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Gold is no doubt one of the most essential commodities of asset holding and building among the Indian masses. Be it rich or poor, people from all over India hold gold for various reasons. To enable people to make the best use of gold apart from hoarding, banks in India have decided to render services on the guarantee of gold keeping and lending. Once such bank is Andhra Bank. Andhra Bank offers gold loans or loan against gold for personal as well as loans against gold for non-agricultural purposes. This was established keeping in mind that gold, as a working asset, can also be secured for meeting the business or commercial finances of an individual.
Recently, Andhra Bank has opened the sale of Sovereign Gold Bonds under the guidelines of the Government of India Scheme for 2018-2019 Series I duringbetween April 16-20, 2018. If you are an account holder of Andhra Bank, you can apply online via net banking. A gold bond scheme enables you to invest in gold without the requirement of physically holding the metal. Apart from earning interest on a semi-annual basis, you can redeem your investment int the market rate of gold.
A gold loan is a loan where an individual deposits gold at the bank as a guarantee in order to avail a loan. The borrowed amount can be utilised for meeting finances for business purposes.
|Purpose||Can be taken for personal causes and business needs|
|Collatera||The loan can be against your gold jewellery|
|Gold Type||Gold jewellery, coins up to 50 grams with a purity of 22 carat|
|Appraising Charge||1% of the loan amount|
|Interest Rate||One year MCLR + 2.00 % irrespective of loan amount and loan period.|
What are the repayment charges on Andhra Bank Gold Loan?
The applicable payment charges on an Andhra Bank Gold Loan is nil.
Can I apply for Andhra Bank Gold Loan online?
No, there is no online facility for applying for Andhra Bank Gold Loan, but there is an online payment facility for the loan amount.
Is agriculture gold loan provided by Andhra Bank?
No, Andhra bank does not provide any form of agriculture gold loan.
What is the maximum amount of gold loan that can be availed from Andhra Bank?
The maximum amount of gold loan which can be taken from Andhra Bank is Rs. 2 Crores.