Andhra Bank Agriculture Gold Loan

Andhra Bank Agriculture Gold Loan Features & Benefits

Andhra Bank  Agriculture Gold Loan Today Andhra Bank  Agriculture Gold Loan rate Today is ₹ 3,506 to ₹ 4,621
Loan Amount Any amount from Rs.1,000 to Rs.10 crore*
Interest Rate 7.00% onwards (p.a.)
Repayment Options Lumpsum, EMI, as per the lender
Gold Items accepted Gold ornaments verified for quality and quantity
Tenure Starting from 1 month to 36 months
Processing Fee Nil-1% of the loan amount

As of March 31, 2019, Andhra Bank (BSE: 532418, NSE: ANDHRABANK) was a medium-sized Indian public sector bank (PSB) with a network of 2885 branches, four extension counters, 38 satellite offices, and 3798 automated teller machines (ATMs). The bank expanded into the states of Tripura and Himachal Pradesh in 2011–12. The bank was active in 25 states and three union territories at the time. The headquarters of Andhra Bank was in Hyderabad, Telangana, India. 

Andhra Bank and Union Bank of India merged in April 2020, according to statements made by India’s Minister of Finance in August 2019.

As of March 31, 2019, the government of India controlled 90.85% of the company’s stock. 7.80 per cent of the shares are owned by India’s state-controlled Life Insurance Corporation. For the Financial Year 2015–16, the bank achieved a net profit of 5.40 billion (US$76 million) on a total business of 3,106 billion (US$44 billion). Cabinet authorised the merger of Andhra Bank & Corporation Bank into Union Bank on 04.03.2020. On September 13, 2019, the bank’s board of directors authorised a merger with Union Bank.

Andhra Bank Agriculture Gold Loan Calculator

Farmers can get cash in return for insured gold through the Andhra Bank Agriculture Gold Loan, which they may utilise to aid with agricultural planting and harvesting. However, it’s also vital to grasp the loan’s conditions, which can be done with the use of an online EMI calculator, which displays the needed amount’s monthly EMI costs. The following are some of the elements that influence EMI estimates:

The amount of a gold loan you may be eligible for is determined by the value of the jewellery you may put up as collateral with the bank. Banks typically provide a jewel loan per gramme of gold, which varies depending on the gold purity and the available loan-to-value ratio.

On higher sums of money, banks provide lower interest rates. Andhra Bank offers loans ranging from Rs. 5,000 to Rs. 20 lakh.

Customers holding an Andhra Bank account are entitled to special rates, bonuses, and fees. Customers who have paid their gold loans on time in the past are eligible for low-interest loans from the Andhra Bank.

Shorter-term gold loans have higher interest rates, whereas longer-term gold loans have lower interest rates. Gold loans are available from the Andhra Bank for a period of six to twelve months.

For gold jewellery, the Reserve Bank of India has set a maximum loan-to-value (LTV) ratio of 75 per cent. On the other side, Andhra Bank offers loans with lower LTVs. The interest rate on a per cent loan with a lower LTV will be lower than one with a higher LTV. Based on the net weight of gold in your jewellery, the Andhra Bank provides a maximum LTV of 75%.

Gold loans for agricultural uses are one of the Andhra Bank’s priority sector lending criteria, and they are accessible from all institutions, including the Andhra Bank, at low concessional rates.

Andhra Bank  Agriculture Gold Loan Eligibility

There are certain requirements that are required to be fulfilled to avail a agriculture gold loan:

  • The applicant should have attained at least 18 years of age
  • The individual should have his own gold ornaments or articles that can be pledged
  • The gold to be pledged should be 18 carats or above
  • The applicant should have a decent CIBIL score
Bank Interest Rate Lowest EMI/lakh Eligible loan amount
HDFC Gold loan 9.90% Rs. 4614 Rs 50 lakh for 24 months
ICICI Bank 10% Rs. 8,792 Rs. 15 lakh for 12 months
Axis Bank 15% Rs. 4,849 Rs. 20 lakh for 24 months
Yes Bank 11.25% Rs. 3,286 Rs. 50 lakh for 36 months
Muthoot Gold loan 12% Rs. 3321 Rs 1 cr. For 36 months
Mannapuram Gold loan 12% Rs. 8,885 Rs 1 cr. For 12 months
Canara Bank 7.65% Rs. 8,683 Rs. 10 lakh for 12 months
IIFL 9.24% Rs. 9,516 Rs. 10 lakh for 11 months
IndusInd 10.50% Rs. 8,815 Rs. 10 lakh for 12 months
Andhra Bank 10.70% Rs. 8,824 Rs. 2 crores for 12 months
Federal Bank 8.50% Rs. 8,722 Rs. 75 lakh for 12 months
SBI Gold loan 7.50% Rs. 3111 20 lakh for 36 months

