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Madhyanchal Gramin Bank Agriculture Gold Loan

Madhyanchal Gramin Bank Agriculture Gold Loan Features & Benefits

Madhyanchal Gramin Bank Interest Rate 7% per annum
Madhyanchal Gramin Bank Per Gram Rate Per Gram is ₹ 3,506 to ₹ 4,621
Madhyanchal Gramin Bank Processing Fee 0.75% of the Principal Loan Amount
Madhyanchal Gramin Bank Maximum Loan Amount Up to Rs. 1 Crore (With Income Proof)
Madhyanchal Gramin Bank Minimum Loan Amount 75% LTV
Madhyanchal Gramin Bank Gold Prepayment Charges 2%+GST (Within 3 Months), 0 (After 3 months)
Madhyanchal Gramin  Bank Gold Repayment Tenure Up to 36 Months

In India, Madhyanchal Gramin Bank (MGBs) is a district rural bank. It was formed by the merger of three rural banks in the central Indian state of Madhya Pradesh, namely Madhya Bharat Bank, Sharda Grameen Bank, and Rewa Sidhi Grameen Bank, which were funded by State Bank of India, Allahabad Bank, and Union Bank of India. Saugor is where the organization’s headquarters is located. State Bank of India is the bank’s current supporter. Damoh, Saugor, Shivpuri, Guna, Ashoknagar, Tikamgarh, Chhatarpur, Panna, Satna, Rewa, Sidhi, and Singrauli are among the 12 districts in Madhya Pradesh where Madhyanchal Gramin Bank has a presence.

Madhyanchal Gramin Bank Agriculture Gold Loan Calculator

  • An in-house bank evaluator will calculate the purity and net weight of gold in your jewellery. Fine gold, ranging from 18 to 24 carats, must be used in the jewellery.
  • The bank will deduct the diamond and stone weights from the overall weight of the jewellery to determine the relative weight.
  • Multiply the current gold price by the purity and net weight of gold in your jewellery to calculate its value.
  • The loan balance will be calculated using a loan-to-value (LTV) of up to 75 per cent.

Madhyanchal Gramin Bank Agriculture Gold Loan Eligibility

Salaried Individual Age – 21 years to 60 years
Net Monthly Income – Minimum ₹ 20,000
Employment Duration – 1-year minimum
Income Eligibility – Based on Form 16 and salary slip
Self-Employed Individuals Age – 21-65 years of age
Minimum ITR  – Rs.2 lakh
Employment Duration – Minimum 3 years
Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership) Minimum ITR  – Rs. 2 lakh
Employment Duration – 3 years minimum
The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers At least 6-month vintage
Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh
Maximum Loan Amount –  3 times the Average Quarterly Balance of the last 2 Quarter

Documents Required for Madhyanchal Gramin Bank Agriculture Gold Loan

Category Documents Required
Identity Proof

 

(Any 1)

Passport

Voter ID

Aadhar Card

Driving License

Address Proof

 

(Any 1)

Aadhar Card

PAN

Driving License

Electricity Bill

Date of Birth Proof

 

(Any 1)

Passport

Birth Certificate

High School Marksheet

Driving Licence

Signature Proof

 

(Any 1)

PAN

Bankers Verification

Passport

Income Proof Salary Slip and latest Form No.16
Bank Statement Last 6 month Bank statement
Employment Continuity Proof Job card by NREGA

ITR of Form no. 16

Salary Slip mentioned with joining date

Letter of Appointment

Madhyanchal Gramin Bank Agriculture Gold Loan Rate Per Gram by Gold Purity

Gold Purity Gold Rate Per Gram- Average Of Past 30 Days Highest Gold Loan Per Gram Lowest Gold Loan Per Gram
22 carat ₹ 4,620 ₹ 4,999 ₹ 4,956
20 carat ₹ 3,939 ₹ 4,178 ₹ 3,795
18 carat ₹ 3,545 ₹ 3,784 ₹ 3,460

The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
  • Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
  • Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784

Madhyanchal Gramin Bank Agriculture Gold Loan Interest Rates Per Gram

The table given below shows the Agricultural Gold Loan Interest Rates Per Gram – Updated May 25 2021

