Andhra Bank Gold Loan

Andhra Bank Gold Loan Interest Rate Feb 2017

Last Updated 13th Feb 2017
Interest Rate 9.70% - 10.45% Check Special Offer
Repayment Options EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme
Loan Tenure 3 months to 12 months
Minimum and Maximum Loan Amount Rs. 10,000 and Rs. 20,000,000
Processing Fee Nil processing fees. Appraising charges : 1% of the loan amount sanctioned. 50% concession for loans above Rs 2 lakhs
Prepayment Charges Nil
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Andhra Bank Gold Loan Interest Rate Calculator

Andhra Bank offers gold loan to the customers who have urgent need of money. Gold loan to be offered by Andhra Bank has many features like:
  • Large branch presence
  • Quick processing
  • Low interest rates

Gold Loan Andhra Bank

Gold loan interest rates offered by Andhra Bank are fixed as well as floating
  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in Andhra Bank benchmark rate and should be chosen only if you believe that the rates will not hike in future
  • In contrast to this are floating rates which changes with a single change in Andhra Bank benchmark rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
Andhra Bank Gold Loan Rates depends upon
  • Loan amount: Gold loan rate in Andhra Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate

Gold Loan Charges

Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Andhra Bank allows prepayment of gold loan with Nil prepayment charges
Processing Fee- Andhra Bank asks for a processing fee of Nil processing fees. Appraising charges : 1% of the loan amount sanctioned. 50% concession for loans above Rs 2 lakhs with applicable service tax
Penal Interest- Andhra Bank charges a penal interest of 0.00% per month if you don’t pay the EMI on the due date decided by the bank

Andhra Bank Gold Loan EMI Calculator

Gold Loan EMI of Andhra Bank is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by Andhra Bank is Rs. 8,778 per lakh loan amount. Gold loan EMI of Andhra Bank depends upon:
  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 12 months gold loan from Andhra Bank at interest rate of 9.70% per annum, EMI will be Rs. 8,778 per Rs. one lakh loan amount. At interest rate of 10.45% for the same loan, the EMI will be Rs. 8,813
  • Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 9.70% per annum, the EMI would range from Rs. 33,874 to Rs. 8,778 for loan tenure ranging from 3 months to 12 months

Andhra Bank Gold Loan Eligibility Calculator

Gold loan eligibility criteria Andhra Bank

Eligibility of Gold loan in Andhra Bank depends upon multiple factors:-
  • Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing gold loan.
  • Gold loan rate per gram: Andhra Bank will value the jewelry based on price of 22 carat gold adjusted for purity. Andhra Bank use thirty days average rates of 22 carat gold prices. You can also check today gold rate at Myloancare.
  • Form of gold pledged: You can get gold loan from Andhra Bank against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for gold loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
  • Purpose for which loan is used: You can use the gold loan from Andhra Bank for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Estimated eligibility online by using Gold Loan Eligibility Calculator

Popular Products

Andhra Bank offers you following gold loan schemes
  • Loans Against Gold Ornaments

Gold Loan Andhra Bank documents required

The documentation process of Andhra Bank is smooth. Here is a list of documents which are required to apply for home loan from Andhra Bank:
  • Identity proof: Passport, Driving License, PAN Card, Aadhar Card, Voter’s ID Card
  • Address proof: Aadhar Card, Voter’s ID Card bank statement, rent agreement, utility bills, registry copy

Frequently Asked Questions

What is the maximum loan tenure I can opt under Andhra Bank jewel loan?

Andhra Bank offers you tenure of upto 12 months to repay your gold loan.

Can I prepay my gold loan? What are the charges applicable?

Yes, you can prepay your gold loan. Applicable prepayment charges - Nil.

What is the maximum gold loan amount available?

You can avail gold loan up to Rs. 20,000,000 from Andhra Bank

Compare Andhra Bank Gold Loan

Andhra Bank Gold Loan in India

Andhra Bank Gold Loan News - Feb 2017
02nd Aug 16 Andhra Bank opens 24x7 facility
Andhra Bank plans to provide 24x7 banking facility in all its branches in phases. After the opening of Navshakti branch at its main branch, people do not have to wait in long queues to transact at fixed business hours as in conventional branches. Navshakti branches are a boon to customers as they can transact easily even at night after their regular office hours. In the next 2 to 3 months, bank is planning to open six more such branches in the zone.
15th Jul 16 Andhra Bank reduces MCLR by 0.05 percent
Andhra Bank will reduce its Marginal Cost Lending Rate (MCLR) by 0.05 percent or 5 basis points across maturities. This will reduce its one-year MCLR to 9.55 percent, from the current rate of 9.60 percent . Overnight MCLR will be reduced to 9.3 percent , while 6 month MCLR will be lowered to 9.4 percent. The new MCLR will be effective from July 15, 2016.
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