Documents Required for Andhra Bank  Agriculture Gold Loan

Photographs 2 Passport-Sized photos, latest, coloured, clear, without spectacles
Identity Proof Passport: Valid Copy of passport both front and last page
Voters ID card: Copy of Valid Voter Identity Card
Driving License: Copy of Driving license which is valid.
Adhar card: Copy of Adhar Card with current information
Residence Proof Passport: Valid Copy of passport both front and last page
Voters ID card: Copy of Valid Voter Identity Card
Driving License: Copy of Driving license which is valid.
Adhar card: Copy of Adhar Card with current information
Utility Bills on the name of the applicant.
Sales Tax Certificate
Rental Agreement
Agricultural Land Proof Required only if the Loan is taken for Agricultural Purpose. In the case of an Agriculture Loan on the gold of more than Rs. 1 lakh there is no requirement of proof for allied agriculture purposes.
Demand Promissory Note Certificate by the Jewel Appraiser (Bank will arrange)

Andhra Bank  Agriculture Gold Loan Rate Per Gram by Gold Purity

Andhra Bank is a financial organisation in India. Andhra Bank’s Agriculture Gold Loans are a one-of-a-kind programme that is offered to both public and commercial entities. Agriculture has been practised by the vast majority of India’s inhabitants from ancient times, making it an agriculturally intensive country.

Agriculture gold bank loans begin with a 7% yearly interest rate and gradually increase. Interest rates, as well as eligibility, repayment terms, fees, and penalties for agriculture gold loans, will vary as per bank.

Gold Purity Gold Rate Per Gram- Average Of Past 30 Days Highest Gold Loan Per Gram Lowest Gold Loan Per Gram
22 carat ₹ 4,620 ₹ 4,999 ₹ 4,956
20 carat ₹ 3,939 ₹ 4,178 ₹ 3,795
18 carat ₹ 3,545 ₹ 3,784 ₹ 3,460

The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
  • Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
  • Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784

Andhra Bank  Agriculture Gold Loan Interest Rates Per Gram

The cost of borrowing for gold loans supplied by Andhra Bank Agriculture Gold Loan is as follows:

Updated - Gold Loan Per Gram Rate w.e.f Jun 19 2021

Gold Weight Gold Purity
24 Carat
Gold Purity
22 Carat
Gold Purity
20 Carat
Gold Purity
18 Carat
1 gram 4621 4290 3900 3510
10 gram 46210 42900 39000 35100
20 gram 93600 85800 78000 70200
30 gram 140400 128700 117000 105300
40 gram 187200 171600 156000 140400
50 gram 234000 214500 195000 175500
100 gram 468000 429000 390000 351000
200 gram 936000 858000 780000 702000
300 gram 1404000 1287000 1170000 1053000
400 gram 1872000 1716000 1560000 1404000
500 gram 2340000 2145000 1950000 1755000

Historical Gold Loan Rates Per Gram

Because of India’s imperial heritage and abundance of natural resources, our soil can sustain a wide variety of plants and flowers. Different geographical conditions have an influence on the development and long-term survival of diverse crops and plants in different sections of the country.

Despite the fact that farming is the country’s most common activity, the bulk of it is done for a living.

Using current methods, commercial farming is not practised on a big enough scale in the country. The market offers a variety of agriculture-specific gold loans, such as the Andhra Bank Agriculture Gold Loan, to address this issue.

