About Allahabad Bank Gold Loan
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.
Know More – Gold Loan Interest Rate
|Allahabad Bank Gold Loan at a Glance|
|Interest Rate||Starts at 10.20%|
|Gold Loan Per Gram||₹1755 to ₹2145 depending on the purity of gold|
|Tenure||Up to 60 months|
|Processing Fee||1% or ₹1000 whichever is higher|
Why Allahabad Bank Gold Loan?
- Minimum of Rs 50,000 and Maximum of Rs 5 lakhs loan amount can be borrowed.
- Flexible repayment options: Hassle-free repayment option with EMI’s on Allahabad Bank Gold Loan.
- Instant cash availability: Grab necessary amount of cash whenever needed.
- 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.
- Full Safety of his Gold asset.
Read More – About Gold Loan
Allahabad Bank Gold Loan Rate per Gram
The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of Gold in the market. The rate of gold changes daily in the market and therefore, the Allahabad Bank Gold Loan Rate per Gram also varies every day. Allahabad Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
You will get ₹1755 to ₹2145 for a gram of Gold depending on its purity and the market price for your Allahabad Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
|Gold Purity||Rate Per Gram|
|22 Carat Gold||Up To ₹2145|
|20 to 21 Carat Gold||Up To ₹1950|
|18 to 19 Carat Gold||Up To ₹1755|
Allahabad Bank Gold Loan Interest Rate
A Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with 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 the Allahabad Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Allahabad Bank starts at 10.20% per annum.
The Allahabad Bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
- The Allahabad Bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
Allahabad Bank Gold Loan Features
- You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose
- You get 100% Safety & Security of your Gold Jewellery
- Get your Loan processed in less than 30 minutes
- Enjoy Anytime Liquidity.
- No EMI, Service only Interest and enjoy the Loan facility
- Lower Interest Rates on Allahabad Bank Gold Loan
- Allahabad Bank Gold Loan has Simple documentation and fast processing.
- Overdraft limit varies depending on the market rate of gold.
- The interest rate on Allahabad Bank Gold Loan is payable the only amount of the overdraft that you use.
Know More – Gold Loan: Factors to Remember
Allahabad Bank Gold Loan Eligibility
Gold Loan is a financial product provided by the bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by banks at low rates of interest and also requires minimal documentation for the same. Allahabad Bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the Allahabad Bank Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the bank.
- The Minimum weight of Gold that can be pledged is 10 grams and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold.
- The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the Allahabad Bank Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.
Advantages of Taking Allahabad Bank Gold Loan
- 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 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 12-16% annually in comparison to the personal loans interest rates of 15-26% per annum.
- 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.
- Total Convenience– The most convenient of all the loans is a 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 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.
Allahabad Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Allahabad Bank wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire Allahabad Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.
Documents required for Applying for Allahabad Bank Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Basic KYC documents :
- Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, and etc.
- Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Gold Loan for Agricultural purposes.
- If you are an existing customer of the bank you may not be required to submit any documents as the bank will already have your verified details.
**Any other documents as requested by the bank shall be duly submitted.**
Allahabad Bank Gold Loan Apply Online
Applying for the Allahabad Bank Gold Loan service is a simple and hassle-free process which 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 basic information regarding yourself and the Gold Loan you wish to avail. 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 digital platform, where you will have to just fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank you can compare the different offers and schemes from different banks on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.
Forms of Gold 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 jewelry in any form is accepted.
- Gold is raw form is not accepted.
- The gold ornaments should be of 18 karats to 22 karats purity.
Know More – Gold Loan Per Gram
Use of Allahabad Bank Gold Loan
The funds acquired by availing the Allahabad Bank Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and etc.
- You can also avail a Gold Loan for agricultural purposes. The Allahabad Bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQs About Allahabad Bank Gold Loan
1. How much Gold Loan can I get per gram in Allahabad Bank?
2. What is Allahabad Bank Gold Loan?
3. What is the Gold Loan interest rate in Allahabad Bank?
4. How to pay Allahabad Bank Gold Loan online?
5. How to apply Gold Loan in Allahabad Bank?
6. How to renew Allahabad Bank Gold Loan online?
7. How to take Gold Loan from Allahabad Bank?
8. What is Gold Loan in Allahabad Bank?
9. How to get Allahabad Bank Gold Loan?
10. How to check Allahabad Bank Gold Loan status?
11. How to close Allahabad Bank Gold Loan?
12. How to renew Allahabad Bank Gold Loan?
13. What happens if someone defaults Allahabad Bank Gold Loan?
14. How many branches of Allahabad Bank Gold Loan?
Table of Contents
- 1 About Allahabad Bank Gold Loan
- 2 Why Allahabad Bank Gold Loan?
- 3 Allahabad Bank Gold Loan Rate per Gram
- 4 Allahabad Bank Gold Loan Interest Rate
- 5 Allahabad Bank Gold Loan Features
- 6 Allahabad Bank Gold Loan Eligibility
- 7 Advantages of Taking Allahabad Bank Gold Loan
- 8 Allahabad Bank Gold Loan Documents Required
- 9 Allahabad Bank Gold Loan Apply Online
- 10 Forms of Gold Accepted by Allahabad Bank
- 11 Use of Allahabad Bank Gold Loan
- 12 FAQs About Allahabad Bank Gold Loan
- 12.1 1. How much Gold Loan can I get per gram in Allahabad Bank?
- 12.2 2. What is Allahabad Bank Gold Loan?
- 12.3 3. What is the Gold Loan interest rate in Allahabad Bank?
- 12.4 4. How to pay Allahabad Bank Gold Loan online?
- 12.5 5. How to apply Gold Loan in Allahabad Bank?
- 12.6 6. How to renew Allahabad Bank Gold Loan online?
- 12.7 7. How to take Gold Loan from Allahabad Bank?
- 12.8 8. What is Gold Loan in Allahabad Bank?
- 12.9 9. How to get Allahabad Bank Gold Loan?
- 12.10 10. How to check Allahabad Bank Gold Loan status?
- 12.11 11. How to close Allahabad Bank Gold Loan?
- 12.12 12. How to renew Allahabad Bank Gold Loan?
- 12.13 13. What happens if someone defaults Allahabad Bank Gold Loan?
- 12.14 14. How many branches of Allahabad Bank Gold Loan?