Andhra Bank Gold Loan

Gold value has constantly been on the rise over the last decade and gold has become one of the most profitable investment avenues for Indians. If you have gold in your lockers, you can utilize it to avail a gold loan whenever required. Under Andhra Bank Gold Loan scheme, loan will be provided against gold coins as security, for various purposes like personal and business requirements. Andhra Bank Gold Loan is a good substitute for conventional personal loan products and will offer the benefit of competitive interest rate to customers.

Features of Andhra Bank Gold Loan

Here are some of the distinguishing features of an Andhra Bank Gold Loan.

• Andhra Bank Gold Loan is a multipurpose loan which is offered for a variety of purposes like pure consumption, business and personal requirements.
• The documentation process is hassle free and the loan is offered to all customers who are properly identified as per KYC - AML guidelines.
• There is no prepayment penalty for Andhra Bank Gold Loan. Customers can repay the loan amount whenever they have surplus funds and get back their gold.
• With Andhra Bank Gold Loan, customers can be sure about the safety of their gold.
• No processing charges are levied for Andhra Bank Gold Loan. The process of application, approval and sanction is transparent and the customer is kept informed about the progress at all times.
• The interest rate offered for Andhra Bank Gold Loan is very affordable when compared to interest rates of conventional personal loan products.

Andhra Bank Gold Loan Interest Rates

Andhra Bank Gold Loan comes with competitive interest rate that sets it apart from other gold loan products in the market. At present, the interest rate for Andhra Bank Gold Loan is set at 11. 40 per cent per annum which is base rate + 1. 40%. As interest rates are subject to frequent revisions, do enquire with Andhra Bank about the prevailing interest rates before you apply for an Andhra Bank Gold Loan.

Documentation for Andhra Bank Gold Loan

The applicant must submit the documents listed below while applying for an Andhra Bank Gold Loan.

• Completely filled application form with recent passport size photographs
• Any one Address Proof document such as driving license, passport, ration card, voter ID, driving license, Aadhaar card etc.
• Any one of ID Proof document such as ration card, PAN card, driving license, Aadhar card, passport etc.

Andhra Bank Gold Loan is offered to customers who are properly identified as per KYC AML norms.

Fees and Charges for Andhra Bank Gold Loan

The fees and charges related to Andhra Bank Gold Loan are as follows.

Andhra Bank Gold Loan FAQs

1. Will I be able to prepay my Andhra Bank Gold Loan?

   Yes, you can repay Andhra Bank Gold Loan whenever possible. Also, no prepayment penalty shall be levied for Andhra Bank Gold Loan.

2. What is the quantum of finance per gram that will be offered under Andhra Bank Gold Loan?

   The quantum of finance under Andhra Bank Gold Loan shall be Rs. 1600 per gram or 75% of the market value per gram of 22 Ct. gold, whichever is less.

3. How many grams of gold can I offer as security under Andhra Bank Gold Loan?

   Customers can pledge not more than 50 grams of gold coins issued by banks as security.

4. Can I pledge my gold jewellery under Andhra Bank Gold Loan as security?

   No, only gold coins issued by banks are accepted for Andhra Bank Gold Loan.

5. Can I avail Andhra Bank Gold Loan to fulfil emergency monetary requirements?

   Yes, Andhra Bank Gold Loan is offered to meet personal and business cash requirements.