Andhra Bank Gold Loan

Existing customers or any person accepted as a customer as per KYC-AML guidelines can apply for Andhra Bank Gold loan service. The gold ornaments you are pledging  should be above 22 K.

Andhra bank gold loan interest rate is floating in nature and linked to the base rate which itself is subject to periodic changes. Interest rate is charged on daily reducing balances which lower the effective rate of interest significantly.

The applicant needs to submit the following documents for this:

• Filled application form with recent passport size photograph
• Address proof and ID proof such as driving license, passport, ration card, Aadhaar card

It can be availed from any branch office of Andhra branch. Here are the steps of how your gold application will be processed:

• Customer needs to visit the nearest branch office with the gold they are ready to pledge
• Counter staff over there will evaluate your gold (in terms of quantity, net weight of gold ornaments excluding stones, purity, and fineness)
• After evaluating on the basis of those parameters, loan amount will be granted.
• Customer needs to submit KYC form and your gold will be deposited in their safe vault insured from any contingencies
• In return, the borrower is required to pay interest periodically or as written in the agreement.

The gold loan amount can either be paid through EMIs or upfront at the time of availing gold loan. Andhra bank gold loan installments can be paid at any of their branches. Alternatively, one can give standing instructions to the bank to deduct installments from your savings account.

To close your gold loan account with Andhra Bank, one needs to clear outstanding principal and interest amount. One can also close their account prior to the loan term period by paying all the installments in advance. Moreover, Andhra bank doesn’t levy prepayment charges. After clearing your dues, your pledged gold will be given back to you and your account will be closed.

In case of any query, connect with their customer care through their toll-free number which is 1800-425-1515.