Axis Bank Gold Loan Highlights |
|
|---|---|
| Interest Rate | 17% – 19% p.a. |
| Processing Fees |
|
| Repayment Tenure | 6 months to 3 years |
| LTV Ratio | Up to 75% of the value of gold pledged as collateral |
| Loan Amount | Rs 25,001 to Rs 25 lakh |
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.
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
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 Fees & Charges
Axis Bank Gold Loan Processing Fees
| Particulars | Charges |
|---|---|
| Processing Fees |
|
| Penal Interest | 6% p.a. |
| Pre Payment Charges | NIL |
| Valuation Fee | Rs. 500 to Rs 1,500 |
| Stamp Duty | As per applicable state laws |
| Foreclosure Charges |
|
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.
Also read: Best Gold Loan Eligibility
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.
Also Read : Best Gold Loan Documents Required
FAQs on Axis Bank Gold Loan
1. Can I make partial payments on my loan amount and interest?
Yes, you can make part payments on your loan to reduce your loan burden. Axis Bank allows borrowers to make partial payments of a minimum of Rs. 10,000, up to a maximum of 3 times, at any Axis Bank Loan against Gold Branch.
2. What is the maximum and minimum amount that I can get under the Axis Bank Gold Loan?
The loan amount you can avail under the Axis Bank Gold Loan ranges from Rs. 25,001 to Rs. 25 lakh. However, the final loan amount approved will depend on various factors including your requirements, the valuation of the gold you pledge as collateral, and your repayment capacity.
3. What is the duration for which I can get the Axis Bank Gold Loan?
You can choose a flexible loan tenure ranging from 6 months to 36 months for your Axis Bank Gold Loan.
4. Is there any fee payable for the Axis Bank Loan against Gold?
Yes, you will be required to pay a loan processing fee (non-refundable) and a valuation fee when availing an Axis Bank gold loan.
5. Do I need to have a co-applicant if I wish to apply for the Axis Bank gold loan?
No, a co-applicant is not required for availing an Axis Bank gold loan.