Updated - Gold Loan Per Gram Rate w.e.f Jun 24 2021

Gold Weight Gold Purity
24 Carat
Gold Purity
22 Carat
Gold Purity
20 Carat
Gold Purity
18 Carat
1 gram 4621 4290 3900 3510
10 gram 46210 42900 39000 35100
20 gram 93600 85800 78000 70200
30 gram 140400 128700 117000 105300
40 gram 187200 171600 156000 140400
50 gram 234000 214500 195000 175500
100 gram 468000 429000 390000 351000
200 gram 936000 858000 780000 702000
300 gram 1404000 1287000 1170000 1053000
400 gram 1872000 1716000 1560000 1404000
500 gram 2340000 2145000 1950000 1755000

Historical Gold Loan Rates Per Gram

The table below depicts the historical Gold Loan Rates Per Gram

This Table Contains the Average Annual Gold Rate from 1964 - 2021
Year Price (24 karat per 10 grams) Year Price (24 karat per 10 grams)
1964 ₹ 63.25 1993 ₹ 4,140.00
1965 ₹ 71.75 1994 ₹ 4,598.00
1966 ₹ 83.75 1995 ₹ 4,680.00
1967 ₹ 102.50 1996 ₹ 5,160.00
1968 ₹ 162.00 1997 ₹ 4,725.00
1969 ₹ 176.00 1998 ₹ 4,045.00
1970 ₹ 184.00 1999 ₹ 4,234.00
1971 ₹ 193.00 2000 ₹ 4,400.00
1972 ₹ 202.00 2001 ₹ 4,300.00
1973 ₹ 278.50 2002 ₹ 4,990.00
1974 ₹ 506.00 2003 ₹ 5,600.00
1975 ₹ 540.00 2004 ₹ 5,850.00
1976 ₹ 432.00 2005 ₹ 7,000.00
1977 ₹ 486.00 2006 ₹ 8,400.00
1978 ₹ 685.00 2007 ₹ 10,800.00
1979 ₹ 937.00 2008 ₹ 12,500.00
1980 ₹ 1,330.00 2009 ₹ 14,500.00
1981 ₹ 1,800.00 2010 ₹ 18,500.00
1982 ₹ 1,645.00 2011 ₹ 26,400.00
1983 ₹ 1,800.00 2012 ₹ 31,050.00
1984 ₹ 1,970.00 2013 ₹ 29,600.00
1985 ₹ 2,130.00 2014 ₹ 28,006.50
1986 ₹ 2,140.00 2015 ₹ 26,343.50
1987 ₹ 2,570.00 2016 ₹ 28,623.50
1988 ₹ 3,130.00 2017 ₹ 29,667.50
1989 ₹ 3,140.00 2018 ₹ 31,438.00
1990 ₹ 3,200.00 2019 ₹ 35,220.00
1991 ₹ 3,466.00 2020 ₹ 48,651.00
1992 ₹ 4,334.00 2021 ₹ 50,045.00

Major Banks Agriculture Gold Loan Per Gram Rate Comparison

Feature
Manappuram
Axis Bank
Yes Finance
Interest Rate
9.90%
12.50%
9.99%
Min Loan Amt
Metro : 25000, Non : 15000
25000
15000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
3 months to 24 months
9 months to 24 months
1 month to 24 months
Processing Fee
0.25% to 1.50% of the Loan Amt
0.25% to 1.50%
Nil
Preclosure Chgs
2%, Nil foreclosure charges after 3 months
2%, Nil foreclosure charges after 9 months
Nil
Overdraft Facility
Yes
Yes
Yes
Pay Only Interest Facility
Yes
Yes
Yes
Gold Rate Per Gram
3,124
3,073
3,069

Tips to Get The Highest Agriculture Gold Loan Amount from Madhyanchal Gramin Bank

  • For gold loans, the bank accepts both hallmarked and non-hallmarked jewellery.
  • Borrowing against higher purity jewellery would provide you with the most money on a gold loan.
  • Finer jewellery is favoured, with fewer diamonds and crystals.
  • If the gold used in the jewellery is less than 18-carat purity, the Bank will not allow it.
  • Using a net LTV of up to 75 per cent, the Reserve Bank of India (RBI) assists the bank in estimating the amount of gold debt you owe.