Allahabad Bank – Current Gold Loan Interest Rates

Allahabad Bank – Current Gold Loans Interest Rates

New Delhi (Delhi, India), February 20, 2018

Allahabad Bank Cuts Gold Loan Interest Rate to 10.85% Per Annum

The Allahabad Bank has decreased its gold loan interest rates by 0.20 percent, or 20 basis points with effect from Friday, December 01, 2017.

Allahabad Bank has revised its minimum interest rate for gold loan from 11.05 percent to 10.85 percent per annum (MCLR-1Year + 2.60%) for the gold loan amount up to Rs. 3,00,000 and from 12.70 percent to 12.50 percent per annum (MCLR-1Year + 4.25%) for the gold loan amount above Rs. 3,00,000 under the Allahabad Bank Loan Against Gold Scheme.

The gold loan interest rate of Allahabad Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Allahabad Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.25 percent per annum with effect from Friday, December 01, 2017.

Allahabad Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail Allahabad Bank gold loans.

Allahabad Bank Loan Against Gold Scheme – Current Gold Loan Interest Rates

Allahabad Bank Gold Loan Interest Rate in Loan Against Gold Scheme: 12.85% Per Annum for Loan Amount up to Rs. 3,00,000 and 12.50% Per Annum for Loan Amount above Rs. 3,00,000.

Allahabad Bank Gold Loans Rate of Interest is Floating or Fixed: Fixed Interest Rate

Maximum Quantum of Allahabad Bank Gold Loan: Up to 75% of the Market Value of the Ornaments

Allahabad Bank Gold Loan Minimum Borrowing Amount: Minimum Gold Loan Amount is Rs. 5,000 for agricultural purpose, Rs. 20,000 for consumption, domestic or medical purposes and Rs. 50,000 for business purposes.

Allahabad Bank Gold Loan Maximum Borrowing Amount: Maximum Gold Loan Amount is Rs. 5,00,000 for agricultural purpose, Rs. 5,00, 000 for consumption, domestic or medical purposes and Rs. 25,00,000 for business purposes.

Minimum Tenure for the Allahabad Bank Gold Loan: Minimum Gold Loan Tenure is 6 Months

Maximum Tenure for the Allahabad Bank Gold Loan: Maximum Gold Loan Tenure is 60 Months

Security Requirement for Allahabad Bank Gold Loan: Pledge of Gold Ornaments

Minimum Age of the Borrower for Getting Allahabad Bank Gold Loan Sanctioned: Minimum Age 18 Years at the Time of Gold Loan Commencement

Maximum Age of the Borrower for Getting Allahabad Bank Gold Loan Sanctioned: Maximum Age 70 Years at the Time of Gold Loan Maturity

Allahabad Bank Gold Loan Valuation Charges: Rs. 500 plus GST

Allahabad Bank Gold Loan Processing Fee and Documentation Charges: 1.00% of the Gold Loan Amount plus GST

Allahabad Bank Gold Loan Pre Closure Charges or Prepayment Penalty: 1% of the Gold Loan Amount Prepaid plus GST

Allahabad Bank Gold Foreclosure or Pre Closure Charges: 1% of the Principal Outstanding plus GST if the gold loan is foreclosed within 6 months

Different Options for Making Allahabad Bank Gold Loan Repayments: The three options for making repayments are (i) Interest payment upfront and repayment of principal amount on maturity date, or (ii) Monthly interest payment and repayment of principal on maturity date, or (iii) Equated Monthly Installment (EMI) option

Allahabad Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Allahabad Bank