This Table Contains the Average Annual Gold Rate from 1964 - 2021
Year Price (24 karat per 10 grams) Year Price (24 karat per 10 grams)
1964 ₹ 63.25 1993 ₹ 4,140.00
1965 ₹ 71.75 1994 ₹ 4,598.00
1966 ₹ 83.75 1995 ₹ 4,680.00
1967 ₹ 102.50 1996 ₹ 5,160.00
1968 ₹ 162.00 1997 ₹ 4,725.00
1969 ₹ 176.00 1998 ₹ 4,045.00
1970 ₹ 184.00 1999 ₹ 4,234.00
1971 ₹ 193.00 2000 ₹ 4,400.00
1972 ₹ 202.00 2001 ₹ 4,300.00
1973 ₹ 278.50 2002 ₹ 4,990.00
1974 ₹ 506.00 2003 ₹ 5,600.00
1975 ₹ 540.00 2004 ₹ 5,850.00
1976 ₹ 432.00 2005 ₹ 7,000.00
1977 ₹ 486.00 2006 ₹ 8,400.00
1978 ₹ 685.00 2007 ₹ 10,800.00
1979 ₹ 937.00 2008 ₹ 12,500.00
1980 ₹ 1,330.00 2009 ₹ 14,500.00
1981 ₹ 1,800.00 2010 ₹ 18,500.00
1982 ₹ 1,645.00 2011 ₹ 26,400.00
1983 ₹ 1,800.00 2012 ₹ 31,050.00
1984 ₹ 1,970.00 2013 ₹ 29,600.00
1985 ₹ 2,130.00 2014 ₹ 28,006.50
1986 ₹ 2,140.00 2015 ₹ 26,343.50
1987 ₹ 2,570.00 2016 ₹ 28,623.50
1988 ₹ 3,130.00 2017 ₹ 29,667.50
1989 ₹ 3,140.00 2018 ₹ 31,438.00
1990 ₹ 3,200.00 2019 ₹ 35,220.00
1991 ₹ 3,466.00 2020 ₹ 48,651.00
1992 ₹ 4,334.00 2021 ₹ 50,045.00

Major Banks Agriculture Gold Loan Per Gram Rate Comparison 

Feature
HDFC Bank
ICICI Bank
Muthoot Finance
Interest Rate
9.90%
10.50%
12%
Min Loan Amt
Metro : 25000, Non : 15000
25000
15000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
3 months to 24 months
9 months to 24 months
1 month to 24 months
Processing Fee
0.25% to 1.50% of the Loan Amt
0.25% to 1.50%
Nil
Preclosure Chgs
2%, Nil foreclosure charges after 3 months
2%, Nil foreclosure charges after 9 months
Nil
Overdraft Facility
Yes
Yes
Yes
Pay Only Interest Facility
Yes
Yes
Yes
Gold Rate Per Gram
2500
2600
2700*

Tips to Get The Highest Agriculture Gold Loan Amount from Andhra Bank 

Any farmer may acquire an agriculture gold loan from one of the many lenders on the market, but applicants must meet the following requirements to receive the best deal and avoid fraud and other financial problems.

Because a gold loan is secured, the loan amount is determined by the value of the gold you put up as security. Banks and non-bank financial organisations (NBFCs) cannot lend more than 75% of the value of gold, according to the Reserve Bank of India.

These loans are usually awarded within a few hours of receiving the loan application because they need relatively little paperwork. As a consequence, a gold loan is a viable solution to financial difficulties.

Gold loans are short-term loans with periods ranging from seven to three years and repayment options ranging from seven to three years. In addition to the usual EMI repayment option, borrowers can choose to return the whole interest amount now and the principal component later at the end of the loan period.

The interest rate on a gold loan is determined by the lender’s risk assessment, which can range from 9.24 per cent to 26 per cent each year. The interest rate on gold loans is determined by the loan-to-value (LTV) ratio, loan period, loan amount, and other variables.

Lenders will demand processing fees and expenditures once you complete your gold loan application. It normally varies from 0% to 2% of the overall loan amount. A one-time fee may be charged by some lenders. This cost should be explored before completing your loan application since it may be taken into account if you are seeking a large-ticket loan.

If you pay off your gold loan early, most lenders will not charge you a fee. If the loan is closed before the term is completed, certain lenders may charge up to 2.25 per cent of the outstanding amount.