Andhra Bank Gold Loan Per Gram

Andhra Bank Gold Loan Per Gram is ₹ 3,800 to ₹ 4,350

Andhra Bank gold loan per gram gives you an estimate of the amount of loan you can get against your gold jewellery. You will get the loan on the basis of the purity and gold price of your jewellery adjusted for a loan to value ratio.
The highest Andhra Bank gold loan rate per gram today is ₹ 3,073 for 22-carat jewellery calculated at a maximum LTV of 75% and the average gold loan prices of the last 30 days in 2021 are ₹ 4,553 of 22 carats.

Gold loan calculator Andhra Bank 

• Net weight and purity of the gold: The banks use their in-house valuer to do a complete assessment of the purity and the total percentage and weight of gold in your jewellery. The gold used in the jewellery should be of purity of 18 to 24 carats if you want to avail a loan. The bank also reduces the weight of gems and stones and only calculates the weight of the gold from that.
• The price of the gold: After the lender makes an approximation about the purity and the total weight of the gold in your jewellery. RBI has given out instructions to the banks to keep in hand the past 30 days average price of 22-carat gold adjusted for the purity of gold.
• Loan to value ratio: After the value of the jewellery has been calculated, the bank would apply an LTV of up to 75% to make a total calculation of your jewel loan amount eligibility.

Andhra Bank Gold Loan Rate Per Gram by Gold Purity

The table given below gives an approximate estimate of the gold loan per gram that Andhra Bank would offer for gold jewellery of different purity rates.

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 Gold Loan Rate Per Gram

The table given below shows the Andhra Bank Gold Loan Rate Per Gram- Updated Oct 01 2023

Historical Gold Loan Rates Per Gram

Gold Loan Per Gram Rate Comparison for Major Banks

Tips to getting Best Gold Loan Amount Per Gram from Andhra Bank

• The bank is known to accept both hallmarked and non-hallmarked jewellery for getting a loan. However, you have higher chances of getting a larger loan amount if you pledge hall-marked jewellery and some banks would also lower the processing fees for hallmarked jewellery.
• The bank would adjust the price of 22-carat gold for the purity of the gold. Always make sure you try to borrow against higher purity jewellery as it would get you a higher loan amount.
• The Andhra Bank would calculate the total weight of your jewellery to cross-check the loan amount that you would get. Make sure that you pledge jewellery that has minimal stones and gems and has more gold. The more the gold and the weight of gold, the more the loan amount availed.
• Always try to get the maximum LTV on the value of gold. Andhra Bank is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr A and his two friends Mr B and Mr C own different amounts of gold with varying purity. Mr A has 70 gram of gold with a purity of 18 carats. Mr B has 60 gram of gold with a purity of 20 carats and Mr C has 50 grams of gold with purity or 22 carats. They approach Andhra Bank to avail a gold loan. The price applied to calculate their gold loan amount eligibility based on a maximum LTV of 75% will vary by the purity of gold and hence, will result in varying gold loan eligibility.