Multiple banks. Different interest rates. Call it a "conflict of interest".
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.
Here are some of the distinguishing features of an Andhra Bank Gold Loan.
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.
The applicant must submit the documents listed below while applying for an Andhra Bank Gold Loan.
Andhra Bank Gold Loan is offered to customers who are properly identified as per KYC AML norms.
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. |
Yes, you can repay Andhra Bank Gold Loan whenever possible. Also, no prepayment penalty shall be levied for 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.
Customers can pledge not more than 50 grams of gold coins issued by banks as security.
No, only gold coins issued by banks are accepted for Andhra Bank Gold Loan.
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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