Axis Bank Gold Loan Interest Rate

Last Updated 09th Oct 2019

Axis Bank Gold Loan Interest Rates Oct 2019

Axis Bank offers one of lowest gold loan rate of 10.49% , both for its existing bank customers as well as new borrowers. Axis Bank jewel loan interest rate varies by amount of loan, purity of gold and loan to value ratio. Check Best Offers.

Gold Loan in Axis Bank
Gold Loan Loan Details
Axis Bank Gold Loan Rate 10.49% onwards
Processing Fee 0.25% - 1% of loan amount
Loan Tenure 6 months to 24 months
Loan Amount ₹ 25,000 to ₹ 20 Lakh
Prepayment Charges Nil
Gold Loan SchemeEMI Scheme, Bullet Repayment Scheme

Nil part payment charges

Apply for Gold Loan @ 10.50%* Get upto ₹ 1,000* Cashback

Axis Bank Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. Axis Bank gold loan can be taken 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 Axis Bank has the following benefits:

  • Axis bank offers gold loans for long tenure of up to 36 months, which allows you to repay the loan in EMIs of low amount.
  • The bank does not charge any foreclosure fees on its gold loan products, thus ensuring that the customers have full flexibility in managing their loan repayments.
  • You can earn Axis eDGE reward points if you take a loan from Axis Bank. These reward points are redeemable in various online transactions.

Axis Bank Gold Loan Details

If you are planning to take a Loan against Gold from Axis Bank, you need to know the following details of its gold loan schemes:

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewelry
  • Type of Gold Accepted: Gold jewelry of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: Axis 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
    • Axis Bank Gold Loan Interest Rate starts from 10.49% to 15.50%
    • Axis Bank charges a processing fees of 0.25% - 1% of loan amount
    • Loan Tenure of Gold Loan ranges from 6 months to 24 months
    • Lowest EMI per lakh on Gold Loan from Axis Bank is ₹ 4,637 offered at the lowest interest rate of 10.49% at the longest loan tenure of 24 months
    • Axis 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.
  • Popular Gold Loan Schemes of Axis Bank
    • EMI Scheme
    • Bullet Repayment Scheme

How can I get a Gold Loan from Axis Bank ?

You can apply for a gold loan with Axis 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 bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get gold loan in a single branch visit during which Axis Bank will do an appraisal of your jewellery in terms of its purity and weight. In case, the jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

Axis Bank Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Axis Bank is 10.49%.The factors that are used by Axis Bank to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. Axis Bank’s existing account holders get gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you can avail depends on the weight of jewelry you can pledge with the bank. Generally, banks offer a jewel loan per gram of gold which differs by the purity of gold and loan to value ratio offered. Banks offer lower interest rates for higher amount. Axis Bank offers loan between ₹ 25,000 and ₹ 20 Lakh amount.
  • Relationship with the Bank: Axis 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 Axis Bank.
  • Loan tenure: Many banks charge higher rate of interest for gold loans of lower tenure and lower interest rate for gold loans of higher tenure. Axis Bank offers gold loan with a tenure of 6 months to 24 months.
  • Loan to Value ratio: Maximum gold loan to value of gold jewelery ratio on gold jewelry has been fixed at 75% by RBI. However, Axis 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 Axis Bank is 75% calculated on net weight of gold in your jewelry.
  • Purpose of Loan: All banks, including Axis 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. Axis Bank's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.
Other Charges of Gold Loan Axis Bank

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

  • Processing fees – Axis Bank charges minimum processing fees 0.25% - 1% of loan amount. To get lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allows prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil.

Gold Loan Schemes of Axis Bank

Axis Bank offers several gold loan products to meet your various product requirements. These include loans with different repayment options

  • Gold Loan with Bullet repayment option

    • Axis Bank offers a bullet repayment option for its gold loans. Under this, customers can pay the entire principal amount of the loan at the end of the tenure.
    • This results in lower monthly payments (consisting of only interest component) during the life of the loan, reducing the burden significantly.
    • This repayment option is more prevalent for gold loans of short tenures.
  • Gold Loan for Agriculture

    • Axis Bank offers this scheme for farmers wherein, loan is offered to them against gold ornaments in order to meet farming expenses.
    • Presenting a proof of farming activity and ownership of an agriculture land is mandatory.
    • The end use of the gold loan must be mentioned by the borrower.
  • Gold Loan with EMI option

    • Axis Bank offers the option to repay your loan in Equated Monthly Instalments (EMIs) for customers holding an account with the bank.
    • EMIs consist of interest and a component of the principal amount. With each EMI, the interest component reduces, and the principal component increases.

Documents Required for Axis Bank Gold Loan

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

Compare Gold Loan Interest Rates of Axis Bank with other banks

Frequently Asked Questions on Axis Bank Gold Loan

Are there any prepayment charges on gold loan?

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

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

Yes, you can apply gold loan online in Axis Bank to get a quick loan. Yes, Axis Bank offers gold loan online payment facility.

Does Axis Bank offer Agricultural Gold Loan?

Yes, Axis Bank offers gold loan for agriculture at 1- 2% lower interest rate than gold loan rates.

How much gold loan can I avail from Axis Bank?

You can get upto ₹ 20 Lakh as gold loan from Axis Bank.

Axis Bank Gold Loan News - Oct 2019
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More