AU Small Finance Bank Gold Loan Approval Process

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    AU Small Finance Bank Gold Loan Approval Process

    AU Small Finance Bank Gold Loan FeaturesAU Small Finance Bank Gold Loan Approval Process

    AU Small Finance Bank Gold Loan Approval Process. AU Small Finance Bank was founded in 1996 as vehicle finance company AU Financiers Ltd and it was converted to a small finance bank in April 2017. It is headquartered in Jaipur, Rajasthan. At present, it is an Indian scheduled commercial bank. It has 744 banking touchpoints across 15 states and two UTs. The bank provides various types of loans, deposits & payment products and services. 

    • Loan processing charges and renewal fees are minimal, it is up to 1%.
    • If the borrower forecloses the loan after half tenure is completed, no foreclosure penalty is charged and if the loan is foreclosed before the half tenure is completed, a minimal fee of 1% is charged.
    • A top-up facility is available at the time of renewal.
    • The documents required are minimum and easy to arrange.
    • Over-the-counter disbursement is offered.
    • For loans up to 10 lakhs, income proof is not needed.
    • A loan to ratio value of up to 75% is provided.

    AU Small Finance Bank Gold Loan Eligibility

    Minimum and Maximum Age
    21 Yrs – 65 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.

    AU Small Finance Bank Gold Loan Documents Required

    List of Documents
    Passport (Not expired)
    Driving license (Not expired)
    Voters’ ID Card
    Aadhaar Card issued by UIDAI
    PAN (Permanent Account Number) Card (along with any of above-mentioned documents) or Form 60
    One Passport Size Photograph
    Agri Allied Occupation Documentation( in case of bullet repayment for agriculture customers)

    AU Small Finance Bank Gold Loan Approval Process

    The AU Small Finance Bank Gold Loan Approval Process is easy and swift –

    • Visit the official website of AU Small Finance Bank Gold.
    • Under the retail loans menu, click on “Gold Loan”.
    • Enter your basic details and click the “Apply Now” button.
    • Fill the application form, make sure to not miss out on important details.
    • The bank’s executive would get in touch with you.
    • Next, documents need to be submitted for verification.
    • Then, the gold to pledge is submitted for evaluation purposes.
    • Based on the verification and evaluation, the bank approves the loan.
    • The loan amount is deposited in the borrower’s account.

    A borrower can also apply for a gold loan by going to the bank’s local branch office.

    FAQs on AU Small Finance Bank Netbanking

    ✅ Can a self-employed person apply for a gold loan?

    Yes, a self-employed person can apply for a gold loan, an individual’s employment type/status does not play a crucial role in determining their gold loan eligibility.

    ✅ What documents can be used as proof of identity?

    Documents such as an Aadhar card, PAN card, passport, driving license, voter’s id, etc. can be used as proof of identity. Visit Dialabank for more information.

    ✅ How much karat gold is accepted for a gold loan?

    Generally, banks and financial institutions only accept 18-24 karat gold as collateral; however, it can differ from lender to lender.