2,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 500* on Gold Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Andhra Bank Gold Loan Interest Rate

Andhra Bank Gold Loan 2021

Last Updated 16th Jul 2021

Andhra Bank Gold Loan Interest rate starts at 7.60% with a loan tenure of 3 months to 12 months. Andhra Bank jewel loans offer low interest with multiple repayment options including Bullet Repayment Scheme. Andhra Bank also offers agriculture gold loans with interest rates lower than the rates for regular customers Check Best Offers.

Andhra Bank Gold Loan Rate 7.60% onwards
Processing Fee Nil processing fees
Loan Tenure 3 months to 12 months
Loan Amount ₹ 10,000 to ₹ 2 Cr
Prepayment Charges Nil
Gold Loan SchemeBullet Repayment Scheme

Andhra Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Andhra Bank Gold Loan.

Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

Andhra Bank Gold Loan

Andhra Bank gold loan can be availed by pledging your gold ornaments for meeting urgent personal expenses like children education, marriage and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from Andhra Bank has the following benefits:

  • Large branch presence
  • Quick processing
  • Low interest rates

As on today, Andhra Bank Gold loan interest rates are in the range of 7.60% to 9.10%. The lowest rate on Andhra Bank gold loan decreased by 3.1% to 7.60% as on 22 Jun, 2021.

Current Andhra Bank Gold Loan Interest Rate

Andhra Bank gold loan interest rate currently starts at 7.60% and goes up to 9.10%.The lowest interest was decreased by 3.1% on 22 Jun, 2021. You can avail jewellery loan for any purpose for maximum tenure of 12 months Andhra Bank offers a gold loan at lowest rates it is a secured loan and has multiple repayment options like gold loan Bullet Repayment Scheme.

Andhra Bank Gold Loan Details

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewellery
  • Type of Gold Accepted: Gold jewellery of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: Andhra Bank offers jewel loans to all individuals above 18 years of age including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • Andhra Bank Gold Loan Interest Rate starts from 7.60% to 9.10%
    • Andhra Bank charges a processing fees of Nil processing fees
    • Loan Tenure of Gold Loan ranges from 3 months to 12 months
    • Lowest EMI per lakh on Gold Loan from Andhra Bank is offered at the lowest gold loan interest rate and at the longest loan tenure .
    • Andhra Bank allows prepayment of jewel loans with Nil charges
  • Documents Requirement: Only basic KYC documents for address proof and income proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.

Comparison of Andhra Bank Gold Loan with other Banks

Andhra Bank offers gold loans at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars Andhra Bank SBI HDFC Bank
Current Interest Rate 7.60% - 9.10% 7.30% - 7.50% 9.50% - 15.00%
Previous Lowest Interest Rate 10.70% 10.70% 10.70%
Lowest Rate Difference -3.1% -3.4% -1.2%
Processing Fees Nil processing fees 0.50% of the loan amount, minimum-₹ 500 1% of the loan amount
Loan Tenure 3 months to 12 months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 10,000 to ₹ 2 Cr ₹ 20,000 to ₹ 50 Lakh ₹ 25,000 to ₹ 50 Lakh
Foreclosure Charges Nil Nil 1%
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 8,680 per lakh ₹ 3,101 per lakh ₹ 4,591 per lakh

How can I get a Gold Loan from Andhra Bank ?

You can apply for a gold loan with Andhra Bank directly through branch walk-in or by filling an online application form.

  • However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare.
  • MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan.
  • Customer representatives of the bank will get in touch with you instantly to fix up an appointment for branch visit.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

You can get a gold loan in a single branch visit during which Andhra Bank will do an appraisal of your jewellery in terms of its purity and weight. In case the jewellery meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewellery.

Documents Required for Andhra Bank Gold Loan

The documentation process of Andhra Bank is smooth. You need to submit one proof of identity and one proof of address to get a Andhra Bank gold loan. The list of identity and address proofs is as follows:

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement

Andhra Bank Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Andhra Bank is 7.60%. The factors that affect Andhra Bank gold loan interest rate are loan amount, loan tenure and loan required as a percent of value of gold jewellery. Andhra Bank’s existing account holders get a gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail from Andhra Bank depends on the weight of jewellery you can pledge with the bank. Andhra Bank offers a loan per gram of gold which differs by the purity of gold and loan to value ratio offered. The Bank offers loan between between ₹ 10,000 and₹ 2 Cr.The Andhra Bank gold loan interest rate is lower for higher loan amounts.
  • Relationship with the Bank: Andhra Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can get the benefit of low gold loan interest rate from Andhra Bank.
  • Loan tenure: Andhra Bank offers gold loan for a tenure of 3 months to 12 months. The interest rate is higher for short tenure gold loans.
  • Loan to Value ratio: Maximum gold loan to value ratio on gold jewellery has been fixed at 75% by RBI. However, Andhra Bank also offers loans at lower LTVs. Interest rate on loans with lower LTV will be lower compared to loans with higher LTV. Maximum LTV offered by Andhra Bank is 75% calculated on net weight of gold in your jewellery.
  • Purpose of Loan: All banks, including Andhra Bank also offer gold loan for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. Andhra Bank's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

Andhra Bank Gold Loan Charges

In addition to interest rates, Andhra Bank also carry some other charges while offering gold loan which include:

  • Processing fees – Andhra Bank charges minimum processing fees Nil processing fees.To get the lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allow prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil.
  • Stamping charges - Stamping charges are charged for the transference of ownership of tangible assets. The charges are as per the respective State's Stamp Act.

