Andhra Bank gold loan interest rate starts at 10.70% onwards. The bank offers gold loan to its existing as well as new customers at an interest as low as that mentioned. The rate of interest applicable to a borrower may vary with purity of gold pledged, quantum of loan availed and amount of margin furnished. Being a multi-purpose loan, you can use the funds for various needs such as marriage, an event, travel, medical emergency, home repair, education, big-ticket purchase, etc.
At Loanbaba, you will get to know details about Andhra Bank gold loan rate and loan scheme.
Andhra Bank Gold Loan
Rs. 10 thousand to Rs. 2 crores
3 months to 12 months
As per the current rate of 10.70%, the lowest monthly installment for a lakh of rupees is Rs. 8,824. You can use the EMI calculator on our website to understand the exact EMI (equated monthly installment) amount on a loan against gold. The rate of interest on the jewel loan will depend upon an individual’s profile and other factors, such as relationship with the bank, personal credit history, purity and weight of gold, etc.
Besides checking the EMI amount, you can also check Andhra Bank gold loan eligibility criteria and our free-to-use eligibility calculator to understand if you can avail the loan
A loan against gold in India caters to several needs of a person. You can take it for resolving financial emergencies, as disbursal is quick. Funds can be expected in as less as a few hours. Andhra Bank ensures a speedy process of loans against gold. Below-mentioned are features of Andhra Bank gold loan and rate of interest.
Interest rate applicable on Andhra Bank Gold Loan starts from 10.70%. The rate of interest applicable on this loan depends upon loan tenure, the amount of loan availed and the margin offered to the bank. The rate of interest applicable on Andhra Bank Gold Loan to its existing customers is lower than that applicable to new customers.
Here is what the Andhra Bank Gold Loan Interest Rate Calculator takes into account to determine the rate of interest on jewel loan.
The documentation requirements for gold loan application at the bank are mentioned below:
You can apply for the loan against gold by directly walk-in to a nearest bank branch. An executive will brief you about the gold loan scheme and the best plan for the same. You will have to fill the loan application form and bring the gold jewelry/coin for evaluation. After approval of a gold amount, the same will be disbursed to your bank account the same day or the next day, depending on the disbursal time taken by the institution.
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Below-given are FAQs on Andhra Bank gold loans in India.
You can foreclose your Andhra Bank Gold Loan anytime without any prepayment charges. So, if you come into funds, do not delay repayment, but repay soon so as to save on interest payments.
The bank accepts gold ornaments ranging from 18 carats to 24 carats with minimum weight of 50 grams. You cannot furnish gold bars, ladies Mangal Sutra or ETFs (Exchange Traded Funds) as security under this scheme.
No, there is no facility of applying for gold loan online in Andhra Bank. But, the bank gives its customers an option of repaying the loan online.
No, there is no such specific scheme; however you can avail gold loan for your agricultural needs under the same gold loan scheme. The bank may consider on special concession on the interest rate applicable.
Depending upon the value of gold jewelry pledged you can avail a loan of up to Rs. 2 crores. Your repayment capacity also has a hand in deciding the loan amount you are eligible to get.
Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Andhra Bank.
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