Andhra Pragathi Grameena Bank Gold Loan Approval Process

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    Andhra Pragathi Grameena Bank Gold Loan Approval Process

    Andhra Pragathi Grameena Bank Gold Loan Features

    Andhra Pragathi Grameena Bank Gold Loan Approval Process are:

    • Andhra Pragathi Grameena Bank Gold Loan Approval ProcessFaster processing: The bankers are generally quite happy to grant loans because the gold loans are backed by physical gold. Moreover, lending against gold is safe for the banks as they need the choice to sell the gold just in case you default. Therefore banks generally disburse the loan in few hours. This is often because the interval is a smaller amount.
    • Option to pay interest only: – Gold loans have a novel feature where the borrower can pay just the interest part, and the principal amount will be paid at the time of the closing of the loan.
    • Lower charge per unit: – As these are secured loans, banks charge a lower interest rate than an unsecured loan like a consumer loan. The rate of interests is generally within the range of 13 to 14% while consumer loan generally starts with an interest rate of 15%.     Also, if you attach another security as collateral, the gold loan rate of interest will be reduced further.
    • No processing fees: – Many NBFCs and banks don’t charge processing fees as these loans are given instantly in lieu of gold which is held as collateral with the lender.
    • Low or no foreclosure charges: – a number of the lenders don’t charge any prepayment charges, while a number of the banks do charge a prepayment penalty of 1%.
    • No-income proof required: – Generally, lenders don’t kindle income proof because the loan is secured against the gold to stay with the bank.

    Andhra Pragathi Grameena 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 Pragathi Grameena 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 Pragathi Grameena Bank Gold Loan Approval Process

    Following is a simplified version of the Andhra Pragathi Grameena Bank Gold Loan Approval Process:

    • Visit the home branch or the nearest branch of the bank.
    • Fill out the application.
    • Provide all necessary documents to the bank, like your KYC documents.
    • Take your gold to the bank for its evaluation to ascertain the loan amount.
    • Discuss and evaluate loan terms with the bank’s representative like loan amount, tenure, payment options, fees, etc.
    • After due evaluation of your application, the loan will be granted.

    You can also apply with Dialabank for a hassle-free process or call us at 9878981166.

    FAQs on Andhra Pragathi Grameena Bank Gold Loan Approval Process

    How does Andhra Pragathi Grameena Bank Gold Loan work?

    The Andhra Pragathi Grameena Bank Gold Loan might be a secure credit service for folks with urgent cash requirements and pledge gold ornaments as collateral security. Once the Andhra Pragathi Grameena Bank Gold Loan Approval Process is done, the bank immediately processes the loan amount in your indicated account. In addition, various repayment options are available for repaying the loan.

    What is the maximum loan amount I can avail of on Gold Loan from Andhra Pragathi Grameena Bank?

    You can get a maximum amount of Rs 1 crore on an Andhra Pragathi Grameena Bank Gold Loan as the bank offers around 75% of the gold ornaments’ market value.

    How much Processing Fee is applicable on Andhra Pragathi Grameena Bank Gold Loan Approval Process?

    A processing fee of up to 1% of the loan amount or ₹1000, whichever is higher, is charged.