Gold Loan Interest Rates 2020228 views
- What makes the Axis Bank Gold Loan the first choice for customers?
- Know about its interest rates, actual loan amount, EMI Calculator and the various repayment options!
Facing some sudden financial emergency and wanting to get over it? Do you know that a gold loan can help you in overcoming any financial requirement you could face at any point in your life? Yes, it’s true! Many banks offer a gold loan facility of which Axis Bank is one that you can think of. One of the biggest private sector banks of India, Axis Bank offers affordable interest rates and flexible repayment options on a gold loan and thus becomes the right choice for you! To get this loan against your gold, you just need to submit your gold ornaments and gold coins. Your gold will act as the required collateral or security against your loan, making it a secured loan and allows Axis Bank to offer lower interest rates. Obviously, the loan amount will depend on your overall gold value. So, if you want to know more about the Axis Bank Gold Loan facility, don’t stop reading!
Table of Contents
- 1 What is the Axis Bank Gold Loan Interest Rate?
- 2 Highlights of Axis Bank Gold Loan
- 3 How to Apply for Axis Bank Gold Loan?
- 4 What Documents Will You Require at the Time of Application?
- 5 What is the Eligibility Criteria of an Axis Bank Gold Loan?
- 6 How to Repay the Axis Bank Gold Loan
- 7 How to use the Axis Bank Gold Loan EMI Calculator?
What is the Axis Bank Gold Loan Interest Rate?
When anyone decides to opt for a gold loan or any kind of loan facility, the most important thing for that individual is to look for the interest rates. Why? Because interest rates decide your repayment amount. So, if a lender is providing lower interest rates, the repayment amount would be low as compared to the amount on higher interest rates. As a result, the loan will suit your budget better.
Axis Bank Gold Loan interest rates range from 9.75% to 17.00% per annum. The final rate of interest will depend on various factors such as the required loan amount, relationship with the bank, among others. You also need to remember that Axis Bank uses the Simple Interest method for the interest calculation on your gold loan. As you can see this interest rate is pretty affordable considering the current financial market, you can easily get the loan amount against your gold with the Axis Bank Gold Loan.
We are providing you some of the details related to the Axis Bank Gold Loan in the below table. Do check it!
Axis Bank Gold Loan Interest Rates and Other Important Details
|Minimum Loan Amount||INR 25,000|
|Maximum Loan Amount||INR 20 lakh|
|Minimum Tenure||6 months|
|Maximum Tenure||36 months|
|Processing Fee||1% of the total loan amount + Applicable GST charges|
|Penal Interest Charges||2% per month on the outstanding amount|
|Valuation Charges||INR 500|
|Part prepayment Charges||Nil|
|Method of Interest Calculation||Simple Interest|
Highlights of Axis Bank Gold Loan
Now, after knowing about the interest rates and other important details related to the Axis Bank Gold Loan, you must know about the features of this loan facility which makes it one of the most popular products of the Axis Bank. There are several benefits in store for you with an Axis Bank Gold Loan. If you want to know about them in detail, you can look at the below pointers so that you don’t have any second thought about the Axis Bank Gold Loan. Do check them!
- The best thing about this loan facility from the Axis Bank is the same day loan disbursement and the safety of your gold you get. You just need to submit your gold ornaments or gold coins at any branch of the Axis Bank. The bank will assess your gold, and after the required authentication, the amount will be transferred into your bank account.
- If you are thinking of the loan amount you can get against your gold, you should be assured of getting the best gold value through the Axis Bank Gold Loan. The loan amount can be as low as INR 25,000 and it can be as high as INR 20 lakh and you can choose the loan amount according to your need. This loan amount obviously will depend on the value of your gold.
- You will get enough time for the repayment as well, as you can choose from tenures of 6 to 36 months according to your repayment capacity and income.
- You are free to use this loan amount for any of your needs whether you want to make the downpayment of your vehicle or for the long due renovation of your home or to get out of any medical emergency. There is no condition regarding the end use of this amount.
- Other than all these features, you can also earn Axis eDGE Reward points on your every transaction. You can redeem these reward points later on online or offline shopping, recharges, and bookings. You will get 150 Axis eDGE Reward points on the disbursement of your gold loan. Every time you repay your gold loan, you will also get points.
How to Apply for Axis Bank Gold Loan?
Now that you know everything about the Axis Bank Gold Loan, you may want to know about the method by which you can apply for this. Well, we want to tell you that applying for a loan against your gold is quite easy and convenient. It can be done by anyone both through online and offline methods. If you want to know more about it, you can look at the detailed information about both these methods.
In an age where you can order anything from your smartphone, you can apply for a loan against gold too with your phone or laptop. You just need an internet connection for it. So, the first thing you would need to do is to go to the official website of the Axis Bank. There you will see the Gold Loan Section. On reaching this section, you can do two things – You can locate an Axis Bank branch nearby where you can go and apply for a gold loan or you can go to the Forms Section from where you can download the Axis Bank Gold Loan Application Form.
In this application form, you will need to fill a few details like your name, Email Id, Address, Residing City, Purpose of the Loan, If you are an existing customer of the bank or not, PAN Number, Employment Details, and many other things. After completing these steps, you will need to go to the nearest branch with this form, your gold and the required documents. If everything goes right, you will get the loan amount on the same day.
