Erstwhile scheme: Rs. 10,000 to Rs. 2 crores
Andhra Bank Gold Loan is up to Rs. 25 lakhs for a maximum tenure of 1 year. The applicable rate of interest starts from 9.40%. The rate varies according to the loan amount, LTV, and purity of gold. You can avail of the loan by pledging your gold jewellery. The fund is available for urgent personal expenses such as marriage, children's education, financial emergencies, business purposes, etc. The bank benefits customers with low-interest rates, quick processing, and large branch presence.
NOTE: From 1 April 2020, Andhra Bank has been merged with Union Bank of India. So, for the updated scheme for a gold loan and interest rate details, visit the official website of the Union Bank of India.
In this post, we will discuss Andhra Bank Gold Loan features, eligibility criteria, interest rate, documents required, and frequently asked questions.
Here are the details:
Here are the eligibility norms:
The lowest rate offered on the loan is up to 10.15%. The Andhra Bank Gold Loan Interest depends on the following factors:
Here are the documents required for loan application:
Here are the gold loan Andhra Bank FAQs:
You can borrow between Rs. 10,000 and Rs. 2 crores (Andhra Bank) and up to Rs. 25 lakhs as per the norms of Union Bank of India. The amount depends on the gold purity and weight, and other factors, including your need for finance.
The bank does not provide the jewel loan to pawnbrokers, jewellery shop owners, and jewellers.
The tenure is decided based on the marketing period of the crops or anticipated harvesting time. The period for demand loan is based on the income generation along with marketing and harvesting time. The tenure, in this case, is up to 18 months.
The repayment duration is fixed in line with the purpose of the term loan. The period of up to 3 years coinciding with the marketing/harvesting season, or generation of income from the production. The tenure for non-agricultural purposes is up to 12 months.
Apart from KYC documents, for the agri-gold loan the borrower has to provide a letter of continuity, gold loan pledge form, appropriate DPN Note, hypothecation of assets/crop, undertaking from guarantor/borrower for disclosure to CIBIL, letter of general lien, and setoff.
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