Gold carries a sentimental value for Indians. They buy not only gold as jewellery but a future investment that can serve their needs in desperate times. Whenever there is an urgent cash requirement for covering medical expenses, business expansions, paying education fees or debts in normal, Indians often resort to overcome such financial needs by taking a loan against their gold as it is the easiest option for acquiring a loan to even those who do not have great credit or CIBIL score as the gold loan is secured by the gold collateral that one pledges with the bank.
For those looking for availing a gold loan in a hassle-free way with the quick processing of huge loan amounts, Axis Bank Gold Loan is a premium option. Established in 1994, Axis Bank is one of the leading private sector banks in India. The bank is renowned for its wide spectrum of financial products like commercial and consumer banking, different types of loans as well as the issuance of credit cards. Attractive features like same-day loan processing, several repayment methods, flexible loan options, zero fore-closure fees and minimal documentation make Axis Bank Gold Loan special as compared to its competitors in the market.
Main Features of Axis Bank Gold Loan:
. The loan amount ranges from Rs. 25,001 to Rs. 25,00,000.
. Quick loan processing with the avail of same-day loan disbursement.
. You can select your Axis Bank Gold Loan tenure from 3 months to 36 months.
. There are zero prepayment charges for your gold loan availed Axis Bank.
. Axis Bank Gold Loan offers you multiple repayment options for the gold loan availed.
. The gold pledged with Axis Bank is kept in a secured environment until the closure of the loan.
Axis Bank Gold Loan Interest Rate, Fees and Charges:
Axis Bank Gold Loan helps you meet your urgent cash needs with the same day loan disbursement feature. Axis Bank Gold Loan Interest Rates entirely depend upon the quality/purity of the gold being kept as collateral security with the bank as well as the total amount of loan being sanctioned. Also, the gold loan interest rates are much lower in comparison to other kinds of loans available since these are secured loans (gold pledged with banks as collateral security). The effective Gold Loan interest rates in the Axis bank stands at 15% ( 7.75% for 1 year MCLR + 7.25% spread over 1 year MCLR) per annum. The processing fee stands at 1% (along with GST) of the loan amount or INR 1000 (whichever is higher). Apart from these, documentation and gold valuation charges (Rs. 500) are also there. A 2% penalty per month is charged for the overdue amount.
The loan you receive against your gold entirely depends upon the quality/purity and the current market price of the gold ornaments (Note: The stones embedded are not taken into account) or coins. Since the gold rate changes daily, the Axis Bank Gold Loan Rate per Gram also varies daily. After calculating the value of your gold using the Axis Bank Gold Loan Calculator, the bank gives you Rs. 2,472 to Rs. 3,023 of the gold loan per gram and keeps some amount as security margin amount.
Eligibility Criteria for Axis Bank Gold Loan
Indian citizens between the age of 18 and 75 years are eligible to apply for Axis Bank Gold Loan.
Documents Required for availing Axis Bank Gold Loan
. Duly filled and signed application form of Axis Bank Gold Loan.
. KYC Documents for identity and residence proof.
. Post- disbursement documents (if any).
Bottom Line
Axis Bank Gold Loan service is a hassle-free way to meet urgent cash requirements with minimal formalities for covering weddings expenses, travel expenses or payments of education fees, bills and debts. The bank also offers loans for business purposes such as business expansions or purchasing raw materials. The Axis Bank Gold Loan is a boon for farmers as it provides low-interest rate gold loans for agricultural purposes as well.
Axis Bank offers you the following easy loan repayment options:
Standing Instruction (SI): If you are a current record holder with Axis Bank, Standing Instruction is the best method of r repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the Axis Bank account you indicate.
Electronic Clearing Service (ECS): This mode can be utilized if you have a non-Axis Bank account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Axis Bank account at your closest Axis Bank Loan Center. A new arrangement of PDCs should be presented on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
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