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Compare Andhra Bank vs Muthoot Gold Loan

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Bank
Interest Rate
Interest Rate
7.60% - 9.10%
11.99% - 11.99%
Processing Fees
Processing Fees
Nil processing fees
0.25% to 1% of loan amount.
Loan Amount
Loan Amount
₹ 10,000 to ₹ 2 Cr
₹ 1,500 to ₹ 50 Lakh
Loan Tenure
Loan Tenure
3 months to 12 months
7 days to 36 months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 8,680
₹ 3,321
Foreclosure Charges
Foreclosure Charges
Nil
Nil
EMI Scheme
EMI Scheme
N
Y
Bullet Repayment Scheme
Bullet Repayment Scheme
Y
Y
Overdraft Scheme
Overdraft Scheme
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4/5.0
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Compare Gold Loan EMI of Andhra Bank and Muthoot

Loan Amount Andhra Bank Muthoot
₹ 50,000 ₹ 4,340 ₹ 4,442
₹ 1 Lakh ₹ 8,680 ₹ 8,884
₹ 5 Lakh ₹ 43,402 ₹ 44,422
₹ 10 Lakh ₹ 86,804 ₹ 88,844

Which bank offers a lower interest rate on Gold Loan – Andhra Bank or Muthoot?

As per the current rates, Andhra Bank offers a lower interest rate of 7.60% on Gold Loan when compared to Muthoot which offers a Gold Loan at 11.99%.

How does Andhra Bank Gold Loan compare with Muthoot Gold Loan?

Gold Loan or Jewel Loan is an easy loan to get instant credit without the need to have a good credit score and income documents. Anyone is eligible to get the gold loan, provided the person has 18-22 carat gold jewelry to offer as collateral. Hence, while comparing Andhra Bank and Muthoot for gold loan and choosing the best bank, it is important to compare three factors which are their rate of interest, gold loan per gram eligibility as well as repayment options such as EMI, Bullet and Overdraft.

  • Lowest Andhra Bank Gold Loan interest rate is 7.60%, which is lower than the lowest interest rate of Muthoot at 11.99% and hence, Andhra Bank is offering a cheaper loan option.
  • Compared to other Gold Loan charges such as processing fees, Andhra Bank charges a processing fee of Nil processing fees while Muthoot charges a processing fee of 0.25% to 1% of loan amount..
  • Andhra Bank allows prepayment facility on gold loan to close the loan before the tenure at Nil charges while Muthoot offers prepayment facility at Nil. You can choose the option with lower charges to close the high value amount.
  • Muthoot has an average customer rating of 4, while has an average customer rating of , based on which it is clear that Muthoot has a high customer service focus, an easy Gold Loan process and a quick turnaround.

You must select the bank of your choice after evaluating the advantages and disadvantages of Andhra Bank and Muthoot.

What are the best repayment options available on Gold Loan – Andhra Bank or Muthoot?

  • Muthoot offers EMI Scheme on gold loan to repay the loan in equal installments every month till the end of the tenure. This scheme is apt for salaried applicants who have monthly cash inflows to their bank accounts.
  • Andhra Bank and Muthoot offer bullet repayment scheme which allows borrowers to pay the lump sum at the end of loan tenure. The interest is calculated every month, however, the amount is to paid at the end of the term. This scheme is suitable for those who have near-term cash flow issues and they do not have to worry about paying the loan immediately.

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Gold Loan News - Oct 2021
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
    IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
  • 2021-09-30 : PNB Reduces Gold Loan Interest Rates
    Punjab National Bank has reduced gold loan interest rates by 25 points. The new gold rates now start at 8.50%.
*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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