Axis Bank Gold Loan: Interest Rates, Features, Benefits, and Eligibility

You can opt for an Axis Bank Gold Loan and receive funding of up to ₹40 lakhs at a competitive interest rate. You may use the funds to fulfil any professional or personal needs you have. Upon timely repayment of your loan, you can regain ownership of your gold assets.

 

Axis Bank offers flexible repayment options, allowing you to repay the loan over a period of up to 36 months. Until then, the gold you have pledged as collateral is stored safely in vaults. Axis Bank understands the urgency of your financial needs; hence, they disburse the funds to your account within 60 minutes of loan approval.

Here is the interest rate for an Axis Bank Gold Loan and other associated charges. Knowing these details can help you make an informed decision:

Note: GST will be charged extra as per applicable rates on all charges and fees wherever GST is applicable.

 

Disclaimer: The aforementioned charges are subject to change at the lender’s discretion.

To be eligible for an Axis Bank Gold Loan, you will need to meet the following criteria for quick approval:

• Age: You must be between 18 and 75 years old

• Nationality: Must be a resident of India

• Gold Ownership: Gold ornaments or gold coins issued by banks that are in your possession must have a minimum purity of 18 karats

• Identity and Address Proof: You will need to provide KYC details such as an Aadhaar card, PAN card, Voter ID, or Passport

When applying for a gold loan, you will be required to submit the following documents:

• Filled and signed loan application form

 

KYC Documents, including:

• Passport

• Driving Licence

• Voter ID

• PAN Card

• Aadhaar Card

Here are the different types of Axis Bank Gold Loans available. Choose the one that is suitable for your needs:

Axis Bank Regular/Term Gold Loan

This type of gold loan offers immediate funds by pledging your gold assets as collateral. It is suitable for both agricultural and non-agricultural needs. Borrowers can apply for a gold loan amount starting from ₹25,001 to ₹4 lakhs with a flexible repayment tenure of between 6 and 36 months. The interest rate starts from 17% per annum (1-year MCLR of 9.45% plus a 7.55% spread). A processing fee of 0.50% of the loan amount is applicable. Borrowers can choose to foreclose their gold loan, but a foreclosure charge of 2% will be applicable if closed within 6 months. No charges will be applicable after the 6-month period.

Axis Bank Regular/Term Gold Loan (No Pre-payment or Foreclosure Charges)

This gold loan is tailored for borrowers looking to fulfil their agricultural needs. It offers the same benefits as a Regular/Term Loan but with additional flexibility. No processing fees are applicable for this type of loan, and the borrower can make pre-payments or foreclose their loan without any penalties. The interest rate for an Axis Bank Gold Loan is 19% per annum (1-year MCLR of 9.45% plus a 9.55% spread).

Axis Bank Gold Loan Overdraft Facility

This type of gold loan is designed for customers seeking flexible access to funds. Borrowers can pledge their gold assets and borrow against them with an overdraft limit. They can withdraw funds as and when required, and interest is applicable only on the amount utilised. The loan amount ranges from ₹25,001 up to ₹4 lakhs, with a tenure of 12 months. The interest rate starts from 17% per annum (1-year MCLR of 9.45% plus a 7.55% spread). A processing fee of 0.50% will be applicable on the loan amount. If the borrower wishes to foreclose their loan, a 2% charge will be applicable if closed within 6 months. No charges will be applicable thereafter.

Here are some easy steps to follow to apply for a gold loan from Axis Bank online:

 

1.Visit the Axis Bank website

 

2.Go to the ‘Loan’ section of the website listed under ‘Explore Products’

 

3.Click on the ‘Explore More’ button under ‘Gold Loan’

 

4.Click on the ‘Apply Now’ option

 

5.Fill in the application form by providing the required details, such as your name, contact number, etc

 

6.Provide the following required details in the application form:

• Name

• Contact details

• State

• City

• Nearest Branch

 

7.Enter the captcha code

 

8.Click on ‘Submit’ to initiate the Axis Bank Gold Loan process and note the reference ID for future reference

 

After you submit the application, a bank representative will contact you. You can also visit your nearest Axis Bank branch and apply for the gold loan offline.