Andhra Bank has decreased its gold loan interest rates by 0.25%, or 25 basis points with effect from Monday, September 11, 2017. This interest rate cut will reduce the cost of funds for those people who want to avail Andhra Bank gold loans.
Andhra Bank – Current Gold Loans Interest Rates
New Delhi (Delhi, India), February 22, 2018
Andhra Bank Cuts Gold Loan Interest Rate to 10.40% Per Annum
The Andhra Bank has decreased its gold loan interest rates by 0.25 percent, or 25 basis points with effect from Monday, September 11, 2017.
Andhra Bank has revised its minimum interest rate for gold loan from 10.65 percent to 10.40 percent per annum (MCLR-1Year + 2.00%) irrespective of the gold loan amount and loan period under the Andhra Bank Loan Against Gold Scheme.
The gold loan interest rate of Andhra Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Andhra Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.40 percent per annum with effect from Monday, September 11, 2017.
Andhra Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail Andhra Bank gold loans.
Andhra Bank Loan Against Gold Scheme – Current Gold Loan Interest Rates
Andhra Bank Gold Loan Interest Rate in Loan Against Gold Scheme: 10.40% Per Annum
Andhra Bank Gold Loans Rate of Interest is Floating or Fixed: Fixed Interest Rate
Maximum Quantum of Andhra Bank Gold Loan: Up to 75% of the Market Value of the Ornaments
Andhra Bank Gold Loan Minimum Borrowing Amount: Minimum Gold Loan Amount is Rs. 25,000
Andhra Bank Gold Loan Maximum Borrowing Amount: Maximum Gold Loan Amount is Rs. 5,00,000
Minimum Tenure for the Andhra Bank Gold Loan: Minimum Gold Loan Tenure is 6 Months
Maximum Tenure for the Andhra Bank Gold Loan: Maximum Gold Loan Tenure is 60 Months
Security Requirement for Andhra Bank Gold Loan: Pledge of Gold Ornaments
Minimum Age of the Borrower for Getting Andhra Bank Gold Loan Sanctioned: Minimum Age 18 Years at the Time of Gold Loan Commencement
Maximum Age of the Borrower for Getting Andhra Bank Gold Loan Sanctioned: Maximum Age 70 Years at the Time of Gold Loan Maturity
Andhra Bank Gold Loan Valuation Charges: Rs. 500 plus GST
Andhra Bank Gold Loan Processing Fee and Documentation Charges: 1.00% of the Gold Loan Amount plus GST
Andhra Bank Gold Loan Pre Closure Charges or Prepayment Penalty: 1% of the Gold Loan Amount Prepaid plus GST
Andhra 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 Andhra 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
Andhra Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Andhra Bank