepayment charges against the loan.
Allahabad Bank Gold Loan for Business Purpose – The bank provides Gold Loans at attractive rates of interest to people looking out for additional funds for business consumption. The bank provides special rates based on the amount of the loan to be borrowed.
You can call on 9878981144 to avail the Best Deals and Offers on Allahabad Bank Gold Loan.
Allahabad Bank Gold Loan Apply Online
Applying for the Allahabad Bank Gold Loan service is a hassle-free and straightforward process that can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with necessary information regarding yourself and the Gold Loan you wish to avail yourself. You will then need to visit the branch with the required documents and your gold.
You can also apply with Dialabank by following the below-mentioned steps to get a Gold Loan as per your need.
Visit Dialabank‘s online program, where you will have to simply fill a form without any enrollment.
Our Association Manager will talk to you and help you complete the Gold Loan process and escort you to meet your commercial requirements.
You will get personalized aid, providing you with the choice of analyzing and catching the most suitable deal according to your necessities without any additional charges.
With Dialabank, you can distinguish the various offers and systems from distinctive banks based on funding given and the rate of interest required for deciding the best loan opportunity for yourself.
Allahabad Bank Gold Loan EMI Calculator
How To Pay Your Allahabad Bank Gold Loan EMI?
Your Allahabad Bank gold advance can be reimbursed in the following three different ways.
Standing Instruction (SI): Existing customers of Allahbad Bank can raise their same bank account with the loan and the EMI of the loan will be taken automatically at the month-end form the same bank.
Electronic Clearing Service (ECS): Customers new to the bank and with no previous relation to it can use this method to repay. They can attach their bank account to the loan and the EMI will be deducted from their bank account at the end of the cycle.
Post-Dated Checks (PDC): PDC’s is one of the methods widely used for the repayment of the loan. The borrower can submit its PDC’s at the nearest Allahabad Bank Loan Branch of their EMI.
Gold Ornaments Accepted By Allahabad Bank
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.
Gold jewellery in any form is accepted.
Gold in raw form is not accepted.
The gold ornaments should be of 18 karats to 22 karats purity.
Uses Of Allahabad Bank Gold Loan
The funds acquired by availing the Allahabad Bank Gold Loan service can be used for several purposes such as:
To bankroll any individual responsibilities such as a marriage, hiking, payment of immense coaching fees, etc.
For all your marketing requirements, such as purchasing raw material, enlargement of company, etc.
You can also avail of a Gold Loan for agricultural schemes. The Allahabad Bank suggests more moderate rates of interest for Gold Loans that are utilized for farming or associated projects.
Allahabad Bank Gold Loan Overdraft Scheme
Allahabad Bank Offers an Overdraft Scheme. With this, you are provided with a loan amount as an overdraft facility. It works like a Credit Card, where you can spend your Gold Loan Amount as you want anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the Allahabad Bank Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.
Allahabad Bank Gold Loan Key Highlights
Age
18-75 years
Minimum Loan Amount
Rs. 25,001
Maximum Loan Amount
Rs. 25 Lakh
Allahabad Bank Gold Loan Interest Rate
7.25% per annum onwards
Loan Tenure
From 3 months up to 60 months
Gold Items accepted
Jewelry and gold coins sold by banks
Allahabad Bank Gold Loan Processing Charges
1% of the loan amount
How Does Allahabad Bank Gold Loan Work, Here’s An Example
The improvement of out and out cutoff is settled reliant on the flawlessness of gold, LTV, and the heaviness of gold. Anticipate Mr An and his two collaborators Mr B and Mr C own various levels of gold with moving flawlessness. Mr A has 50 grams of gold of 22 carats. Mr B has 60 grams of gold with uprightness of 20 carats and Mr C has 70 grams of gold with goodness or 22 carats. They approach the Allahabad Bank to profit from a gold new turn of events. The value applied to gain ability with their gold credit total cutoff dependent on the most over the top LTV of 85% will differ by the meaning of gold and along these lines, will accomplish moving gold improvement limit.
FAQs About Allahabad Bank Gold Loan
✅ What is Allahabad Bank Gold Loan?
Allahabad Bank gold loan is a scheme that can be used to fulfil any commercial or personal needs of the borrower. Bank provides these loans at competitive interest rates for a maximum tenure of 60 months. Your gold is safe with the bank and can be released once you repay your loan.
✅ How can I get the Gold Loan from Allahabad Bank?
You can get a gold loan from Allahabad Bank by applying for Gold Loan with Dialabank from the comfort of your home and can also repay the same online. You will need to visit the branch in person for the valuation process.
✅ How much Gold Loan can I get per gram in Allahabad Bank?
