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Andhra Bank Gold Loan Interest Rate

Andhra Bank Gold Loan: Details 2022

Last Updated 24th Jun 2022

Andhra Bank Gold Loan Interest rate starts at 7.35% 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 7.35% 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 @ 9.00%* Get upto ₹ 500* Voucher

Andhra Bank Gold Loan

You can avail Andhra Bank gold loan by pledging your gold ornaments for meeting urgent personal expenses like children's education, marriage and other financial emergencies in family or business. The gold mortgaged acts as a security to the loan. You can avail following benefits by availing gold loan in Andhra Bank bank:

  • Large branch presence
  • Quick processing
  • Low interest rates

Current Andhra Bank Gold Loan Interest Rate

Andhra Bank gold loan interest rate currently starts at 7.35% from the previous rate of 7.25%. The lowest gold loan rate of interest in Andhra Bank was increased by 0.1% on 20 Jun, 2022. You can avail jewellery loans for any purpose for a maximum tenure of 12 months. Andhra Bank offers a gold loan at the cheapest rates as it is a secured loan and has multiple repayment options like the 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 rates starts from 7.35% to 7.50%
    • Andhra Bank charges a processing fee of Nil processing fees
    • Loan Tenure of Gold Loan ranges from 3 months to 12 months
    • The 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 Required for Andhra Bank Gold Loan

The documentation process of Andhra Bank is smooth. You need to submit one proof of identity and address to get an 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

Comparison of Andhra Bank Gold Loan Interest Rates and Other Charges with Top Banks

Gold loan interest rates in Andhra Bank are very affordable. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars Andhra Bank SBI HDFC Bank
Current Interest Rate 7.35% - 7.50% 7.70% - 7.70% 9.00% - 15.00%
Previous Lowest Interest Rate 7.25% 7.25% 7.25%
Lowest Rate Difference 0.1% 0.45% 1.75%
Processing Fees Nil processing fees 0.25% of the loan amount, minimum-₹ 500 0.50% 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 ₹ 10 Lakh
Foreclosure Charges Nil Nil Zero prepayment charges post 6 months
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 8,669 per lakh ₹ 3,120 per lakh ₹ 4,568 per lakh

How Can I Get a Gold Loan from Andhra Bank at the Best Interest Rates?

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

  • 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 loans.
  • Customer representatives of the bank will instantly contact you to fix up an appointment for a 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. If 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.

Andhra Bank Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Andhra Bank is 7.35%. The factors that affect the Andhra Bank gold loan interest rate are loan amount, loan tenure and loan required as a percent of the value of gold jewellery. Andhra Bank’s existing account holders get a gold loan at the best rates compared to other customers. You can use the Andhra Bank gold loan interest rate calculator to calculate EMI on gold loans at the lowest rates.

  • 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 loans between ₹ 10,000 and ₹ 2 Cr. The gold loan interest rate Andhra Bank 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 benefit from a low gold loan interest rate from Andhra Bank.
  • Loan tenure: Andhra Bank offers gold loans 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. The interest rate on loans with lower LTV will be lower compared to loans with higher LTV. The maximum LTV offered by Andhra Bank is 75% calculated on the net weight of gold in your jewellery.
  • Purpose of Loan: All banks, including Andhra Bank, also offer gold loans 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 carries some other charges while offering gold loans which includes:

  • Processing fees – Andhra Bank charges minimum processing fees of Nil processing fees. To get the lowest fee, gold loan interest rates comparison, offers and Voucher apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allow prepayment of gold loans 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?

No, Andhra Bank has increased its gold loan rates by upto 0.1%. The lowest rate on Andhra Bank gold loans has been increased to 7.35% from the previous rate of 7.25%. Andhra Bank new rates are effective from 20 Jun, 2022.

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 a loan.

How can I check my Andhra Bank gold loan status?

You can check the loan status of the Andhra Bank gold loan by visiting the website and logging in to the Andhra Bank net banking. Once logged in, go to the track loan application in the loans section. If you have applied for a gold loan through the MyLoanCare website, log in to your MyLoanCare account, and the status of your loan will be shown on the homepage 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 an 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 the loan from Andhra Bank are Nil. Before enclosing your gold loan in advance, ensure that foreclosure the of Andhra Bank gold is beneficial in managing the 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.

Does Andhra Bank offer an additional discount on gold loan interest rates for women?

No, Andhra Bank offers 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 the Andhra Bank gold loan interest rate be negotiated?

Yes, the gold loan rate of Andhra Bank 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. You can check Gold loan per gram in SBI bank before you avail of loan.

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 a loan. Further, the time to process a gold loan may also depend 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 holders can avail a gold loan for a maximum of 75% of the value of the gold at the lowest rate starting at 7.35%. The bank also provides gold without any income proof and CIBIL requirements.

What happens if the 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. Further, you may lose all your pledged gold if you skip your loan payment entirely. In addition, failure to repay your gold loan will also impact your credit score negatively.

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.


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*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
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