About Andhra Bank Gold Loan
Andhra Bank offers you a monetary value against your gold ornaments. It is an easy option for you whether you are jobless or have a bad credit score, you can still fulfil your needs through Andhra Bank Gold Loan. It is a loan that can be used to meet any kind of financial emergency. The Bank provides you with 75% of the market value of Gold. Andhra Bank Gold Loan has different schemes, one of which is “AB Swarna Loan Scheme” especially for Non-Agricultural Gold Loan (NAGL) segment.
- Interest Rate Starts at 14%
- Loan Per Gram From Rs. 2,472 to Rs. 3,023
- Tenure Up to 36 months
- Processing Fee Up to 1% + GST
Why Choose Andhra Bank Gold Loan?
Andhra Bank Gold Loan offers at the Lowest Interest rate. Being one of the significant gold loan suppliers, Andhra Bank understands the necessities of the clients and disburses the loan amount in 60 minutes. The Gold promised is securely secured in the bank locker, and you don’t need to stress over its safety.
Advantages of Taking Andhra Bank Gold Loan
- No income and salary criteria – for Andhra Bank Gold Loan you do not require any documentation or validation of income/salary. So even if you are unemployed and do not have a regular source of income, you can still avail a gold loan. This is because you are pledging a valuable asset, i.e. Gold in return for the money taken.
- Can be provided in cases of bad credit history as well as 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.
- 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 a 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 gold loans. 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.
Know More – 4 Different Ways of Repaying Your Gold Loan
Andhra Bank Gold Loan Eligibility
Andhra Bank 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. 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 Andhra 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 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.
Andhra Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by Andhra 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 Andhra Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The Bank ensures high protection of your gold ornaments till the loan is closed.
Documents required for Applying for Andhra 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, 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.
Andhra Bank Gold Loan Interest Rate, Fees and Charges
Andhra Bank 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 Bank are lower in comparison to other loans because it is a fully secured loan.
The Andhra Bank Gold Loan interest rates in the bank start at 10.70% per annum.
The 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 Bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
Andhra 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 Canara Bank Gold Loan Rate per Gram also varies every day. Canara Bank gives funding of up to 70% of the total market price of your Gold, keeping the remaining 30% as a security margin.
The amount that you will get for a gram of Gold depending on its purity and the market price for your Andhra Bank Gold Loan.
**Keep in mind that only the weight of Gold is considered and not the weight of stones on your jewellery**
Andhra Bank Gold Loan Apply Online
Applying for the 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.
How to Pay Your Andhra Bank Gold Loan EMI?
Your Andhra Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with Andhra Bank, Standing Instruction is the best method of r repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the Andhra Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-Andhra 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-Andhra Bank account at your closest Andhra Bank Loan Branch. A new arrangement of PDCs should be submitted 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 Andhra Bank
Gold jewellery such as Gold Bangles, Gold rings, Gold anklets, and Gold necklaces, all of these are accepted for availing a Gold Loan.
Quality: The quality of Gold should lie between 18 Carat to 22 Carat. Aby gold ornament which is 24 Carat, cannot be used for availing a gold loan.
Use of Andhra Bank Gold Loan
The funds acquired by availing the Andhra 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 Bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQs About Andhra Bank Gold Loan
Loan on Gold is very simple to understand. The Banks / NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight and purity.
Yes, it is essential to note that the Loan on Gold comes in the category of secured loans. Because in a gold loan, the applicant puts his gold ornaments into the Bank’s locker as security or as collateral.
If the borrower is unable to return the gold loan on time, then the Bank has the right to sell the pledged gold ornaments.
No, to avail the Gold loan you don’t need any co-applicant
Yes, a Gold loan is better than a personal Loan because in Gold Loan Banks / NBFCs takes Gold ornaments or gold coins as collateral and in case of Personal Loan it is unsecured and hence carries higher interest than a gold loan.
Dialabank is the best online platform to get a gold loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.
A gold loan is an excellent choice because of:
- Minimal Documentation
- Disbursal in 30 minutes
- Flexible Loan Tenure
- Wide-ranging Repayment Options
- Pre-payment option
- Very Low Processing Fees
- You can avail the service of a gold loan in a few clicks.
- Fill in your details in the web-form on Dialabank.
- Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
- We will suggest you the loan which meets your requirements, in your specific region.
- Submit the required documents with our representative, who will be in touch with you. Get the loan amount in just 30 minutes.
Yes, a gold loan is far better than a personal loan. Reasons being:
- A gold loan does not require a CIBIL score or any proof of your income.
- Gold loans are less time-consuming and hassle-free in comparison to Personal Loans.
- A gold loan is a secured loan and therefore, is the most opted Loan nation-wide. Gold Loan Interest Rates are much lower than that of a Personal Loan.
Gold loans have various benefits, which are why it is the most opted loan in the country. Some of the benefits are listed below:
- Proof of your income is not needed in Gold Loan.
- Disbursal in just 30 minutes
- CIBIL score is not required
- Less Documentation
- Maximum Funding
- It is a Secured Loan with Instant Approval
Gold Loan from Andhra Bank can be availed from any of the Branches of the Bank. To know the nearest Andhra Bank Gold Loan Branch, you can apply online at Dialabank or call and speak with our Relationship Manager on 9592046860. Our team is trained to advise you on the process and guide you to the nearest branch.
The rate per gram is a factor of the market rate plus the markdown by the Bank and the valuation of your gold ornaments. The total quantum of loan that you can get from Andhra Bank is calculated keeping into factor the appraiser’s value which is dependent on the purity, fineness and net weight of your gold ornaments pledged (the weight/value of the stones in the ornaments given will not be taken into account for calculating the loan amount)
The Rate of Interest charged by Andhra Bank is floating in nature and is linked to the Bank’s Base Interest Rate and is subject to periodic changes. It is charged on the daily reducing balances, which lowers your effective rate of interest significantly.
Gold Loan instalments can be paid at any of the Andhra Bank branches. Alternatively, standing instructions can also be given by you, for deduction of instalments from your bank savings account.
Yes, you can repay Andhra Bank Gold Instalments in advance. This works in your favour as the interest component gets reduced to the extent of the amount of repayment.
Yes, you can repay the entire outstanding on your gold loan in advance without being levied any charges. Once the whole amount is repaid, your loan account can be closed.
Table of Contents
- 1 About Andhra Bank Gold Loan
- 2 Why Choose Andhra Bank Gold Loan?
- 3 Advantages of Taking Andhra Bank Gold Loan
- 4 Andhra Bank Gold Loan Eligibility
- 5 Andhra Bank Gold Loan Documents Required
- 6 Andhra Bank Gold Loan Interest Rate, Fees and Charges
- 7 Andhra Bank Gold Loan Rate Per Gram
- 8 Andhra Bank Gold Loan Apply Online
- 9 How to Pay Your Andhra Bank Gold Loan EMI?
- 10 Gold Ornaments Accepted by Andhra Bank
- 11 Use of Andhra Bank Gold Loan
- 12 FAQs About Andhra Bank Gold Loan