Axis Bank Gold Loan Interest Rates

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Axis Bank gold loan Interest Rate starts at 10.49%, Axis Bank is one of the leading gold loan providers to new and existing customers. The interest rates may, however, vary depending on the amount of loan, purity of gold, and loan to value ratio. A gold loan can be used to fulfil any personal and business need such as education, wedding, travel, big-ticket purchase, medical emergency, business expansion, working capital, home repair, etc.

At Loanbaba, you will get all Gold Loan Axis Bank details. Go through these details so as to take an informed decision when applying for a jewellery loan.

Axis Bank Gold Loan

Details

Axis Bank Gold Loan Rate

Starting from 10.49%

Processing Fee

0.25 - 1% of loan value

Tenure of the Loan

6 months to 24 months

Loan Value

Rs. 25,000 to Rs. 20 Lakhs

Prepayment Charges

Not applicable

Gold Loan Scheme

Bullet Repayment Scheme

EMI Scheme

Axis Bank Gold Loan Interest Rates updated on

The bank calculates simple interest on the loan. The rate can be either floating or fixed, depending on the gold loan scheme chosen. Currently, the Axis Bank gold loan rate starts at 10.49%. The Mean rate offered is a total of sum of interest rare provided on all loan accounts. It is then divided by number of all loan accounts. On the other hand, APR (Annual Percentage Rate) helps to determine the annualized cost of lending. It includes loan original fee and interest rate.

Axis Bank Gold Loan

Below are some of the features of gold loan by Axis Bank.

  • The Axis Bank gold loan is available for individuals between 18 years and 75 years of age.
  • Borrowers can earn eDGE loyalty points on this loan. 150 loyalty points are credited to eDGE loyalty once the jewel loan is taken by a person.
  • Axis Bank Gold Loan eligibility depends on gold weight, purity, and repayment capacity of the borrower.
  • There is no requirement for a co-applicant.

Axis Bank Gold Loan Interest Rate Calculator

Axis Bank Jewel Loan Interest Rate starts at 10.49%. Various factors are taken into consideration in order to arrive at the interest rate. This includes the tenure of the loan, the value of the loan and percentage of the gold in the jewellery. The existing customers of Axis Bank, however, can enjoy competitive interest rates compared to the new customers.

Below-given are pointers that Axis Bank Gold Loan Interest Rate Calculator takes into consideration.

  • Loan Amount

    The loan amount entirely depends on the weight of the gold jewels you secure with the bank. Furthermore, the purity of gold is considered when it comes to weighing the jewel to decide loan amount. Depending on the purity of gold, loan per gram may be offered. Customers can enjoy low-interest rates for higher credit amounts. You can avail an amount between Rs. 25,000 INR to Rs. 20 Lakhs.

  • Relationship with the bank

    Axis bank provides special offers and discounted charges to the existing bank customers. People who have reliably made payment on time in the past are given a benefit when they opt for a loan now with the bank.

  • Tenure of the loan

    The loan tenure again differs per the requirement. However, the lower tenure attracts high-interest rates while longer tenures attract low-interest rates. The tenure of the loan may vary between 6 to 24 months.

  • Loan to Value Ratio

    The ratio of the loan amount at max to the gold jewellery value is fixed by RBI at 75%. The bank also provides loans at lower LTVs. The loan interest rates with lower LTV are lesser compared to that of the high LTV. But the maximum LTV cannot exceed 3/4th of the net weight.

Documents Required to Apply for Axis Bank Gold Loan?

Below-mentioned are the documents needed for gold loan Axis Bank.

  • Any of the identity proofs mentioned: PAN Card, Passport, Driving License, Aadhar Card, Voter’s ID card, etc.
  • Any of the address proofs mentioned: Aadhar Card, Bank Statement, Rent Agreement, Voter’s ID card, Utility Bills, etc.

How to Apply for Gold Loan Axis Bank?

To apply for Axis Bank jewel loan, you can choose offline or online method. Do remember that either ways; you need to visit the bank for gold valuation. During the valuation procedure, a qualified and certified person of the bank will weigh the gold and check its purity in terms of carats. Based on the purity and weight of gold, loan tenure, amount, and interest rate will be decided.

Here is how you can apply for the jewellery loan

  • Online Application: Visit the official website of the bank and apply for the loan by filling the application form. Here you need to upload soft copy of the required documents. You can even track your loan application on the website. The bank executive will shortly get back to you after reviewing the application. The loan if approved after gold valuation will be disbursed within a few hours or the same day of approval.
  • Offline Application: To apply offline, visit any bank branch, probably the one closest to you. Enquire about gold loan schemes offered and get detailed information from the bank executive. If you think the loan is suitable for your needs, you can ask for the loan application form, fill, and sign the same, and attach hard-copy of the required documents.

