Axis Bank offers gold loans starting from 17% p.a. for loan amounts of up to Rs 25 lakh, with flexible tenures of up to 3 years. Individuals can avail Axis Bank Gold Loan to meet various personal or business-related needs by pledging their gold ornaments or bank-issued gold coins weighing up to 50 gm as security/collateral. The lender ensures same-day disbursal of gold loans.
Axis Bank Gold Loan Interest Rate
Axis Bank offers gold loans at interest rates ranging between 17% p.a. and 19% p.a. The final interest rate depends on the specific loan scheme chosen by the applicant.
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Features of Axis Bank Gold Loan
Loan Amount
Axis Bank offers gold loans with loan amounts ranging from Rs. 25,001 to Rs. 25 lakh. The final loan amount disbursed depends on factors such as the weight and purity of the gold offered as collateral, the market price of gold, and the Loan-to-Value (LTV) ratio set by the bank, which is up to 75% of the value of the gold pledged by the applicant.
Processing Time
Axis Bank aims to disburse gold loans on the same day as the loan application is submitted, providing customers with quick access to funds.
Tenure
The loan tenure offered by Axis Bank for gold loans ranges from 6 months to 3 years.
Repayment
Axis Bank offers both term loan and overdraft facilities for its gold loan scheme. Borrowers have the flexibility to choose from various repayment options:
- Pay the interest amount upfront and settle the principal amount at the end of the loan tenure.
- Pay the interest amount monthly and settle the principal amount at the end of the loan tenure.
- Opt for equated monthly installments (EMIs) to repay the loan amount.
Also read: Best Gold Loan EMI Calculator
Axis Bank Gold Loan Processing Fees
Eligibility Criteria for availing Axis Bank Gold Loan
To be eligible for an Axis Bank Gold Loan, applicants must meet the following criteria:
- Age: Individuals aged between 18 years and 75 years are eligible.
- Gold Purity: Gold ornaments pledged as collateral must have a minimum purity of 18 carats.
- Gold Coins: Bank-issued gold coins pledged as collateral should weigh a maximum of 50 grams.
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Axis Bank Gold Loan Documents Required
To apply for an Axis Bank Gold Loan, you'll need to provide the following documents:
- Signed application form
- Residential Proof: KYC documents, similar to identity proof
- Any post-disbursement documents required by the bank
- Identity Proof: Driving Licence, Voter ID Card, Aadhaar Card, Passport, Job card issued by NREGA, letter issued by NPR containing name and address details, etc.
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