If you are someone who does not want to opt for the online method and wants to go the traditional way, you can go for it too. We have already told you how to find the nearest Axis Bank branch. After finding the nearest branch, you just need to go there and the representatives will take care of everything. They will tell you everything about the Axis Bank Gold Loan and also about your eligibility so that you can make an informed decision. There too, you will need to submit your documents with the duly signed application form. The bank will assess the value of your gold and then decide your loan amount.
What Documents Will You Require at the Time of Application?
After knowing the application process, you could be thinking about the part where we mentioned that you will need to submit a few documents. Well, while taking for any kind of loan, documentation is an important part of it. To apply for an Axis Bank Gold Loan, you will need to submit a few documents. Your application may get rejected in case you miss any documents from this list.
You can check the list of documents that you will need to submit. Please keep them in mind while applying for the Gold Loan facility of Axis Bank.
- Passport Sized Photographs
- Duly Signed Application Form
- Signature Proof
- KYC Documents – Photo ID & Address Proof ( Aadhar Card/ PAN Card/ Passport/ Driving Licence/ Voter’s ID Card)
- Post-disbursement Documents
What is the Eligibility Criteria of an Axis Bank Gold Loan?
For getting any kind of loan facility, it is important to pass the eligibility criteria set by the lender. Failing to meet any of the conditions, you won’t be able to get the loan amount from the lender. Through the eligibility criteria, the lender checks if you are a suitable candidate for the loan or not. By knowing them before applying for an Axis Bank Gold Loan, you would be able to easily fulfill the eligibility criteria set by the lender. If you want to know about the Axis Bank Gold Loan eligibility criteria, you can have a look at the below-mentioned conditions.
- The applicant must be in between the age range of 18 to 75 years.
- The loan can be availed by anyone from salaried employees to self-employed individuals to pensioners to housewives.
- To make sure that you will be able to repay the loan amount on time, you must have a stable source of income.
- Also, the purity of your gold must be above 18 carats and you can also get the loan against gold coins but it is limited to 50g per customer.
- It is not mandatory to have a co-applicant while applying for the loan.
So, keep these conditions in mind while applying for the Axis Bank Gold Loan.
Axis Bank Gold Loan Calculator – What Does it Do?
There must be this question running in your mind about the maximum loan amount you can get through an Axis Bank Gold Loan. The minimum loan amount is fixed at INR 25,0000 and the maximum also stands at INR 20 lakhs. But as we told you that the loan amount changes according to your gold value. So, to know the loan amount you can get against the gold you have, you will need to use the Axis Bank Gold Loan Calculator.
With the help of this tool, anyone can have an estimate of the maximum loan amount he or she could get depending on the gold you have. So we are telling you about the steps you need to follow to use this gold loan calculator.
You can check the steps that you need to follow while using the Gold Loan Eligibility Calculator.
- The first step would be to choose the tenure you want for your repayment. Axis Bank provides you the option of choosing from 6 to 36 months. Choose this according to your repayment capacity.
- After choosing the tenure, you will need to put the number of ornaments or gold coins against which you want to take the loan amount.
- After the previous step, put the carat of your gold ornament/s (among the options of 18,19, 20, 21, 22, and 24 carats) and the weight of your ornament/s and gold coin/s. Remember that you can have a maximum of 50g of gold coins.
- As soon as you fill all these details, you will get the approximate loan amount that you are eligible for.
After getting the maximum loan amount, you can decide whether this amount would be sufficient for your needs or not. This tool helps you in making a better decision.
How to Repay the Axis Bank Gold Loan
Now, we would like to tell you about the various repayment methods that you can opt according to your own convenience. Axis Bank provides mainly two repayment options – Interest Payment and Equated Monthly Installments (EMIs) Payment Method. You can have a look at both of the payment methods below.
Through this method, you can either choose to pay the total interest amount upfront and pay the principal amount at the end of tenure or you can choose to pay the interest amount on a monthly basis and principal amount at the end of the tenure. You can choose between these two methods depending on which suits you the best.
EMI Payment Method
In this method, you can choose to pay the EMI amount which will be a part of your principal amount and interest amount. You can also have an estimate about this EMI amount with the help of EMI Calculator.
How to use the Axis Bank Gold Loan EMI Calculator?
Now you have an idea about the repayment methods of an Axis Bank Gold Loan. And as we mentioned that one of the ways is to pay via EMI. Now, you must be wondering about what will be my EMI amount if I choose this method?
Well, to know this amount, you can use the Axis Bank Gold Loan EMI Calculator. To use this, you will just need to feed a few basic details such as Required Loan Amount, Rate of Interest, and Required Tenure. The tool will give you the EMI amount based on these details instantly. Let’s understand through this an example.
Suppose that you want an Axis Bank Gold Loan of INR 5 lakh for a period of 24 months at an interest rate of 15.50% per annum. So, when you feed these details into the calculator, you will get the EMI amount of INR 24,362. This will be the amount you will be paying every month.
How to Get in Touch With Axis Bank Customer Care?
If you have any doubts or queries regarding the Axis Bank Gold Loan, you can get in touch with the Axis Bank customer care representatives by dialing the phone banking numbers – 1860-419-5555 and 1860-500-5555 – available from 9 am to 9 pm on Monday to Saturday. The customer care executive will hear your problems patiently and resolve it as soon as possible.