Axis Bank Gold Loan Details Updated on 12th May 2021
||Rs. 25,001 to Rs. 25 lakhs
||12.50% to 17.50%
||3 months to 36 months
Axis Bank Gold Loan is available for people up to 75 years of age. They can pledge gold jewellery or coins (up to 50 grams), and get the funds within the same day of loan approval. The tenure is up to 36 months for retail loans, and 12 months for an overdraft facility. The bank also offers agriculture jewel loans at low rates starting from 13%. You require only KYC documents and other necessary papers to avail of the loan against gold.
In this post, we will discuss Axis Bank Gold Loan features, eligibility criteria, types of jewel loans, interest rates, documents required, and frequently asked questions.
Features of Axis Bank Gold Loan
Here are the features:
You can avail of jewel loans for personal expenses or agriculture purposes. There is a term loan and overdraft facility for lending in the Agri-sector.
You can pledge gold jewellery and bank-purchased coins. Free security is available for the collateral.
You can receive up to Rs. 25 lakhs as a loan amount depending on your repaying capacity, gold weight/purity, tenure, and other factors.
The starting rate of interest is 12.50%. The rate depends on the MCLR.
You can get a gold loan online on the same day of application approval.
The processing fees are up to 1% of the loan amount + applicable taxes.
The valuation fee is Rs. 500 + additional taxes.
There are no part-payment charges. However, foreclosure charges apply.
Multiple repayment options exist. You can repay through EMIs. Or, you can also either pay the interest or principal amount in advance, and the outstanding sum at the end of tenure.
By applying for a gold loan from Axis bank, customers also get the chance of earning a handsome number of loyalty points.
Eligibility Criteria for Gold Loan Axis Bank
Here are the eligibility norms:
Individuals who wish to apply for a retail gold loan or agriculture gold loan.
Those between 18 to 75 years of age.
Borrowers must have the necessary KYC documents.
If you are pledging bank-purchased gold coins, then the eligibility for the same is up to 50 grams.
Types of Axis Bank Gold Loans
Here are the details for the different types of jewel loans Axis Bank:
1. Gold Loan Retail (Personal Expenses)
The loan amount is between Rs. 25,001 and Rs. 25 lakhs.
The bank keeps the pledged asset in safe vaults.
The tenure is up to 36 months. Flexible repayment options are available.
Pay through EMIs, or repay interest upfront and principal at the end of tenure.
Or, pay the interest months, and the entire principal amount at the end of tenure.
You can utilize the loan amount for urgent expenses and personal purposes.
The interest rate is MCLR-based and as low as 12.50%.
2. Gold Loans Agriculture
The loan amount is between Rs. 25,001 and Rs. 25 lakhs.
The bank will keep the pledged assets in safe vaults.
You will receive disbursement on the same day of the loan approval.
You will get the loan amount through NEFT/account transfer/DD/RTGS.
3. Gold Loan Overdraft
The loan amount is between Rs. 2 lakhs and Rs. 25 lakhs.
The pledged asset is safe with the bank in secured vaults.
You have to pay interest only on the amount you use.
The tenure is up to 12 months. Renewal is possible upon account review by the bank.
You will receive same-day approval for the loan application.
You can withdraw the money through ATMs or cheque books.
Axis Bank Gold Loan Interest Rates
Here are the Axis Bank Retail Gold Loan Rates:
The effective rate of interest is between 12.50% and 17.50%.
No charges to close the loan early apply if you decide to do so after 11 months from the disbursal date.
The charges for the same are 0.50% of the approved amount + taxes if you preclose from 6 months to 11 months of loan disbursal.
If you foreclose the loan 3 months after sanction, then 2% of the sanctioned amount + taxes will apply.
The foreclosure charge is 1% of the disbursal amount + taxes if you pre-close the loan between 3 months and 6 months.
Here are the Axis Bank Agriculture Gold Loan Rates:
The effective rate of interest for agriculture jewel loans is 13% onward.
The valuation fee for Punjab state is Rs. 1200 or 0.40% of the loan amount, whichever is lower.
The valuation fee for states other than Punjab is Rs. 500 or 0.25% of the loan amount, whichever is lower.
There is no foreclosure for renewals. The same is true preclosure after 6 months.
The foreclosure fee is 2% of the loan amount when done before 6 months.
The penal interest is 6% per annum on the outstanding amount.
The stamp duty charges are as applicable.
Documentation to Apply for Gold Loans
Here are the required documents to apply for jewel loans:
Documents related to Post Disbursement (if any)
Form 60/PAN Card
Signature of applicant, residence proof, and Identity proof
The application form should be filled and signed
2 photographs passport size
Proof of Age
Frequently Asked Questions about Axis Bank Gold Loan
Here are the Gold Loan Axis Bank FAQs:
- Is Cash Disbursement Possible for Non-Axis Bank Customers?
For a non-Axis Bank customer, cash disbursement up to Rs. 1 lakh is possible.
- Can You Renew the Gold Overdraft Account?
The bank may renew the gold loan account at the borrower’s request. A prior review will be done before the bank takes the decision.
- Are There Limits on Withdrawals/Deposits for an Overdraft Account?
The gold overdraft facility allows you to withdraw/deposit multiple times as per your requirement.
- What Are the Norms for Axis Bank Retail Gold Loan Interest Rates?
The 1-year MCLR is 7.40%. The spread over 1-year MCLR is 7.40% to 5.10%.
There is no reset for the applicable rates.
Penal interest is 2% per month. This is applicable on an overdue amount.
- What Are the Norms for Axis Bank Agriculture Gold Loan Interest Rates?
The applicable rate depends on 1-year MCLR (7.45%) and spread over 1-year MCLR (5.55%).
There is no reset applicable. There are no charges for part-prepayment.
The processing fee is 0.5% of the loan amount + GST. The renewal fee is also the same.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Axis Bank for gold loans.
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