Andhra Bank Gold Loan

Andhra Bank was established by Dr. Bhogaraju Pattabhi Sitaramayya, an eminent Indian freedom fighter. It was registered on 20th November 1923 and commenced business on 28th November 1923. The bank’s paid-up capital was 1 lakh, and authorized capital was 10 lakhs. It is a medium-sized public sector bank (PSB) with nearly 3000 branches. Andhra bank is wholly committed to providing excellent banking services to customers, without any discrimination.

Andhra Bank gold loans are easy to avail, easy to afford, and available to a large pool of customers. Andhra Bank gold loans are trustworthy, and are designed to cater to a variety of financial requirements, such as wedding expenses, holiday expenses, or medical emergencies. mymoneykarma gives you all the information you need on the gold loans offered by Andhra Bank.

Andhra Bank Gold Loan Features and Benefits

Here are a few advantages and features of Andhra Bank gold loans.

1. Any Andhra Bank customer with a steady source of income can avail the loan.

2. The customers can rest easy regarding the security of their gold, which is kept safe in secure bank vaults.

3. Competitive rates of interest are provided to fit all types of customer budgets.

4. All types of gold ornaments, gold coins, and jewelry are accepted as collateral for the loan.

5. It is a multipurpose loan that can cover several types of expenses.

6. A maximum loan amount of Rs 2 crores and a minimum loan amount of Rs 10,000 can be availed.

7. A fast and efficient loan disbursal process.

8. Minimal documentation is required for the loan approval process.

9. Long loan tenure, of a maximum of 3 months, and 12 months for overdraft.

10. The facility of choosing a loan tenure as suitable for the customer.

Andhra Bank Gold Loan Amounts

Andhra Bank keeps a margin of 25% on the cost of the pledged gold articles. The customers receive 75% of the margin as loan amounts, with a limit set between Rs 10,000 and Rs 2 crores.

Andhra Bank Gold Loan Interest Rates

Andhra Bank provides affordable interest rates to its customers. The interest rate is set at 2% above the MCLR for one year. The current MCLR of Andhra Bank is 6.80%.

Here is a summary of all the information regarding Andhra Bank gold loans.

Interest Rate	2% above MCLR (MCLR = 6.80%)
Minimum Loan Amount	Rs 10,000
Maximum Loan Amount	Rs 2 crores
Maximum Repayment Tenure	12 months

Eligibility Criteria for Andhra Bank Gold Loans

Customers need to fulfill the following eligibility criteria set by Andhra Bank for its gold loans.

1. A minimum age of 21 years and a maximum age of 70 years.

2. The applicant must be an existing Andhra Bank customer.

3. A steady source of income.

Documentation Required for Andhra Bank Gold Loans

Loan processing requires the following documents.

1. Three passport size photographs.

2. A copy of proof of identity.

3. A copy of proof of address.

4. A filled-in application form.

Fees and Charges Associated with Andhra Bank Gold Loans

Here is a list of fees associated with Andhra Bank gold loans.

Loan Processing Charges	nil
Foreclosure Charges	nil
Valuation Fees	nil
Prepayment or Part-payment Charges	nil
Appraisal Charges	1% of the loan amount
Charges for Late Payment of Loan Amount	nil
Stamp Duty & other Statutory Charges	As applicable by state laws
Documentation Charges	nil
Legal Charges	As actuals

Andhra Bank Gold Loan EMI Calculator

Andhra Bank customers can employ an EMI calculator to determine their gold loan EMIs. Applicants can use it to check the tentative amounts that they need to pay as loan EMIs. The EMI calculator depends on the following factors.

1. Gold loan amount

2. Gold loan tenure

3. Gold loan interest rate

4. Loan to Value ratio

5. Current price of the gold

6. Purity and net weight of the pledged gold

EMI Calculator Example

Balaji wants to open his first food truck, for which he needs around Rs 5 lakhs. He decides to take a Andhra Bank gold loan using his grandmother’s jewelry. The net cost of the jewelry is Rs 9.5 lakhs. He chooses a loan tenure of 12 months with an interest rate of 8.8%. Using the EMI calculator, his EMI amount is assessed to be Rs 43,679 per month, which is within his monthly budget.

How to Apply for Andhra Bank Gold Loan

Andhra Bank customers can easily avail Andhra Bank gold loans. A customer can walk into the nearest Andhra Bank branch with the required documentation and their gold articles. On filling in a simple form,  the gold is evaluated, and the gold loan is sanctioned within a working day. Unfortunately, Andhra Bank customers do not have the provision of applying for gold loans online.

Frequently Asked Questions

Question 1: How long does the processing of Andhra Bank gold loans take?

Answer: Andhra Bank gold loans are disbursed within the same working day, provided that the applicant has the correct documentation and authentic gold articles.

Question 2: What is the maximum gold loan amount that I can receive from Andhra Bank?

Answer: The maximum loan amount that applicants can receive is Rs 2 crores.

Question 3: What is the minimum gold loan amount that I can receive from Andhra Bank?

Answer: The minimum gold loan amount from Andhra Bank is Rs 10,000.

Question 4: What is the maximum loan tenure for Andhra Bank gold loans?

Answer: The maximum tenure for Andhra Bank gold loans is 12 months.

Question 5: What kinds of gold articles does Andhra Bank accept as security?

Answer: Andhra Bank accepts gold coins and gold ornaments of purity 18K-24K.