A good bank tries to grasp the estimation of a customer's fulfilment, requirements and assets and accordingly gives the veritable worth of it at the crucial point in time through its gold loan facility. Andhra Bank is the best example of such a bank. Andhra Bank Gold Loan is one of the easiest and speedy gold loans with a sensible financing cost.
With a constant rise in the gold value since the past one decade, gold has acquired the status of being one of the most prudential investments for Indians. India is one of the largest importers of gold across the globe due to a close affinity of Indians with gold. Gold ornaments in India possess a sentimental value and that’s one of the major reasons why gold loan is such a secure option for both, borrowers and lenders as the urge to retain one’s gold articles is very high. Established in 1923, Andhra Bank is one of the leading public sector banks of India. The bank deals in commercial banking, consumer banking, mortgage loans and credit cards among other popular financial products. Andhra Bank gold loan scheme is a boon for those borrowers who do not have a good credit or CIBIL score, as they can still apply for the gold loan because it comes with the collateral security of the gold articles pledged with the bank.
Main Features of Andhra Bank Gold Loan:
. The loan can be availed for various purposes such as pure consumption, business expansions and personal reasons.
. Quick loan processing with the avail of same-day loan disbursement. Keeping in mind your urgent cash requirements, the bank approves the loan within an hour of receiving the application.
. You can select your Andhra Bank Gold Loan tenure from 3 months to 36 months.
. There are zero prepayment charges for your gold loan availed at Andhra Bank, i.e., you can whenever you have surplus funds without paying any penalty.
. Andhra Bank Gold Loan offers you multiple repayment options for the gold loan availed.
. The gold pledged with Andhra Bank is kept in a safe and secured environment until the closure of the loan.
Andhra Bank Gold Loan Interest Rate and other Charges:
Andhra Bank gold loan helps you meet your urgent cash needs with the same day loan disbursement feature. Andhra Bank gold loan Interest Rate is 12-16 % per annum. Andhra Bank Gold Loan Rate per Gram entirely depends upon the quality/purity of the gold being kept as collateral security. Since the gold rate changes daily, the Andhra Bank gold loan rate per gram also varies accordingly. After calculating the value of your gold using the Andhra Bank gold loan calculator, the bank sanctions you 70% of the gold value as the loan amount and keeps 30% as security margin amount. The bank charges 1% processing fees along with gold valuation and documentation charges.
Eligibility Criteria for Andhra Bank Gold Loan
Indian citizens between the age of 18 and 75 years are eligible to apply for Andhra Bank Gold Loan. The gold being pledged should not be less than 10 grams and must range between 18-24 carats of gold purity standard.
Documents Required for availing Andhra Bank Gold Loan
. Duly filled and signed application form of Andhra Bank Gold Loan.
. KYC Documents for identity and residence proof.
. Post- disbursement documents (if any).
Andhra Bank Gold Loan with Paperless Documentation
The applicants can apply for Andhra Bank Gold Loan with paperless documentation by visiting the official website of Andhra Bank and registering for the loan. Once registered, you can upload all the documents online and confirm your eligibility for the Andhra Bank Gold Loan.
Bottom Line
Andhra Bank Gold Loan service is a hassle-free way to meet urgent cash requirements with minimal formalities for covering weddings expenses, travel expenses or payments of education fees, bills and debts. The bank also offers loans for business purposes such as business expansions or purchasing raw materials. The Andhra Bank Gold Loan is a boon for farmers as it provides low-interest rate gold loans for agricultural purposes as well.
Your Andhra Bank gold advance can be reimbursed in the following three different ways.
Standing Instruction (SI): If you are a current record holder with Andhra Bank, Standing Instruction is the best method of repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the Andhra Bank account you indicate.
Electronic Clearing Service (ECS): This mode can be utilised if you have a non-Andhra Bank account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Andhra Bank account at your closest Andhra Bank Loan Branch. A new arrangement of PDCs should be submitted on time. It will be ideal if you note Post Dated Checks will be gathered in non-ECS areas as it were.
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