Axis Bank Gold Loan

Axis Bank is the third largest private-sector banking institution in India. Its headquarters is located in Mumbai. Axis Bank has an impressive network of over 3,500 domestic branches and 13,900 ATMs across the country. This boasts the dominance of Axis Bank in the banking industry. The bank also has a significant international presence, with overseas branches in Singapore, Hong Kong, Dubai, Shanghai, and Colombo, and representative offices in Dubai, Abu Dhabi, Dhaka, and Sharjah. Axis Bank offers an impressive array of financial products and services to individual customers, large corporations, MSME, agricultural enterprises, and retail businesses.

Axis Bank offers attractive gold loans to its customers, to cater to their financial needs. The terms and conditions of the gold loans are relaxed, and the loans are made available for a large pool of customers. The sanctioned loan amount depends on the current market value of the pledged gold, and cannot exceed a maximum limit of Rs. 20 lakhs.

Axis Bank Gold Loan Features and Benefits

Here are a few important features of Axis Bank gold loans.

1. Gold articles sealed in the presence of customers

2. State-of-the-art security provided for the storage of gold articles

3. Status of loan processing conveyed to customers swiftly

4. A fast and efficient loan approval process

5. Reasonable loan tenures of up to 3 years

6. The option of choosing one’s loan tenure.

7. High quantum of loan amounts, from a minimum amount of Rs 25,000 to a maximum amount of Rs 20 lakhs.

8. No mandatory requirement of a co-applicant for a loan.

9. Same day disbursal of gold loans in ideal conditions.

10. Non-refundable processing and valuation fees applicable on every gold loan.

11. Attractive rates of interest on gold loans.

12. Available to customers between the ages of 18 and 75 years.

13. Complimentary eDGE loyalty points on availing the gold loans.

Axis Bank Gold Loan Amount

Axis Bank determines the loan amount based on the following factors.

1. Applicant's loan requirement

2. The total current market value of the pledged gold articles.

3. Applicant's capacity for repayment.

4. Applicant's existing relationship with the bank.

The minimum loan amount is set at Rs 25,000, and the maximum loan amount is Rs 20 lakhs.

Axis Bank Gold Loan Interest Rate

Axis Bank provides both fixed and floating rates of interest on its gold loans. The interest rate is set between 15% - 17.5%. The rate of interest is also dependent on the following factors.

1. Amount of loan availed.

2. Previous customer relationship with Axis Bank.

3. The income of the customer.

4. The customer repayment capacity.

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

Interest Rate	6.10% - 8.65% above the MCLR per year (MCLR: 8.90% p.a.)
Minimum Loan Amount	Rs 25,000
Maximum Loan Amount	Rs 20 lakhs
Gold Loan Margin	25% - 35%
Maximum Repayment Tenure	36 months

Eligibility Criteria for Axis Bank Gold Loans

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

1. A minimum age of 18 years and a maximum age of 75 years.

2. A stipulated minimum income per year.

3. A steady source of income.    

Documentation Required for Axis Bank Gold Loans

The loan processing requires the following documents.

1. Two passport size photographs.

2. A copy of proof of identity.

3. A copy of proof of address.

4. A filled-in application form.

Axis Bank Gold Loan Charges

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

Loan Processing Charges	1% of the loan amount + GST
Foreclosure Charges	nil
Valuation Fees	Rs 500
Prepayment or Part-payment Charges	nil
Renewal Processing Fees	nil
Charges for Late Payment of Loan amount	2% of the loan amount + GST
Stamp Duty & other Statutory Charges	As applicable by state laws

Axis Bank Gold Loan Repayment Options

Axis Bank provides its customers with the three following options of repayment of their gold loan. The applicant can choose the most convenient option.

1. Upfront interest payment and principal repayment on the maturity date.

2. Interest payment every month and principal repayment on the maturity date.

3. Equated monthly installments or EMIs.

The repayment period is very flexible, from a minimum of 6 months to a maximum of 36 months. The bank also provides its customers with the flexibility to choose their loan tenures.

Axis Bank Gold Loan Foreclosure

Here are the most important terms and conditions of the Axis Bank gold loan foreclosure process.

1. The foreclosure option can be availed at any time within the tenure period.

2. Customers can opt for either partial closure or full closure of the loan and take their gold back.

3. The minimum amount for a part payment is set at Rs 10,000.

4. The part payment of the loan can be made at any of the Axis Bank branches offering gold loans.

5. The foreclosure can be done only at the Axis Bank branch where the gold was pledged.

6. The customer must clear all outstanding dues before preclosure. The customer can know the due amount by obtaining a foreclosure statement for their loan account.

7. The customer must submit a filled-in pre-closure request form at the Axis Bank branch from where the loan was issued, along with the following documents.

1. A signed loan application form

2. Copies of identity, address, age, and signature proof

3. A copy of Form 60

4. A copy of the PAN card.

5. Post-disbursement documents, if any.

6. Demand promissory note.

7. A copy of proof of occupation.

Axis Bank Gold Loan EMI Calculator

Axis Bank also has an EMI calculator for its gold loans. 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

7. Relationship with the bank

EMI Calculator Example

Poulami needs to get her business started, for which she needs around Rs 2.5 lakhs. She decides to take an Axis Bank gold loan using the jewelry that her grandmother gifted her. The net cost of the jewelry is Rs 3.5 lakhs. She chooses a loan tenure of 12 months with an interest rate of 12.5%. Using the EMI calculator, the Axis Bank officials set her EMI amount as Rs 15,270 per month, which is within her monthly budget

How to Apply for Axis Bank Gold Loan

To apply for an Axis Bank gold loan, customers can walk in with the necessary documentation and their gold articles to any Axis Bank branch offering gold loans. The bank evaluates the worth of the gold articles and verifies the submitted records. The customer can then receive the sanctioned loan amount. 

Frequently Asked Questions

Question 1: What is the age range to be eligible for Axis Bank gold loans?

Answer: The age limit for Axis Bank gold loans is restricted to the range of 18-75 years.

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

Answer: The maximum loan amount applicants can receive is 75% of the market value of the pledged gold or Rs 20 lakhs, whichever is less.

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

Answer: The minimum gold loan amount from Axis Bank is Rs 25,000.

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

Answer: The maximum tenure for Axis Bank gold loans is 36 months.

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

Answer: Axis Bank accepts gold coins and gold ornaments of purity 18K-24K, weighing more than 50 grams.