Now, you have to get the gold evaluated, after which the loan is approved, will be disbursed to your bank account the same-day or within just a few hours.

Apply for Gold Loan

Axis Bank gold loan Interest Rate starts at 10.49%, Axis Bank is one of the leading gold loan providers to new and existing customers. The interest rates may, however, vary depending on the amount of loan, purity of gold, and loan to value ratio. A gold loan can be used to fulfil any personal and business need such as education, wedding, travel, big-ticket purchase, medical emergency, business expansion, working capital, home repair, etc.

At Loanbaba, you will get all Gold Loan Axis Bank details. Go through these details so as to take an informed decision when applying for a jewellery loan.

Axis Bank Gold Loan

Details

Axis Bank Gold Loan Rate

Starting from 10.49%

Processing Fee

0.25 - 1% of loan value

Tenure of the Loan

6 months to 24 months

Loan Value

Rs. 25,000 to Rs. 20 Lakhs

Prepayment Charges

Not applicable

Gold Loan Scheme

Bullet Repayment Scheme

EMI Scheme

Axis Bank Gold Loan Interest Rates updated on

The bank calculates simple interest on the loan. The rate can be either floating or fixed, depending on the gold loan scheme chosen. Currently, the Axis Bank gold loan rate starts at 10.49%. The Mean rate offered is a total of sum of interest rare provided on all loan accounts. It is then divided by number of all loan accounts. On the other hand, APR (Annual Percentage Rate) helps to determine the annualized cost of lending. It includes loan original fee and interest rate.

Axis Bank Gold Loan

Below are some of the features of gold loan by Axis Bank.

  • The Axis Bank gold loan is available for individuals between 18 years and 75 years of age.
  • Borrowers can earn eDGE loyalty points on this loan. 150 loyalty points are credited to eDGE loyalty once the jewel loan is taken by a person.
  • Axis Bank Gold Loan eligibility depends on gold weight, purity, and repayment capacity of the borrower.
  • There is no requirement for a co-applicant.

Axis Bank Gold Loan Interest Rate Calculator

Axis Bank Jewel Loan Interest Rate starts at 10.49%. Various factors are taken into consideration in order to arrive at the interest rate. This includes the tenure of the loan, the value of the loan and percentage of the gold in the jewellery. The existing customers of Axis Bank, however, can enjoy competitive interest rates compared to the new customers.

Below-given are pointers that Axis Bank Gold Loan Interest Rate Calculator takes into consideration.

  • Loan Amount

    The loan amount entirely depends on the weight of the gold jewels you secure with the bank. Furthermore, the purity of gold is considered when it comes to weighing the jewel to decide loan amount. Depending on the purity of gold, loan per gram may be offered. Customers can enjoy low-interest rates for higher credit amounts. You can avail an amount between Rs. 25,000 INR to Rs. 20 Lakhs.

  • Relationship with the bank

    Axis bank provides special offers and discounted charges to the existing bank customers. People who have reliably made payment on time in the past are given a benefit when they opt for a loan now with the bank.

  • Tenure of the loan

    The loan tenure again differs per the requirement. However, the lower tenure attracts high-interest rates while longer tenures attract low-interest rates. The tenure of the loan may vary between 6 to 24 months.

  • Loan to Value Ratio

    The ratio of the loan amount at max to the gold jewellery value is fixed by RBI at 75%. The bank also provides loans at lower LTVs. The loan interest rates with lower LTV are lesser compared to that of the high LTV. But the maximum LTV cannot exceed 3/4th of the net weight.

Documents Required to Apply for Axis Bank Gold Loan?

Below-mentioned are the documents needed for gold loan Axis Bank.

  • Any of the identity proofs mentioned: PAN Card, Passport, Driving License, Aadhar Card, Voter’s ID card, etc.
  • Any of the address proofs mentioned: Aadhar Card, Bank Statement, Rent Agreement, Voter’s ID card, Utility Bills, etc.

How to Apply for Gold Loan Axis Bank?

To apply for Axis Bank jewel loan, you can choose offline or online method. Do remember that either ways; you need to visit the bank for gold valuation. During the valuation procedure, a qualified and certified person of the bank will weigh the gold and check its purity in terms of carats. Based on the purity and weight of gold, loan tenure, amount, and interest rate will be decided.

