Andhra Pragathi Grameena Bank Gold Loan Per Gram

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

Gold Loan is a secured service that allows you to borrow money using gold ornaments as collateral. Andhra Pragathi Grameena Bank is an Andhra Pradesh-based rural bank. It was founded in 2006 as a Scheduled Commercial Bank under the Regional Rural Banks Act of 1976, in order to provide citizens in rural areas such as Rayalaseema and Coastal Andhra with loan services.

Gold Loan Calculator Andhra Pragathi Grameena Bank

• The purity and net weight of gold in your jewellery will be assessed by the bank’s in-house valuer. The gold used in the jewellery should be 18 to 24 carats pure. In order to measure the net weight of the jewellery, Andhra Pragathi Grameena Bank will subtract the weight of gems and stones.
• After the valuer determines the purity and net weight of gold in your jewellery, they multiply it by the current gold price to determine the worth of gold.
• Andhra Pragathi Grameena Bank will use an LTV of up to 75% to determine your jewel loan amount eligibility once the value of your jewellery has been determined. Andhra Bank can give you a lower interest rate if you are willing to take a loan amount that is less than your maximum LTV.

Andhra Pragathi Grameena Bank Gold Loan Rate Per Gram by Gold Purity

The table below shows an estimation of the gold loan per gram that Andhra Pragathi Grameena Bank would offer against gold jewellery of various purity levels at a maximum LTV of 75% and a lower LTV of 65%.

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 Pragathi Grameena Bank Gold Loan Rates Per Gram

Historical Gold Loan Rates Per Gram

Indians are among the world’s most avid gold buyers, with the precious metal accounting for a sizable portion of our overall imports.

Gold Loan Per Gram Rate Comparison for Major Banks

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

• For a gold loan, Andhra Bank accepts both hallmarked and non-hallmarked jewellery.
• Borrowing against higher purity jewellery will still get you the most money for a gold loan.
• Andhra Bank will measure the net weight of your jewellery to determine the amount of gold loan you are eligible for.
• Always choose the jewellery with the fewest gems and stones possible. The more diamonds and stones in a piece of jewellery, the lower the net weight and value of the piece, resulting in a lower amount of jewel loan you are eligible for.
• Often aim to get the highest possible LTV on gold. RBI allows Andhra Bank to charge a maximum LTV of up to 75% when calculating the amount of gold loan you are eligible for.

Example: The loan sum is determined by the purity of gold, the LTV, and the weight of gold. Assume Mr Ram and his two mates, Mr Kesav and Mr Ashwith, each own differing quantities of gold of various purity. Mr Ram owns 70 grammes of gold with an 18-carat purity. Mr Kesav has 60 grammes of gold that is 20 carats pure, while Mr Ashwith has 50 grammes of gold that is 22 carats pure. They apply for a gold loan. The price used to determine their gold loan sum eligibility based on a maximum LTV of 75% would vary depending on the purity of gold, resulting in different gold loan eligibility.

Mr Ashwith, who has the smallest gold weight of 50gm, will receive the lowest gold loan rate of 2.27 Lakh from the Bank, as seen in the illustration above. Since Mr Ram has more gold weight, the Bank will give him the highest gold loan sum of Rs 2.60 lakh in the same example.