Please Note: Andhra Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Andhra Bank offers gold loan for Non Agricultural purposes; it can be issued to the borrower to fund his/her business needs like working capital requirement, their personal needs like holiday, education fees, etc against gold ornaments. Gold loan can also be availed against gold coins issued by banks up to 50 grams as per RBI. In return, the borrower is required to pay interest periodically.
Existing customers or any person accepted as a customer as per KYC-AML guidelines can apply for Andhra Bank Gold loan service. The gold ornaments you are pledging should be above 22 K.
Andhra bank gold loan interest rate is floating in nature and linked to the base rate which itself is subject to periodic changes. Interest rate is charged on daily reducing balances which lower the effective rate of interest significantly.
The applicant needs to submit the following documents for this:
It can be availed from any branch office of Andhra branch. Here are the steps of how your gold application will be processed:
The gold loan amount can either be paid through EMIs or upfront at the time of availing gold loan. Andhra bank gold loan installments can be paid at any of their branches. Alternatively, one can give standing instructions to the bank to deduct installments from your savings account.
To close your gold loan account with Andhra Bank, one needs to clear outstanding principal and interest amount. One can also close their account prior to the loan term period by paying all the installments in advance. Moreover, Andhra bank doesn’t levy prepayment charges. After clearing your dues, your pledged gold will be given back to you and your account will be closed.
In case of any query, connect with their customer care through their toll-free number which is 1800-425-1515.
Yes, a borrower needs to pay 1% of the loan amount if it is up to Rs 2 lakh and 0.75% if the loan amount is above Rs 2 lakh upfront at the time of availing gold loan.
One can get Rs 2,500 per gram or 75% of the market value of gold whichever is less.
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