Axis Bank has launched several gold programmes to ensure enhancement in the security and quality of metal during purchase. There are several attractive features of this scheme. Some of them include increased liquidity and high returns. Are you also looking forward to investing in this scheme? Check out some crucial details to maximise your benefits.
By pledging your gold jewellery or gold coins as security, you can get an Axis Bank gold loan to address an urgent monetary demand. Existing Axis Bank customers as well as new borrowers can apply for a gold loan, which is one of the fastest ways to borrow money. You can get a gold loan from Axis Bank instantly at a low interest rate of 12.50%.
Fulfil urgent fund needs: The credit amount can be utilised to address immediate financial necessities such as higher education, marriage, medical emergencies, or other pressing financial obligations.
Sumptuous loan amount: Axis Bank gold loan amounts range from a minimum of Rs. 25,001 to a maximum of Rs. 25 Lakhs based on the quantity and current gold rate.
Flexibility in Repaying Period: The repaying period begins at three months and can last up to 36 months. You can select any tenure as per your convenience.
Axis Bank gold loan per gramme rate: The rate for an Axis Bank gold loan per gram will be decided when a borrower is applying for a credit.
Gold rates: Gold ornaments and coins will be used as security for a gold loan. The gold accessories that have been pledged are maintained in a safe and secure area.
Axis Bank Gold Loan Interest Rates: The Gold Loan Interest rate offered by Axis Bank starts at 12.50% per annum. The MCLR is solely responsible for determining Axis Bank gold lending rates.
The interest and associated charges are as follows:
Particulars |
Charges |
Interest Rate |
12.50% p.a. onwards |
Processing Charges |
1% of the loan amount |
Valuation Fee |
Rs. 500 + Applicable Taxes |
Part-prepayment Charges |
Nil |
Penal Interest |
2% p.m. on the overdue amount |
Foreclosure Charges |
|
Disclaimer: The data in the above table is subject to change. Please confirm the interest rates from the official website before proceeding.
You should fulfil the following criteria to stand eligible for this scheme:
Your age should be between 18 and 75 years.
You must be an existing Axis Bank customer with either a savings or current account.
Should have the required quantity of gold ornaments to serve as collateral.
The gold standards should fulfil the criteria set by the bank.
As per this scheme, individuals can opt for credit against their gold ornaments. If you plan to take this type of secured loan, check out its features and benefits.
The features of Axis Bank Loan Against Gold are as follows:
The borrowing amount available under this scheme is between Rs. 25,001 and Rs. 20 Lakhs.
You can be sure about the safety of your precious ornaments in the Axis Bank vault.
You have the flexibility of selecting a tenure between 6 months and 36 months as per your convenience.
The bank offers the flexibility of foreclosing your credit without charging extra.
You will not require a co-applicant to apply for this credit.
Borrowers can get the loan amount on the day of completion of application of loan itself.
You will not pay additional charges for prepayment. However, you will have to prepay a minimum of Rs. 10,000. Also, you can only prepay up to three times.
The benefits of Axis Bank Loan Against Gold are as follows:
You can enjoy 150 EDGE Loyalty points after the credit amount is deposited to your account.
The banks calculate the interest using the simple interest formula.
You have the option of paying the principal on the maturity date and interest in easy instalments or paying the principal on the maturity date and paying the interest upfront.
The interest rates and charges are as follows
Particulars |
Charges |
Interest rate |
14.50% to 17.00% p.a. |
Penalty interest |
2% on overdue amount per month |
Processing fee |
1% |
Valuation Charges |
Rs.500 |
Part Payment and Foreclosure charges |
Nil |
The documents required for the Loan Against Gold Scheme are as follows:
KYC documents of applicant
PAN card or Form 60
Optional Post Disbursement Documents
Signature proof documents
Axis Bank does not offer loans secured by gold coins.
Axis Bank's official gold scheme, Gold Mohur, is available only to Axis Bank customers. There are two types of Gold Mohurs: one for purchasing gold and the other for taking out loans.
No, the PAN is only necessary if you acquire a Gold Mohur valued at Rs. 50000 or more.
You can make a minimum partial payment of Rs. 10000 and a maximum of three instalments.
Axis Bank account holders can earn eDGE Loyalty points, which are reward points that are only available to those who have an Axis Bank account. Once the gold loan has been disbursed, all Axis Bank account holders who have opted for the Gold Mohour plan will receive an instant 150 eDGE loyalty point bonus.
No, it is mandatory for a person to be an existing customer of the bank to stand eligible for purchasing silver mohurs or gold from Axis Bank.