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Axis Bank Gold Loan Interest Rate

Axis Bank Gold Loan Interest Rates Apr 2021

Last Updated 07th Apr 2021

Axis Bank offers one of lowest gold loan rate of 13.00% , 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
Axis Bank Gold Loan Rate 13.00% onwards
Processing Fee 1% plus GST
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 @ 9.50%* Get upto ₹ 500* 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 13.00%
    • Axis Bank charges a processing fees of 1% plus GST
    • Loan Tenure of Gold Loan ranges from 6 months to 24 months
    • Lowest EMI per lakh on Gold Loan from Axis Bank is ₹ 4,754 offered at the lowest gold loan interest rate of 13.00% 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

Comparison of Axis Bank Gold Loan with other Banks

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

Particulars Axis Bank SBI HDFC Bank
Interest Rate 13.00% - 13.00% 7.50% - 7.50% 9.50% - 17.10%
Processing Fees 1% plus GST 0.50% of the loan amount, minimum-₹ 500 1.50% of the loan amount
Loan Tenure 6 months to 24 months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 25,000 to ₹ 20 Lakh ₹ 20,000 to ₹ 20 Lakh ₹ 25,000 to ₹ 50 Lakh
Foreclosure Charges Nil Nil Nil after 3 months
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 4,754 per lakh ₹ 3,111 per lakh ₹ 4,591 per lakh

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 13.00%.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 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 1.50% of the 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

FAQs

How much gold loan can I avail from Axis Bank?

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

How can I check my Axis Bank gold loan status?

You can log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. Alternatively, you can also check your gold loan status by logging into the net banking account that received at the time of availing the loan. However, if you are concerned about the loan approval status, then in case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

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.

Are there any prepayment charges on gold loan?

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

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.


Axis Bank Gold Loan Reviews 4.4/5  by 4 customers
MyLoanCare Service
4.3/5.0
Banks Service
4.5/5.0
srinivas manne, Hyderabad
Reviewed on 17th Mar 2018
5 / 5 stars
Axis Bank Gold Loan Availed in Mar 2018

MS VANDANA GAVE CLEAR GUIDANCE REGARDING LOAN AVAILABILITY. THANK U MADAM.Read more...

anandrd D, Pune
Reviewed on 23rd Feb 2018
5 / 5 stars
Axis Bank Gold Loan Availed in Feb 2018

Very Good Service. Getting reply instantly and nice communication.Read more...

Uma Iyer, Chennai
5 / 5 stars
Axis Bank Gold Loan Availed in Mar 17

Good follow up by the helpful staff and assurance of fast and easy service process.Read more...

Satyam Hora, Jaipur
2.5 / 5 stars
Axis Bank Gold Loan Availed in Dec-17

Reasonable interest rates, they took long period to process the loan because of verification, despitRead more...

Axis Bank Gold Loan News - Apr 2021
  • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
    The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
  • 2021-01-28 : Axis Bank Q3 net profit down 36%
    Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore
  • 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
    Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank.
  • 2020-07-02 : Axis Bank delivers strong loan growth
    Axis Bank reported a 4.53% year-on-year rise in profit, the profit reached at Rs 1,757 crore. Banks loan book grew backed by retail loan- car, two-wheeler, gold and personal loan- book grew 25% by almost Rs 28,500 crore on a quarterly basis and the domestic loan growth stood at 18%.
  • 2019-04-18 : Axis Bank formulates FY20-22 strategy to strenghten its core business
    Private sector lender, Axis Bank has made a new strategy for FY20-22 to achieve a strong growth across its retail lending segment. The lender will focus on higher-yielding retail lending products such as personal loans, credit cards, rural, and small business banking. In addition to this, the bank will also continue to maintain steady asset quality by giving retail loans to existing deposit customers.
*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
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