Here is how you can apply for the jewellery loan

  • Online Application: Visit the official website of the bank and apply for the loan by filling the application form. Here you need to upload soft copy of the required documents. You can even track your loan application on the website. The bank executive will shortly get back to you after reviewing the application. The loan if approved after gold valuation will be disbursed within a few hours or the same day of approval.
  • Offline Application: To apply offline, visit any bank branch, probably the one closest to you. Enquire about gold loan schemes offered and get detailed information from the bank executive. If you think the loan is suitable for your needs, you can ask for the loan application form, fill, and sign the same, and attach hard-copy of the required documents.

Now, you have to get the gold evaluated, after which the loan is approved, will be disbursed to your bank account the same-day or within just a few hours.

Frequently Asked Questions on Axis Bank Gold Loan Interest Rate

Below-given are FAQs about Axis Bank gold loan rates and gold loan schemes.

Axis Bank offers gold loans for agricultural purposes. This is because the farm sector is a priority lending target for the bank. One can get the credit at low concessional rates. These rates may be as low as 1 – 2% in comparison to the gold loan rate for any other customer.

  1. Is there an Axis Bank loan on gold for agricultural purpose?
  2. Axis Bank offers gold loans for agricultural purposes. This is because the farm sector is a priority lending target for the bank. One can get the credit at low concessional rates. These rates may be as low as 1 – 2% in comparison to the gold loan rate for any other customer.

  3. What are the other fee and charges of Gold Loan Axis Bank?
  4. Apart from the interest rates, one may also have to bear additional charges on the loans. This includes the following:

    Processing fee – This may range between 0.25 – 1% of the loan value. In order to make it to the lowest fee and get a low-interest loan, check out the cashback and offers online at Loanbaba.

    Prepayment and Foreclosure – While these are generally applicable in other types of loans, there are no charges on the prepayment and foreclosure of the gold loan.

    Loan at Fixed Rates

    One-year MCLR

    Spread over One-year MCLR

    Effective Rate of Interest

    Reset

    Retail Gold Loan

    8.60 %

    6.15 - 8.65 %

    14.75 - 17.25 %

    No Reset

    Processing Fee

    1% plus, GST applicable

    Foreclosure Fee

    NA

    Valuation Fee

    INR 500

    Part Payment Fee

    NA

    Penal interest

    2% every month on the amount overdue.
  5. What are the repayment options?
  6. Axis Bank offers two repayment options. Borrowers can choose the most convenient option from these..

    • Interest payment on the basis of every month. And payment of principal amount at the maturity date of the loan.
    • EMI or equated monthly instalment, wherein each month, a part of interest and principal component has to be repaid to the bank
    • Upfront payment of the interest amount and principal repayment on the loan’s maturity date.

Axis Bank offers two repayment options. Borrowers can choose the most convenient option from these.

  • Interest payment on the basis of every month. And payment of principal amount at the maturity date of the loan.
  • EMI or equated monthly instalment, wherein each month, a part of interest and principal component has to be repaid to the bank
  • Upfront payment of the interest amount and principal repayment on the loan’s maturity date.

The loan amount is decided based on the purity of the gold content in the asset and loan to value ratio for the selected scheme. The weight of the gold is also one of the factors here. Purer the gold, higher the loan amount, lower the rates, and vice-versa.

LTV is the loan to value ratio. On a gold loan, the maximum LTV as per norms of the RBI is 75% of the current market value of the gold asset. However, banks can offer a gold loan at lower LTVs as well, depending on the purity and weight of the gold, type of gold asset, and the chosen scheme. Lower risk schemes will attract a higher LTV, and vice-versa.

Mostly, you will be offered either a bullet repayment scheme or an EMI scheme. In the former, you can repay the entire principal owed at the end of tenure. But every month till tenure’s end, you have to keep paying the interest component. On the other hand, in the EMI scheme, you have to pay monthly instalments till the end of your tenure. The instalments will contain components of interest and the principal amount.

On making timely payments on your gold loan, your credit score will significantly improve, and vice-versa. A good credit score will help boost your creditworthiness. It will also better your chances of securing a new loan in the future. So, it is best to never default on repayments and you should maintain a strong credit score.

Prepayment and foreclosure options are available for gold loans. A few financial institutions may have charges on prepayment and foreclosure of a gold loan. However, most of the time, there are no charges for the same.

After repaying all the dues and EMIs entirely, you will get the pledged gold within a few days. Make sure to close the loan and get done with all the formalities beforehand to receive the pledged ornaments as soon as possible.

If you default on the repayments, then the lender can recover the dues by auctioning the pledged gold. But that shall happen only if you fail to repay the loan even after constant reminders and passing of the given timeframe of making the payments.

Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Axis Bank.

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