Andhra Pragathi Grameena Bank Gold Loan
Your gold jewellery will be appraised by the Andhra Pragathi Grameena Bank and will be given a monetary value. Whether you are unemployed or have a terrible credit history, an Andhra Pragathi Grameena Bank Gold Loan can help you meet your needs. It’s a loan that can be utilised to address any financial crisis. The bank will pay you 75% of the current market value of the gold. One of the programmes given by the Andhra Pragathi Grameena Bank Gold Loan is the “AB Swarna Loan Scheme,” which is aimed at the Non-Agricultural Gold Loan (NAGL) sector.
The following are some of the most important characteristics of gold loans:
- Quick Processing – Because gold loans are backed by genuine gold, banks and other lending organisations can easily provide them. Lending against gold is preferred by banks because they can quickly sell the gold if the borrower defaults. As a result, banks frequently disburse such loans within a few hours. As a result, processing times are shorter, which benefits borrowers.
- ‘Pay Interest Only’ Option – The fact that the borrower can only pay the interest component of the loan while repaying it is a frequent feature of gold loans. The principal component of the loan could be paid at the end of the term or at closure.
- Comparatively Lower Interest Rate – Banks charge a lower interest rate on gold loans since they are secured, as opposed to unsecured loans like personal loans. Gold loans include interest rates ranging from 13 to 14 per cent. Personal loan interest rates, on the other hand, are often around 15%. The bank lowers the interest rates on gold loans for applicants who can furnish additional collateral.
- Zero Processing Fees – Because gold loans are granted fast with gold as collateral maintained by the bank, many banks and NBFCs do not charge any processing costs.
- Minimal Foreclosure Charges – Prepayment penalties on gold loans are either waived or charged at a modest rate of 1% in some banks and lenders.
- No-income Proof to be Furnished – Because the loan is secured by the gold pledged by the applicant, most gold loan applications don’t require proof of income.
- No Impact of Poor Credit History – The bank normally determines the loan amount based on the borrower’s capacity to repay the loan and credit history. This is not the case with gold loans, though. Because gold is used as collateral, lenders are confident in the repayment of the principal component, and they do not base their decision on the borrower’s credit history.
- Security of Physical Gold – The lender is in charge of storing physical gold in a secure manner. Borrowers don’t have to be concerned because it’s normally kept secure in the bank’s vault. When the obligation is paid off, the bank returns the gold.
Andhra Pragathi Grameena Bank Gold Loan Comparision with banks
|Bank / NBFC||Rate Per Gram||Interest Rate||Gold Loan Tenure||Min – Max Loan Amount|
|₹ 3,506 to ₹ 4,621||0.099||3 to 24 months||₹ 10 thousand to 5 crore|
|ICICI Gold Loan||₹ 3,506 to ₹ 4,621||0.1||6 to 12 months||₹ 10 thousand to 5 crore|
|₹ 3,506 to ₹ 4,621||0.12||7 days to 36 months||₹ 3 thousand to 1 crore|
|₹ 3,506 to ₹ 4,621||0.1225||12 months||₹ 3 thousand to 1 crore|
|₹ 3,506 to ₹ 4,621||0.1025||36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1||3 to 36 months||₹ 10 thousand to 5 crore|
|SBI Gold Loan||₹ 3,506 to ₹ 4,621||0.0975||12 to 36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.075||3 to 36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1025||12 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1025||12 months||₹ 10 thousand to 5 crore|
|IIFL Gold Loan||₹ 3,506 to ₹ 4,621||0.12||11 months||₹ 3 thousand to 50 lakh|
Andhra Pragathi Grameena Bank Gold Loan EMI calculator
The gold loan calculator can help you figure out how much you’ll have to pay in monthly instalments if you take out a gold loan. Your EMI is determined by the amount of your loan, the length of the loan, and the interest rates charged. The following are the critical elements that a Gold loan calculator assesses:
- The EMI grows in lockstep with the loan amount.
- As the interest rate rises, so does the EMI amount.
- The lower the EMI payment, the longer the loan term.
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 Documents Required – FAQs
✅ What are the advantages of getting a gold loan?
The following are some of the most significant benefits of obtaining a gold loan:
- Interest rates that are reasonable, as well as processing fees that are reasonable.
- There isn’t a lot of documentation available.
- Charges for foreclosure are either minor or non-existent.
- Terms of repayment are a little more forgiving.
- The return on investment (ROI) is quite high.
- The debt can be repaid in a variety of ways.
✅ Is it safe to take out a gold loan?
Gold loans are regarded as a secure investment. Borrowers can utilise gold loans to pay for a variety of expenses, even if physical gold is worth little or nothing.
✅ What is the finest bank for a gold loan?
SBI is known for offering inexpensive gold loan interest rates of 7.50 per cent for up to 36 months.
Table of Contents
- 1 Andhra Pragathi Grameena Bank Gold Loan
- 2 Andhra Pragathi Grameena Bank Gold Loan Comparision with banks
- 3 Andhra Pragathi Grameena Bank Gold Loan EMI calculator
- 4 Andhra Pragathi Grameena Bank Gold Loan Documents Required
- 5 Andhra Pragathi Grameena Bank Gold Loan Documents Required – FAQs