FAQs

Has Andhra Bank reduced the interest rate on the gold loan?

Yes, Andhra Bank has reduced the lowest interest on gold loan as effective from 22 Jun, 2021. Presently, Andhra Bank offers gold loans starting at 7.60%, which is a decrease of 3.1% from the previous rates of 10.70%.

How much gold loan can I avail from Andhra Bank?

You can get upto ₹ 2 Cr as a gold loan from Andhra Bank. However, the maximum loan amount depends on the value of the gold you pledge. Andhra Bank funds upto 75% of the gold value as loan.

How can I check my Andhra Bank gold loan status?

You can check the status of Andhra Bank gold loan by visiting the website and log in to the Andhra Bank net banking. Once logged in, go to the track loan application in the loans section. In case you have applied for a gold loan through MyLoanCare website, log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. However, if you are concerned about the loan approval status, then in the case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan Andhra Bank available online? Is there a Andhra Bank gold loan online payment facility?

No, you cannot apply gold loan online in Andhra Bank to get a quick loan. Yes, Andhra Bank offers gold loan online payment facility.

Are there any prepayment charges on Andhra Bank gold loan?

Yes, you can prepay your jewel loan after paying prepayment charges. The applicable prepayment charges to foreclose loan from Andhra Bank are Nil .Before enclosing your gold loan in advance, ensure that foreclosure of Andhra Bank gold is beneficial in managing financial burden and does not hamper your debt to income ratio.

Does Andhra Bank offer Agricultural Gold Loan?

No, Andhra Bank does not offer any special gold loan scheme for agriculture. You will need to avail loan against gold against the bank’s regular gold loan scheme, even if you need it for agricultural purposes.

What is the procedure for a gold loan in Andhra Bank ?

To apply for a gold loan in Andhra Bank visit the nearest bank branch or log in to the official website. Also, you can apply with MyLoanCare to get the best offers. Before applying ensure you meet the Andhra Bank gold loan eligibility criteria and keep your documents handy. Most importantly, be informed of the purity check of your gold.

Does Andhra Bank offer additional on gold loan interest rate for women?

No, Andhra Bank offer the same gold loan interest rate to all the borrowers, they do not offer lower interest to women borrowers. However, the interest rate is lower for people who take loans for agricultural purposes.

Can Andhra Bank gold loan interest rate be negotiated?

Yes, Andhra Bank gold loan rate can be negotiated. There are chances that banks will lower the interest rate if you already have an account with the bank or you have a stable source of income. Further, a larger loan amount can help you grab a gold loan at lower interest rates.

How long does it take to process Andhra Bank Gold Loan?

The gold loan can be disbursed quickly within a few hours. It takes around 90 to 120 minutes to process loan. Further, it depends upon your eligibility, and the quality of the pledged gold.

What are the benefits for Andhra Bank account holders while getting a Gold loan?

Andhra Bank account can avail a gold loan for a maximum of 75% of the value of the gold at the lowest rate starting at 7.60%. The bank also provides gold loan without any income proof and CIBIL requirement.

What happens if Andhra Bank Bank gold loan is not paid?

If you do not repay your Andhra Bank Bank gold loan, you will have to pay a late payment penalty of 0.00%. Further, you may loose all you pledged gold, if you skip your Andhra Bank gold loan payment entirely. Also, even when cibil score is not a criteria to avail gold loan, yet, prepaying Andhra Bank gold loan on time, can boost your credit score and vice versa.

Will Andhra Bank gold loan affect CIBIL score?

Yes, if you default on repaying your Andhra Bank gold loan EMI, it will affect your CIBIL negatively and similarly, paying the dues on time will improve your CIBIL.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.85%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 7.60% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 10.75%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Andhra Bank Gold Loan News - Jul 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2017-07-10 : Andhra Bank to sell sovereign gold bonds from July 10
    Andhra Bank has announced to sell its sovereign gold bonds. The bank will open the gold bond scheme for public subscription at all its branches across the country. The proposed gold bond scheme will offer a 2.50 per cent tax free annual interest to the investors and the issue price of the gold bonds will be Rs. 50 per gram and the applications for the scheme will be accepted from July 10 to July 14, 2017.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...