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.
Processing Charges
Nil
Appraising Charges
1% of the sanctioned loan amount
Charges for loan amounts greater than Rs. 2 lakhs
50% concession in all applicable charges shall be awarded.
Andhra Bank Gold Loan FAQs
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.
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.
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.
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.
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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Being an existing customer of Andhra bank, I have taken personal loan from the same bank. I have taken the loan with 17.5% of interest per annum, I was taken amount of Rs. 2 lakhs, the process was quick they have sanctioned the amount on time without any delay.
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7
HASSAN SATHYANARAYANA SUMA SATHYANARAYANA
, bangalore
Reviewed on Nov 27, 2018
ANDHRA BANK has offered me a personal loan around 9months ago. The customer support service and the response is good from the Andhra bank. The rate of interest and the charges are average from the ANDHRA BANK personal loan services. I am satisfied with the good service.
Being an existing customer bank, Andhra bank gave me best interest on the person loan around 12% on yearly basis. Bank have done the disbursement on time without any hassle. I took the loan for the period of 36 months, or else I can also do the foreclosure without any charges.
Around 3 years ago I got the personal loan from andhra bank , The personal loan service was very good. They have disbursed my personal loan amount within 4 to 5 days of time. The customer support is good with the Andhra bank , they gave good response in regards to my personal loan application. I have got the required loan amount. The rate of interest and the charges were low with Andhra bank.
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3
HARIJANA RAMUDU
, hyderabad
Reviewed on Nov 22, 2017
I have taken a deposit loan against the Fixed deposit from Andhra Bank. The process for this loan was very simple and fast. I got the loan within 15 minutes. I am eligible to take 90% of the loan and there is a repayment facility with the tenure of one year.
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8
SRINIVAS JANAGAM
, hyderabad
Reviewed on Nov 13, 2017
I got the personal loan from andhra bank, there service was average with Andhra bank. They took around a week and 10 days to disburse loan amount. The customer support is average with Andhra bank. The rate of interest and the charges were low with andhra bank when compared with others.
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2
PONNURU RAGHU RAM
, hyderabad
Reviewed on Nov 08, 2017
The rate of interest is very low with Andhra bank in concern to my personal loan application. The customer support and the response is really good with Andhra bank. I got the loan within a span of 7 days of time. The required loan amount has been disbursed on time , I am very much happy about it. The service provided by Andhra bank is really good.
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1
KILARU NAGESWARRAO
, khammam
Reviewed on Jul 15, 2017
I was taken my personal loan from Andhra Bank for few years back. Rate of Interest was less compare to other banks. My loan amount was 55000 with 3 years of tenure. It was done very smooth. They gave me this loan based on m y salary account . Overall they were provide good services for customers.
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4
SRINIVAS BAIRSANDRAM
, hyderabad
Reviewed on Jan 30, 2017
I appreciate Andhra bank executives, as they are very keen about processing the customer's loan application.The support offered was good, but I found it was a quite lengthy process.They took around 10days time to complete the process.They follow a economical range of support to be given to the customer when it comes to personal loan.
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4
RAMANATHAN SUBRAMANIAN
, hyderabad
Reviewed on Jul 23, 2016
The personal loan process was very lengthy with Andhra bank. The loan amount was disbursed within one month. They are asking for two guarantors, that too government employees to sign the papers. I would suggest them to get security sign from one person.
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2
RAMAKRISHNA GORRELA
, vijayawada
Reviewed on Feb 03, 2016
I took my personal loan disbursed from Andhra bank. They are very fast in processing the loan in the initial days. Later on the process was bit slow and the loan amount was disbursed after a month. The executives are not friendly with the customers and it would be nice if they behave politely with the customers.
I would say Andhra Bank personal loan process is not good. They are not treating their customers well . They are not very good in customer services and they are not doing well in all the aspects right from account opening till transaction . They are old fashioned and they are not friendly.
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3
RAVITEJA SANIVARAPU REDDY
, bangalore
Reviewed on Nov 03, 2015
I have applied for the personal loan with ANDHRA bank very recently. They have offered ,e 14% rate of interest which is very goos. I am loyal customer to them so they have offered me best offers. They have come for the verification so it will take another one week to get the loan amount.
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3
INDIRA EEGALAPATI
, secunderabad
Reviewed on Oct 08, 2015
I got the Personal loan with ANDHRA Bank and I am maintain a salary account with same bank so the rate of interest offered by them was 9.9% and 2.75% was processing charges compare to other bank its good. After completed 1.5years they will allow to make a part payment.
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8
SRINIVAS SURI MURTHY
, hyderabad
Reviewed on Sep 04, 2015
I availed personal loan from Andra bank. Since it is a Gov bank there is no proper response. I directly approached the bank manager to process my personal loan. Since I had a salary account in that I was given a lower interest rate of 11.5%. There are no charges. I suggest the bank to improve their customer service.
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3
SRIDHAR ARUNACHALAM
, hyderabad
Reviewed on Jul 11, 2015
It was very easy for me to get this loan with Andhra Bank because my colleague work in the bank.The customer service provided was good and the loan amount was disbursed within 3days.I will not recommend Andhra Bank but will recommend SBI bank to others.
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4
S RAHIMUDDIN AHMED
, hyderabad
Reviewed on Jun 13, 2015
I would say it was a average service provided by Andhra Bank while getting a personal loan.The customer service provided is not really good and they donâ??t respond to customer in a right way.The interest rate offered was really comfortable and the loan amount was disbursed after 25days which is long time.
My salary is credited to Andhra bank account. On salary basis I have taken a personal loan from them. Normally I prefer nationalized banks. First of all they have taken lot of time for processing because banking systems are very slow at that. Now a days the process is much faster. I have submitted all the documents to the nearest branch and my loan was disbursed within 10 days. My overall experience was very good.
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3
RAO ASHWATHAM SOOGURU
, hyderabad
Reviewed on Aug 07, 2014
Last month I have availed a personal loan from Andhra bank through my father's savings account. It was a good experience and I am overall satisfied with the services of the bank. Processing was quite delayed upto 20 days and the documentation was fine. Rate of interest & processing fees are good comparatively to other private banks.
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6
AYYAPPAN SEEMAKURTHI
, bangalore
Reviewed on Jul 15, 2014
Had a wonderful experience on applying a personal loan with Andra Bank. I received my loan amount last month and I am quite happy with the rate interest, fees & charges. The documentation was very less and the process was completed on a single day. I would strongly recommend the bank.
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20
KARMODAY CSSOTARAY
, bhubaneshwar
Reviewed on May 17, 2014
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
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