Everybody must face certain situations in their life when they face a sudden need for funds. These situations demand that you need funds to achieve your dreams. It can be anything. It can be for funding your child’s marriage or education. For all the needs, you need cash. But have you ever thought that you can get cash against the gold you’re possessing? In India, there are many people that have a large amount of gold in their possession and all of this lying idle in their homes. There are several banks and financial companies that provide loan against the gold facilities to the customers.
Axis Bank is one of the esteemed private banks of India that also provide you loan against gold with quick loan disbursements. So if you are facing an urgent need of cash, this loan by Axis Bank can be the perfect choice for you. In this article, we will tell you about all the amazing features of this facility, how can you know what amount of loan you can get with the gold you have, and the documents that you will require. So keep reading!
What are the highlights of Axis Bank Loan Against Gold?
You can have a look at the several awesome features of this loan against the gold facility by the Axis Bank before opting for it in the given points below.
- If you’re thinking about the loan amount you can get with this, you should not because it totally depends on the gold you have. Axis Bank offers a loan amount that ranges from a minimum of INR 25,000 to a maximum of INR 20 lakhs.
- Facing a sudden need for funds? Don’t worry because Axis Bank offers same-day loan amount disbursal if all your documents fit the criteria.
For repayment of the loan amount, you can choose from a flexible repayment period ranging from 6 months to 36 months.
- The interest on your gold loan will be 15% to 17.5% per annum which is the pretty affordable rate of interest according to current market standards.
- You can get the loan against gold even having the gold ornaments and gold coins in an hassle-free manner.
- If you’re worried about the safety of your gold, then you don’t need to worry because your gold will be kept safely in the bank vaults.
- In this facility, you can also earn Axis Edge Reward points on all your transactions that you can use later while doing recharges, shopping, etc. For example, you will get 150 points on your disbursement of a gold loan.
What are the documents that you will need and what is the Eligibility?
The only eligibility to get a loan against gold is to have an age between 18 to 75 years. You can have a glance at the documents given below.
- Signed Application Form
- KYC Documents
- Post-disbursement Documents (if any)
How to use the Axis Bank Gold Loan Calculator?
To know the exact amount of loan that you could get, you will just need the details of the ornament against which you want to take the loan. Just put the weight of your ornament and caratage. The calculator will calculate the total value and the eligible loan amount. After that, you can apply for that loan amount at any of the nearest branches.