Andhra Bank Gold Loan Approval Process

GOLD LOAN @ 0.57%*
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    Andhra Bank Gold Loan Approval Process

    Andhra Bank Gold Loan Features

    Founded on 28th November 1923, Andhra Bank is a medium-sized public sector bank in India. It has 2885 branches and has its headquarter in Hyderabad, Telangana. A gold loan is a secured loan that customers can avail of from Andhra Bank in lieu of gold ornaments like gold jewellery. It is one of the easiest ways to meet your financial urgencies, such as; international education and marriage expenses, medical emergencies, etc. With Dialabank’s easy approval process, you can avail of a gold loan with just a few simple and quick steps.

    Features of Andhra Bank Gold Loan are:

    • Andhra Bank Gold Loan Approval ProcessInterest rate: It offers low-interest rates in comparison to other loan options.
    • Safety: You can 100% safety and security of your gold ornaments.
    • Simple documentation: It provides simple documentation and fast processing of the loan amount.
    • Fee: Andhra Bank charges a low processing fee on gold loans.
    • Tenure: It also offers flexible loan tenure options.
    • Repayments: It provides multiple repayments options.
    • Loan amount: Applicants for gold loans can leverage a comparatively higher maximum cap on the loan amount.
    • Schemes: Gold loans can be repaid through various schemes.

    Andhra Bank Gold Loan Eligibility

    Minimum and Maximum Age
    21 Yrs – 60 Yrs
    Note: However, many banks require a minimum age of 23 years
    Loan Amount
    Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
    Interest rates are lower for a higher loan amount
    Employment Type
    Salaried and self-employed both are eligible
    Businessmen are increasingly taking gold loans to meet their working capital requirements.
    In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
    Quality of Gold
    Gold ornaments should range in between 18 to 24 Carats
    An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
    CIBIL Score
    Banks do not check CIBIL score for granting a gold loan
    However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
    Gold ornaments that can be used for availing loan
    Gold bars and coins
    Gold with 18-24 carat purity
    Employment track record and income proofs
    Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

    Andhra Bank Gold Loan Documents Required

    At the time of application the following documents are required:

    • Proof of the citizenship of India
    • Duly filled application form
    • 2 passport-sized photographs
    • Applicant’s KYC documents to establish Identity and Address
    • Salary/ Income Proof
    • Witness Letter in case of illiterate borrowers
    • In the case of Agriculture Loan of more than Rs. 1 lac, land proof
    • Certificate by the Jewel Appraiser (Bank will arrange)

    At the time of disbursement the following documents are required:

    • Demand Promissory Note & Demand Promissory Note Take Delivery Letter
    • Gold Ornaments Take Delivery Letter
    • Arrangement Letter

    Andhra Bank Gold Loan Approval Process

    You can apply for Andhra Bank Gold Loan by following the below-mentioned steps:

    Step 1: Visit the Dialabank.

    Step 2: Confirm the required information.

    Step 3: You will get required details such as the amount of loan, interest rate, and loan tenure.

    Step 4: Proceed with the application and submit the form.

    Step 5: Call 9878981166, and our relationship manager will assist you.

    FAQs on Andhra Bank Gold Loan Approval Process

    ✅ How long does it take for the approval of the Gold Loan?

    The loan approval process for gold loans is quite fast. If your application meets all the requirements, it takes just an hour to disburse the loan amount.

    How to apply for Andhra Bank Gold Loan?

    You can apply for Andhra Bank Gold Loan by visiting the branch and enquiring with your financial service provider. You can also apply online with Dialabank and get the offers and deals as per your needs.

    Is my gold pledged with the bank safe?

    Banks take a lot of precautions while collecting your gold and keep it safe until the loan amount is returned.