Everything About Allahabad Bank Gold Loan
A group of Europeans founded Allahabad Bank 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 wrong time. It is an attractive loan agreement 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.
- Interest Rate Starts at 10.20%
- Loan Per Gram From Rs. 2,472 to Rs. 3,023
- Tenure Up to 36 months
- Processing Fee Up to 1% + GST
Know More – Gold Loan Interest Rate
Why choose 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 the 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
Advantages of 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 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 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 full borrowed amount in a single 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 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 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 commercial 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 a 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, 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.
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:
- Two latest passport-sized photographs
- Basic KYC documents:
Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, 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 have 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.
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 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 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 price of gold changes daily in the market and therefore, the Allahabad Bank Gold Loan Rate per Gram also varies every day. Allahabad Bank gives funding of up to 70% of the total market price of your gold, keeping the remaining 30% as a 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 Apply Online
Applying for the Allahabad Bank Gold Loan service is a hassle-free and straightforward 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 necessary 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 just to 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 based on funding provided and the rate of interest charged for choosing the best loan deal 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): If you are a current record holder with Allahabad Bank, Standing Instruction is the best method of repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the Allahabad Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-Allahabad Bank account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Allahabad Bank account at your closest Allahabad Bank Loan Branch. A new arrangement of PDCs should be provided on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
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 is 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 finance any personal expenses such as a wedding, travel, payment of higher education fees, etc.
- For all your business needs, such as buying raw material, expansion of business, 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
The Gold Loan per gram for Allahabad Bank ranges between ₹1755 to ₹2145 according to the purity of gold to be pledged.
Allahabad Bank Gold Loan is a secured loan that can be used to fulfil various monetary requirements of a person. The bank provides the credit at a nominal rate of interest with the quick disbursal of funds. The borrower can avail up to ₹25 lacs for a tenure of his choosing between 6 to 60 months. The bank ensures the full security of your ornaments.
1) For agricultural purposes, the rate of interest starts from 10.20% per annum.
2) For all other needs and aspirations, the price of interest begins at 12.40% per annum.
You can pay for your Gold Loan with 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.
You can apply for your Gold Loan with Allahabad Bank by visiting the nearest branch with your Gold ornaments. You can also use at Dialabank’s digital platform, and compare offers from all the banking and non-banking financing companies across India.
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.
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 online and avail the service through 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.
Allahabad Bank provides loans to customers against the gold they own. This loan 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.
Getting Gold Loan from Allahabad Bank is an easy and hassle-free process. You can apply for Gold Loan 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.
A customer can check the status of their loan 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.
You can close your Allahabad Bank Gold Loan once you have repaid all the pending amount. The bank, after the documentation process, will close your loan and return to you the gold that was pledged.
Renewal of Gold Loan can be done by visiting the branch along with all the loan documents. The gold is released and revalued based on new market rates, and new terms are agreed upon for the renewal of the loan.
If someone fails to pay the amount due for the loan on or before the due date, the bank charges a penal fee, and if these defaults are continuous, the bank has the right to auction your gold publically.
Allahabad Bank has over 3000 branches across India through which they serve their loaning products.
Table of Contents
- 1 Everything About Allahabad Bank Gold Loan
- 2 Why choose Allahabad Bank Gold Loan?
- 3 Advantages of Allahabad Bank Gold Loan
- 4 Allahabad Bank Gold Loan Eligibility
- 5 Allahabad Bank Gold Loan Documents Required
- 6 Allahabad Bank Gold Loan Interest Rate, Fees and Charges
- 7 Allahabad Bank Gold Loan Rate Per Gram
- 8 Allahabad Bank Gold Loan Apply Online
- 9 Allahabad Bank Gold Loan EMI Calculator
- 10 How to Pay Your Allahabad Bank Gold Loan EMI?
- 11 Gold Ornaments Accepted by Allahabad Bank
- 12 Uses of Allahabad Bank Gold Loan
- 13 FAQs About Allahabad Bank Gold Loan