Axis Bank Gold Loan Interest Rates

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 2019 Information

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.

  • addFAQs
    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.

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

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