You can apply for a gold loan online or offline. To apply for a loan against gold offline, you need to visit your nearest Axis Bank branch. If you want to apply for a gold loan online, you can follow the steps mentioned below:
Step 1 - Visit our website
Step 2 - Go to the “Apply Now” option and click on “Gold Loan” under it
Step 3 - Fill in the online gold loan application form by entering your name, phone number, email id, and residential address
Step 4 - Select your state, city, and nearest branch
Step 5 - Click on “Submit” to submit your gold loan application form
Step 6 - Note down your reference id number. Wait for our representative to get in touch with you.
We provide gold loans with same-day loan disbursement. Before applying for a loan against gold with us, you should check our gold loan eligibility criteria.
A gold loan is a quick and easy way to get access to finances during an emergency. However, there are certain things that you should consider while applying for a gold loan to ensure a pleasant borrowing experience.
1. Loan Amount: It’s very crucial to know the maximum loan amount that you can borrow against your gold. It depends on the purity and quantity of the gold that you are mortgaging. The gold loan per gram rate varies from one lender to another and they usually finance up to 75-90% of your gold’s value.
2. Interest rate: Another crucial thing that you need to consider is the gold loan interest rate. Gold loans are secured loans, which have lower interest rates than unsecured loans. However, you should always compare gold loan interest rates from various lenders before arriving at a final decision.
3. Other charges: Apart from the rate of interest, lenders may levy additional charges on your gold loan. These may include processing fees, documentation fees, EMI bounce charges, loan overdue charges, etc. Learn about these charges carefully before applying for a gold loan.
4. Loan tenure: You should select an appropriate repayment tenure for your gold loan. Your choice of tenure will determine your gold loan EMIs. With Axis Bank gold loan, you can choose a tenure between six to 36 months.
5. Repayment options: Look at the repayment options through which you can repay your gold loan. For example, you can choose to repay your gold loan through regular EMIs or bullet payments / monthly interest. Select your repayment method as per your income stream and cash flow.
When you apply for a gold loan, the lender appraises the value of your gold to determine the maximum gold loan amount that you can borrow. While determining this amount, the lender takes into consideration a number of factors. Below are the factors that can impact your gold loan amount:
1. Weight of your gold: It’s a no-brainer that the heavier your gold is, the higher its valuation would be. It means that your gold loan amount is directly proportional to the weight of the gold that you are providing as collateral. If you are taking a gold loan against a piece of jewellery, the lender will consider the weight of the gold in it to determine the gold loan amount that you can borrow.
2. Purity of your gold: Another crucial factor that influences your gold loan amount is the purity of your gold. For example, if the purity your gold is 24 carat, its valuation would be higher and hence, the loan amount that you can borrow against it will also be higher. To avail of a loan against gold, the purity of your gold should be at least 18 carat.
3. Fluctuations in gold prices: Gold prices fluctuate daily and any major fluctuation can impact your gold’s valuation and in turn, the maximum loan amount that you can borrow against it. Fluctuations in gold prices can occur due to several factors, including demand and supply, currency fluctuations, and global geopolitical situations.
To avail of a loan against gold, you will need to keep your gold as collateral with us. You can entrust us to keep your gold safe until you repay your gold loan. Below are the security measures that we take to ensure the safety of your gold:
3X protection for your gold with Gold Loans with Axis Bank:
1. Tamper-proof box
2. Bank vault facility
3. Security certificate