What is a Gold Loan?

Andhra Bank offers Loan Against Gold to the people who are engaged in Agricultural as well as non-agricultural activities. It is an attractive loan option through which every person whether he is jobless or with bad credit may acquire money through Andhra Bank Gold Loan. It is a loan that can be used to achieve instant money with 75% of the gold value. Andhra Bank has different gold loan schemes one of them is "AB Swarna Loan Scheme" especially for Non Agricultural Gold Loan (NAGL) segment under which they will provide following facilities to the borrowers who required short term loans:

  1. Rate of interest @ 12.90% p.a. fixed, if the loan is repaid within 6 months from the date of disbursement.
  2. If the loan is not closed with interest within a period of 6 months, the borrower will however have an option to continue the loan up to 1 year with normal rate of interest i.e., @ 14.75% fixed from the date of disbursement.
  3. Loans to be granted maintaining margin as per extant guidelines against the security of gold jewellery and gold coins.


Why Andhra Bank Gold Loan?

  1. Loan quantum of Rs 50,000 lakhs is available.
  2. Repayment: Maximum of 60 EMI's are required.
  3. Third Party is acceptable to the bank.
  4. Instant availability on the same day.
  5. Enjoy fewer hassles.
  6. No pre-closure charges are involved.
  7. No credit history is required.
  8. 50 % of margin is available.

Andhra Bank Gold Loan Interest Rates Apr 2018

Gold Loan Loan Detail
Andhra Bank Gold Loan Rate10.40% onwards
Processing FeeNil processing fees
Loan Tenure3 months to 12 months
Loan AmountRs. 10,000 to Rs. 2 Cr
Prepayment ChargesNil
Gold Loan SchemeBullet Repayment Scheme

Andhra Bank Gold Loan Details

If you are planning to take a Loan against Gold from Andhra Bank, you need to know the following details of its gold loan schemes:

How can I get a Gold Loan from Andhra Bank ?

You can apply for a gold loan with Andhra Bank directly through branch walk-in or by filling an online application form. However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare. MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan. Customer representatives of bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get gold loan in a single branch visit during which Andhra Bank will do an appraisal of your jewellery in terms of its purity and weight. In case, the jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

Andhra Bank Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in Andhra Bank is 10.40%.The factors that are used by Andhra Bank to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. Andhra Bank's existing account holders get gold loan at best rates compared to other customers.

Other Charges of Gold Loan Andhra Bank

In addition to interest rates, Andhra Bank also carry some other charges while offering gold loan which include:

Documents Required for Andhra Bank Gold Loan

The documentation process of Andhra Bank is smooth. You need to submit one proof of identity and one proof of address to get a gold loan. The list of identity and address proofs is as follows:


Fees and Charges

Particulars Charges Interest 11.40% p.a.
Processing Fees Nil
Appraising Charge 1% of the loan amount
Prepayment Charge Nil

Andhra Bank Gold Loan Procedure