• AU Small Finance Bank Gold Loan

    You can apply for a gold loan from AU Small Finance Bank with interest rates up to 18% p.a. The loan amount and the tenure will depend on the value of the gold ornaments pledged by you. The bank will charge 1% of the loan amount plus applicable tax as processing fee.
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    AU Small Finance Bank Gold Loan Details

    Interest Rate  Up to 18% p.a. 
    Loan Amount  At the discretion of the bank 
    Loan Tenure  At the discretion of the bank 
    Processing Fee  1% of the loan amount + GST 

    Features and benefits

    Some of the features and benefits of availing gold loan from AU Small Finance Bank are given below:

    • You can visit any branch of the lender and apply for a gold loan.
    • Attractive interest rates.
    • Flexible repayment tenure.
    • Complete safety of collateral provided.
    • Easy documentation process.
    • Faster turnaround time.

    Eligibility criteria required to be fulfilled in order to be eligible for Gold Loan from AU Small Finance Bank

    • The minimum age of eligibility is 18 years and maximum age of eligibility being 70 years.
    • All types of profiles are accepted except jewellers.
    • You will not be required to provide any proof of income.
    • It is at the discretion of the bank to accept the type of jewellery.
    • Maximum ‘Loan to Value’ you will receive will be up to 75% of the total value of gold.

    How to apply for a Gold Loan from AU Small Finance Bank?

    • Visit the official website of AU Small Finance Bank.
    • Under the ‘Gold Loan’ section, click on ‘Apply Now’.
    • You will be directed to a separate page where you will be asked to enter details such as your name, mobile number, email ID, and the product you are interested in. You will be asked to solve a simple math question for security purposes.
    • Click on ‘Submit’. A representative from the bank will get in touch with you and will help you with the process of applying for the loan.

    Offline

    You can visit the nearest branch of AU Small Finance Bank and apply for gold loan. It is important that you carry all the necessary documents along with you so that the process of applying for a gold loan is fast. A representative from the bank will help you with the process of applying for a gold loan.

    Other alternative methods

    You can apply for a gold loan from AU Small Finance Bank by calling on the customer care number 1860-1200-1200 or by sending an email to customercare@aubank.in. A customer care executive will get in touch with you and will further assist you with the process of applying for a gold loan.

    Fees and charges

    Type of fees and charges Fees levied
    Loan processing fees 1%
    Foreclosure charges 1% if closed before the completion of half tenure
    Penal interest 24% p.a. penalty on total outstanding loan amount
    Loan renewal processing fees 1%

    Note: It is important to note that the gold loan is granted for:

    • Agricultural purposes and similar agricultural activities.
    • Business and personal use.
    • The gold loan cannot be used to purchase gold coins, jewel, land, and similar purposes mentioned.

    Frequently Asked Questions (FAQs)

    1. What is the loan amount provided on availing a gold loan from AU Small Finance Bank?

      2. The minimum loan amount that you can avail is Rs.10,000 and the maximum loan amount being Rs.15 lakh.

    2. What is the tenure of gold loan provided by AU Small Finance Bank?

      3. The tenure of gold loan provided by AU Small Finance Bank ranges between 6 months and 12 months. The repayment tenure will depend on factors such as the loan amount, the collateral provided, your income, etc.

    3. How long does it take to process the gold loan?

      4. The loan amount will be disbursed to your bank account within 30 minutes. However, the time may vary depending on the documents submitted by you and the time taken by the bank to verify the gold provided as collateral by you. The approval of the gold loan will solely be at the discretion of the bank.

    4. Are there any benefits on for agricultural/priority sector?

      5. Yes, the processing of loan for the priority sector will be given more preference by the lender. The bank will also levy preferred interest rate on the loan amount.

    5. Can I get funding against gold coins?

      6. Yes, you can avail loan against gold coins up to 50 grams per customer for coins issued by Indian banks only.

    6. What are the documents that I will need to submit in order to avail gold loan from AU Small Finance Bank?

      7. The list of documents that you will have to submit in order to avail gold loan from AU Small Finance Bank is given below:

      • Proof of ID
      • Proof of address
      • Proof of land holding in case of agriculture loan of more than ₹1 Lakh
      • Two passport size photographs
    7. What happens if I change my address?

      8. In case of any change in your address, it is important that you inform the bank by calling on the number 1800 1200 1500 or visit the nearest branch of AU Small Finance Bank and inform them regarding the change in your address.

    8. What interest rates will I be charged on availing a gold loan from AU Small Finance Bank?

      9. The interest rate charged on your bank will depend on the performance of the market. The interest levied on your loan will be fixed and will be calculated on reducing balance basis.

    9. Can I make partial payments?

      10. Yes, you can make partial payments. However, the security will be released only on the closure of the loan.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

        

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