About Madhya Pradesh Gramin Bank Gold Loan
Madhya Pradesh Gramin Bank Gold loan is financial product provided by the banks/financial company to its customers. In this type of loan, you can have a loan against your gold jewelry. There is nothing to worry about even if you are not employed.
The gold loan doesn’t require the customer to be salaried or self-employed. Anybody can have a gold loan if he/she has gold of given purity.
Madhya Pradesh Gramin Bank Gold Loan Interest Rates
In general Loan on Gold, the credit is available at a low-interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of personal loan or any other kind of loans.
Though the Gold loan rate keeps on changing with the passage of time as well as person to person. The Madhya Pradesh Gramin Bank Gold Loan is available at 1% per month interest rate.
- Gold Loan Interest rate – 10.70 %
- Offer low processing fee – 0.85%
- Pre-closer charges range from 0 – 2 %.
- Tenure minimum six months; maximum five year
- Amount – Thousand to a crore
Advantages of Madhya Pradesh Gramin Bank Gold Loan
- Transparent System – Firstly, the system of the Gold Loan is very clear. Therefore, there are no hidden norms.
- No Debt Burden – Secondly, There can be situations in which a borrower is not able to repay the gold loan amount in such a case the borrower will not be under debts as the bank will position to take Gold jewelry.
- Low Rate of Interest – Most importantly, the applicant will have to pay the low-interest rate in comparison to other loans.
- The low-interest rate for Farmers – As a matter of fact, The farmers are given a rebate on the rate of interest on availing the gold loan.
- No Income bounds – There are no restrictions on the salary or income of the borrower hence, a person with any income rage can avail a gold loan from the bank/NBFC’s.
- Security of Assets – One of the significant advantage, the borrower does not, has to worry about the safety of the gold ornament as it is the headache of the bank/NBFC’s and not the owner for protection of there ornament.
- Quick Process – This is a secured loan. Therefore, you can get your gold loan disbursed in just 30min.
- Less Documentation process – Lastly, the applicant has to submit decidedly fewer documents to avail a gold loan which makes it a hassle-free service.
Eligibility for Madhya Pradesh Gramin Bank Gold Loan
- The age of the customer should not be less than 18 years.
- The applicant should be a citizen of India.
- The applicant should have gold in an appropriate form.
- The quality of the gold should be 18 karats to 22 karats.
Madhya Pradesh Gramin Bank Gold Loan Documentation
- An Identity Proof is required. It can be an Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport.
- One proof of residence is also required while applying for a gold loan; it can also be an Aadhar Card/ Card/ Voter ID card/ PAN Card/Driving License/ passport/Ration Card/Electricity/water bills of last three months with the name of the applicant.
- Two colored photographs.
Additional Documentation for Madhya Pradesh Gramin Bank Gold Loan
- Land Proof – In the case of Agriculture Loan on gold of more than Rs. 1 lac. The proof is not needed for allied agriculture purposes.
- Required a Demand Promissory Note – Certificate by the Jewel Appraiser (Bank will arrange).
- Income Proof or Salary Certificate as well as Form No.16
Madhya Pradesh Gramin Bank Gold Loan Process
- The bank checks the purity of the gold.
- The bank verifies the market rate for gold and the price of the previous day is take into consideration
- The LTV (Loan to Value) set by the RBI is 75%.
- If you have acknowledged the Gold loan amount and terms, the lender processes the application. The processing fees & other charges deducted from your Gold loan amount.
- After signing the agreement, the loan amount is disbursed to your account.
Why Dialabank for Madhya Pradesh Gramin Bank Gold Loan?
- www.dialabank.com offers a very easy process of application for Online Gold Loan
- The applicant gets a good comparison of the gold interest rates of other banks as well.
- The company provides the document pickup facility from your doorstep.
- You will get the best as well as the lowest interest rate. Moreover, for more information call 9592046860 or 60011600 with your city code.
FAQs About Madhya Pradesh Gramin Bank Gold Loan
Q. How much Gold Loan can I get per gram in Madhya Pradesh Gramin Bank?
The amount of Loan against Gold per gram depends upon the quality of your gold and the price of gold prevailing in the market. The bank gives you approximate funding of 75% of the market price of the gold.
Q. What is Madhya Pradesh Gramin Bank Gold Loan?
Madhya Pradesh Gramin Bank provides Gold Loan at attractive interest rates with a flexible tenure which can be used to fulfill one’s requirement of funds whether required for personal or business expenses including agriculture. The bank gives quick disbursement of funds with easy approval.
Q. What is the Gold Loan interest rate in Madhya Pradesh Gramin Bank?
The interest rate charged by Madhya Pradesh Gramin Bank on Gold Loan starts from 10.70% per annum and varies according to the amount that is borrowed by the customer. The banks charge less rate of interest on these loans as these are fully secured loans and the bank has zero risks in lending the money.
Q. How to pay Madhya Pradesh Gramin Bank Gold Loan online?
You can pay for your Gold Loan from Madhya Pradesh Gramin Bank by making an SI or ECS on your account for an automatic deduction of the due amount. For detailed information, visit the nearest branch.
Q. How to apply Gold Loan in Madhya Pradesh Gramin Bank?
Applying for the loan from Madhya Pradesh Gramin Bank is a simple and hassle-free process. You just need to visit the bank and fill a form or apply through Dialabank’s digital platform to avail the best offers and personalized service for taking your Gold Loan
Q. How to renew Madhya Pradesh Gramin Bank Gold Loan online?
Renewal procedure needs your presence in the bank as your gold has to be first released and then revalued at the latest market prices. For more information, you can visit the nearest branch.
Q. How to take Gold Loan from Madhya Pradesh Gramin Bank?
Taking the Gold Loan from Madhya Pradesh Gramin Bank is a quick process as the bank gives you quick funding with minimal documentation. You just need to visit the branch and fill a form to apply for the loan. You can always apply through our digital platform to avail of the best deals on Gold Loan.
Q. What is Gold Loan in Madhya Pradesh Gramin Bank?
Gold Loan offered by Madhya Pradesh Gramin Bank is a financial product offered by the bank for meeting the requirements of people for personal, business or agricultural expenses. The bank charges a low rate of interest and offers flexible tenure. You can apply offline or online through Dialabank.com.
Q. How to get Madhya Pradesh Gramin Bank Gold Loan?
Madhya Pradesh Gramin Bank Gold Loan is easy to get and gives you funds for 75% of the market value of your gold at competitive rates of interest for a loan tenure that depends on the purpose of your loan. With Madhya Pradesh Gramin Bank you get same-day disbursal of the loan amount.
Q. How to check Madhya Pradesh Gramin Bank Gold Loan status?
Checking status of your loan application can be done by visiting the loan branch and contacting the loan officer for detailed information or call on the customer care number of the bank.
Q. How to close Madhya Pradesh Gramin Bank Gold Loan?
Closure of your Gold Loan takes place once the bank has realized the total due amount of the loan and has released the gold ornaments.
Q. How to renew Madhya Pradesh Gramin Bank Gold Loan?
Renewal of your Gold Loan can be done by getting the gold kept as security released and revalued according to the new market prices. You can visit the branch for more information.
Q. What happens if someone defaults Madhya Pradesh Gramin Bank Gold Loan?
If someone defaults the repayment schedule of the loan, the bank charges a penalty fee and also auctions off the gold ornaments kept security for recovery. This also affects your credit score and your loan taking capacity in the future negatively.
Q. How many branches of Madhya Pradesh Gramin Bank Gold Loan?
Post merging, the Madhya Pradesh Gramin Bank has more than 850 branches in 39 districts of Madhya Pradesh