Allahabad Bank Gold Loan Rate Per Gram is ₹ 3,800 to ₹ 4,350. You can get the loan starting from the amount.
✅ How does Allahabad Bank Gold Loan work?
Allahabad Bank provides Gold Loans at nominal interest rates for a maximum tenure of 60 months and a maximum amount of ₹25 lacs. You can apply for Gold Loan online and avail of the service from the comfort of your home or walk in at the nearest branch with gold and the required documents.
After submission of the application, the valuation of your gold is done after which the amount and the rate of interest are agreed upon. Once approved, the loan amount is disbursed within hours.
✅ What is Gold Loan Interest Rate in Allahabad Bank?
✅ How to check Gold Loan status in Allahabad Bank?
You can check your gold loan status for Allahabad Bank using the mobile number and date of birth or the reference number on the bank’s website by using the net banking feature of the bank. You can also contact the customer care executive or physically visit the branch to know the status.
✅ How to calculate Gold Loan Interest in Allahabad Bank?
You can calculate the gold loan interest payable in Allahabad Bank by using Dialabank’s EMI Calculator which is a simple and free tool and gives accurate results with basic information regarding your loan.
✅ What is the maximum loan amount I can avail myself on Gold Loan from Allahabad Bank?
The maximum loan amount you can avail from Allahabad Bank from amounts between Rs. 50000 to Rs. 50 lakhs depending upon the quality and the quantity of the jewellery that you can pledge with the bank.
✅ What is the loan tenure of Allahabad Bank Gold Loan?
Loan tenure for Allahabad Bank gold loan can be of your choosing and can range from 6 months to 60 months depending on your repayment capabilities and the amount of loan borrowed.
✅ How much Processing Fee is applicable on Allahabad Bank Gold Loan?
Processing Fee applicable on Allahabad Bank Gold Loan is 1% of the principal amount of Loan or Rs 1000 whichever is greater amongst the two.
✅ What are the charges for renewal in Allahabad Bank Gold Loan?
The charges for renewal in the Allahabad Bank gold loan are minimal. In some cases, it can also be NIL depending on the amount and the relationship of the borrower with the bank.
✅ What are the charges for Prepayment in Allahabad Bank Gold Loan?
The charges for pre-payment in Allahabad Bank is 1% of the outstanding amount.
✅ How to renew Allahabad Bank Gold Loan?
You can renew your Gold Loan by visiting the branch and asking your loan officer for the same. A renewal form has to be submitted along with any fees as applicable. Upon revaluation of your gold new terms are decided, and your loan is renewed.
✅ How to Pay Allahabad Bank Gold Loan Interest Online?
You can pay your Gold Loan Interest in Allahabad Bank by giving a standing instruction on your bank account for the monthly deduction of EMIs or through ECS if your account is with another bank.
✅ What if I can’t pay the interest on Allahabad Bank Gold Loan for 3 months?
If you do not pay the Allahabad Bank gold loan amount for 3 months, the bank charges a penal fee, and if these defaults are continuous, the bank has the right to auction your gold publically.
✅ How can I apply for EMI Moratorium on Allahabad Bank Gold Loan?
You can apply for EMI Moratorium on Allahabad Bank by visiting the nearest Bank branch and applying for it in person as it cannot be done online.
✅ How to pay Allahabad Bank Gold Loan through Credit Card?
You cannot pay the Allahabad Bank gold loan through credit cards according to RBI’s guidelines.
✅ What is the Allahabad Bank Gold Loan customer care number?
For contacting the Allahabad Bank Gold loan customer care just dial 9878981144.
✅ What is the Allahabad Bank Gold Loan closure procedure?
Just go to the bank with the documents.
Write a letter for pre-closure of the Allahabad Bank Gold loan account.
Pay the pre-closure charges as per Allahabad Bank Gold Loan.
✅ What is the Allahabad Gold Loan preclosure charge?
Up to 2% preclosure charge before 3 months, after that 0.50%.
✅ What is the Allahabad Bank Gold Loan overdraft scheme?
For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at Allahabad bank is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the Allahabad Bank online banking portal and from there you can fill out a simple form and get an overdraft under your name.
✅ What is the Allahabad Gold Loan maximum tenure?
The maximum tenure of the Allahabad Gold loan is 60 months.
✅ What is the minimum gold loan tenure of the Allahabad Bank gold loan?
The minimum tenure of the Allahabad gold loan is 6 months.
✅ What is the Allahabad Bank gold loan rate per gram?
Allahabad Bank Gold Loan Rate Per Gram is ₹ 3,800 to ₹ 4,350.
✅ What are the foreclosure charges of the Allahabad Bank Gold Loan?
Allahabad Bank charges a borrower up to .50% on the principal amount in case of a Gold Loan Foreclosure.
