Gold loan is a secured loan in which a customer pledges her/his gold as collateral with a gold loan provider and gets a loan amount. Axis bank provides loan against gold with same day loan disbursement. In return, the customer is required to pay the interest. More about the features and interest rate of Axis bank gold loan are discussed below
Some of the salient features of Axis Bank gold loan:
- Same day loan disbursement
- Minimum loan amount starting from Rs.25,001
- Comes with flexible repayment options-EMI/paying the interest and principal amount on the date of maturity
- Pledged gold will be stored in a secured tamper-proof vaulting
- No charges on part payment throughout the loan tenure
Axis Bank Interest Rate
|Loan Amount||Rs.25,001-Rs.20 lakh|
|Loan Tenure||6 months-3 years|
|Interest Rate||14% (1 year MCLR+ Spread over 1 year MCLR-8.15%+5.85%)|
|Processing fee||1% plus GST as applicable|
Eligibility Criteria- Who can apply for Axis Bank Gold Loan?
- Anyone over the age of 18 to 75 and owns gold ornaments can avail gold loan facility from Axis bank
- Customer can pledge their gold necklace, chain, ring, solid bangles, mangalsutra, and Gold coin/biscuits to avail gold loan from Axis bank
- Gold ornaments should be 18 carat and above to be eligible for axis bank gold loan
Here are the required documents which a customer needs to submit to the counter staff
- Signed application form
- KYC form
- Aadhar card
- PAN card
- Passport-sized photographs
- Age proof
How to Apply for Axis Bank Gold loan?
To apply for a gold loan, you need to visit their branch office with the gold you are ready to pledge. The counter staff will evaluate the gold and accordingly disburse the loan amount
Axis Bank Gold Loan Calculator
Below table will give you an indicative value of how much loan you are eligible to get in respect to the purity and net weight of gold.
|Net weight of Gold||Eligible Loan Amount|
|20||Rs 37,125||Rs 41,250||Rs 49,500|
|30||Rs.55,688||Rs 61,875||Rs 74,250|
|40||Rs 74,250||Rs 82,500||Rs 99,000|
|50||Rs 92,813||103125||Rs 1,23,750|
How to Repay Axis Bank Gold Loan?
Axis bank offers you the following repayment options:
- Interest payment up front and repayment of principal amount on maturity date
- Monthly interest payment and repayment of principal on maturity date
- Equated monthly instalment option
How to Close my Axis Bank Gold Loan?
You can close your gold loan account by paying the full amount with accrued interest to any of their branches. However, the pledged gold will be collected from the branch office where the loan was sanctioned.
In case you have any query related to Axis bank gold loan product, you can call their customer care number given below:
How does Axis bank evaluate gold loan amount to be disbursed?
Factors which are taken into consideration when deciding a loan amount are:
- Requirement and valuation of gold
- Your repayment capacity
Can I get a gold loan against gold coins?
Yes, one can avail Axis bank gold loan against gold coins. However, the weight of the gold coins cannot exceed 50 grams per customer as per the RBI policy.
Is it mandatory to have a co-applicant when applying for an axis bank loan against gold loan?
No, it is not mandatory for you to have a co-applicant when applying for a gold loan.
What happens if I am unable to make payment?
In case you are not able to make payment or miss making payment on time, late payment charges will be applicable.