Tuesday, July 14, 2020

Repayment of Axis Bank Gold Loan


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. Axis Bank is the bestexample of such a bank. Axis Bank Gold Loan is one of the easiest and speedy gold loans with a sensible financing cost.

For those looking for availing a gold loan in a hassle-free way with the quick processing of huge loan amounts, Axis Bank gold Loan is a premium option. Established in 1994, Axis Bank is one of the leading private sector banks in India. The bank is renowned for its wide spectrum of financial products like commercial and consumer banking, different types of loans as well as the issuance of credit cards. Attractive features like same-day loan processing, several repayment methods, flexible loan options, zero fore-closure fees and minimal documentation make Axis Bank Gold Loan special as compared to its competitors in the market.

Axis Bank Gold Loan Interest Rate, Fees and Charges:

Axis Bank Gold Loan helps you meet your urgent cash needs with the same day loan disbursement feature. Axis Bank Gold Loan Interest Rates entirely depend upon the quality/purity of the gold being kept as collateral security with the bank as well as the total amount of loan being sanctioned. Also, the gold loan interest rates are much lower in comparison to other kinds of loans available since these are secured loans (gold pledged with banks as collateral security). The effective gold loan interest rates in the Axis bank stands at 15% ( 7.75% for 1 year MCLR + 7.25% spread over 1 year MCLR) per annum. The processing fee stands at 1% (along with GST) of the loan amount or INR 1000 (whichever is higher). Apart from these, documentation and gold valuation charges (Rs. 500) are also there. A 2% penalty per month is charged for the overdue amount.

Axis Bank Gold Loan Repayment Structure

Axis Bank offers you the following easy loan repayment options. The flexible repayment options provided by Axis Bank enable you to schedule the due payments of your gold loan by choosing to pay upfront/monthly with principal amount being payed at the maturity of the loan. Following are the options:

  1. Standing Instruction (SI): Current account holders with Axis Bank can opt for Standing Instruction as a method of repayment. The EMI sum charged will be automatically debited towards the month-end cycle from the Axis Bank account indicated by the customer.

  2. Electronic Clearing Service (ECS): Non-Axis Bank customers can utilise this facility to get their EMIs charged consequently towards the month-end cycle from the account indicated by the borrower.

  3. Post-Dated Checks (PDC): Post-dated EMI checks from a non-Axis Bank account can be submitted at your nearest Axis Bank Loan Centre. A new set of PDCs should be presented before the bank on time.


Axis Bank Gold Loan Rate Per Gram

The loan you receive against your gold entirely depends upon the quality/purity and the current market price of the gold ornaments (Note: The stones embedded are not taken into account) or coins. Since the gold rate changes daily, the Axis Bank Gold Loan Rate per Gram also varies daily. After calculating the value of your gold using the Axis Bank gold loan calculator, the bank gives you Rs. 2,472 to Rs. 3,023 of the gold loan per gram and keeps some amount as security margin amount. 

Eligibility Criteria for Axis Bank Gold Loan

To be eligible for Axis Bank Gold Loan, the applicant must be a permanent Indian resident between 18-70 years.

Documents Required for availing Axis Bank Gold Loan

. Duly filled and signed application form of Axis Bank Gold Loan.

. KYC Documents for identity and residence proof.

. Post- disbursement documents (if any).

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