Madhya Pradesh Gramin Bank Gold Loan Approval Process

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    Madhya Pradesh Gramin Bank Gold Loan Approval Process

    Madhya Pradesh Gramin Bank Gold Loan Features

    Madhya Pradesh Gramin Bank Gold Loan Approval Process

    Madhya Pradesh Gramin Bank Gold Loan Approval Process is very customer-friendly and fast. They provide you loans against your gold at affordable interest rates.

    If you want are trying to get yourself out of a financial problem and a personal loan is not much of a help, then you should consider a gold loan. It is one of the best loan options you have. There are several benefits of applying for a gold loan from Madhya Pradesh Gramin Bank.

    Some of the features of the gold loan are:

    • Income proof is not necessarily required for the gold loan.
    • Your application can be approved even if you don’t have a good credit score.
    • Affordable interest rates from 7.99% onwards are available for gold loans.
    • The flexible loan tenure ranges from 6 months to 4 years.
    • Madhya Pradesh Gramin Bank Gold Loan Approval Process is easy and hassle-free.
      Different repayment options are available on the gold loan.

    To know more about the Madhya Pradesh Gramin Bank Gold loan, you can visit here.

    Madhya Pradesh Gramin Bank Gold Loan Eligibility

    Minimum and Maximum Age
    21 Yrs – 60 Yrs
    Note: However, many banks require a minimum age of 23 years
    Loan Amount
    Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
    Interest rates are lower for a higher loan amount
    Employment Type
    Salaried and self-employed both are eligible
    Businessmen are increasingly taking gold loans to meet their working capital requirements.
    In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
    Quality of Gold
    Gold ornaments should range in between 18 to 24 Carats
    An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
    CIBIL Score
    Banks do not check CIBIL score for granting a gold loan
    However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
    Gold ornaments that can be used for availing loan
    Gold bars and coins
    Gold with 18-24 carat purity
    Employment track record and income proofs
    Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

    Madhya Pradesh Gramin Bank Gold Loan Documents Required

    At the time of application the following documents are required:

    • Proof of the citizenship of India
    • Duly filled application form
    • 2 passport-sized photographs
    • Applicant’s KYC documents to establish Identity and Address
    • Salary/ Income Proof
    • Witness Letter in case of illiterate borrowers
    • In the case of Agriculture Loan of more than Rs. 1 lac, land proof
    • Certificate by the Jewel Appraiser (Bank will arrange)

    At the time of disbursement the following documents are required:

    • Demand Promissory Note & Demand Promissory Note Take Delivery Letter
    • Gold Ornaments Take Delivery Letter
    • Arrangement Letter

    Madhya Pradesh Gramin Bank Gold Loan Approval Process

    Some basic steps involving approval of gold loan are:

    • Visit the Nearest branch of Madhya Pradesh Gramin Bank.
    • Fill up the application required by the bank and submit it with all the documents required to get your loan approved.
    • Get your gold to the bank for its valuation, the bank will decide the loan amount after valuation.
    • Evaluate the common terms for the loan like tenure and interest rate with the representative of the bank.
    • The bank will finalize all the terms and your application will be under review for some time.
    • After getting the approval, the bank will assist you with further process and disbursal of the loan amount.

    FAQs on Madhya Pradesh Gramin Bank Gold Loan Approval Process

    ✅ Will my loan get approved if my credit score is not good enough?

    Yes, your loan could get approved even if you have a low credit score, but in that case, you could have to pay a little more interest rate than usual.

    ✅ What is the maximum tenure for a gold loan at Madhya Pradesh Gramin Bank?

    You can opt for a maximum tenure of up to 36 months from Madhya Pradesh Gramin Bank.

    ✅ How is a gold loan better than a personal loan?

    A gold loan is better than a personal loan because it is a secured loan and you don’t have to pay high charges. Your personal loan will not get approved without a high credit score, but a gold loan can be approved with a low credit score. Madhya Pradesh Gramin Bank Gold Loan Approval Process is much lenient than a personal loan approval process.

    ✅ What Documents are required by the bank for my gold loan to be approved?

    Madhya Pradesh Gramin Bank Gold Loan Approval Process requires very little documentation. The basic documents required by the bank for approval are Identity proof, residential proof, passport-size photographs, pan card, etc.