Madhyanchal Gramin Bank Gold Loan Per Gram

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    Madhyanchal Gramin Bank Gold Loan Per Gram

    Madhyanchal Gramin Bank Gold Loan Per Gram Today is ₹ 2,900 to ₹ 3,450

     Gold Loan Interest Rate 7.0% per annum
    Gold Loan Rate Per Gram
    The rate Per Gram is ₹ 2,900 to ₹ 3,450
     Processing Fee
    0.75% of the Principal Loan Amount
    Maximum Loan Amount
    Up to Rs. 1 Crore (With Income Proof)
    Minimum Loan Amount
    75% LTV
    Prepayment Charges
    2%+GST (Within 3 Months), 0 (After 3 months)
    Repayment Tenure
    Up to 36 Months
     Repayment Scheme
    Bullet Payment Scheme, Overdraft Scheme

     

    Madhyanchal Gramin Bank Gold Loan Per GramIn 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 sponsor. 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.

    Gold Loan Calculator Madhyanchal Gramin Bank

    • The purity and net weight of gold in your jewellery will be determined by the bank’s in-house surveyor. The gold used in the jewellery should be between 18 and 24 carats pure.
    • To calculate the net weight, the Bank will subtract the weight of gems and stones from the overall weight of the jewellery.
    • The valuer evaluates the worth of your jewellery by multiplying the purity and net weight of gold in it by the current gold price.
    • The bank will use an LTV of up to 75% to determine your jewel loan amount eligibility.
    • They will be able to give you a lower interest rate if you are willing to take a loan amount that is less than your full LTV.

    Madhyanchal Gramin Bank Gold Loan Rate Per Gram by Gold Purity

    The table below depicts an estimation of Madhyanchal Gramin Bank Gold Loan Per Gram would provide against different purity levels of gold jewellery at a maximum LTV of 75% and a lower LTV of 65%.

    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 Gold Loan Rates Per Gram

    Madhyanchal Gramin Bank Gold Loan Per Gram is a secured loan acquired by a borrower in return for gold jewellery or other gold ornaments from a lender. Lenders can usually provide you with a loan based on a percentage of the gold’s value.

    Updated - Gold Loan Per Gram Rate w.e.f Jun 25 2022

    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

    This Table Contains the Average Annual Gold Rate from 1965 - 2022
    Year Price (24 karat per 10 grams) Year Price (24 karat per 10 grams)
    2022 ₹ 52,950 1993 ₹ 4,140
    2021 ₹ 50,045 1992 ₹ 4,334
    2020 ₹ 48,651 1991 ₹ 3,466
    2019 ₹ 35,220 1990 ₹ 3,200
    2018 ₹ 31,438 1989 ₹ 3,140
    2017 ₹ 29,667 1988 ₹ 3,130
    2016 ₹ 28,623 1987 ₹ 2,570
    2015 ₹ 26,343 1986 ₹ 2,140
    2014 ₹ 28,006 1985 ₹ 2,130
    2013 ₹ 29,600 1984 ₹ 1,970
    2012 ₹ 31,050 1983 ₹ 1,800
    2011 ₹ 26,400 1982 ₹ 1,645
    2010 ₹ 18,500 1981 ₹ 1,800
    2009 ₹ 14,500 1980 ₹ 1,330
    2008 ₹ 12,500 1979 ₹ 937
    2007 ₹ 10,800 1978 ₹ 685
    2006 ₹ 8,400 1977 ₹ 486
    2005 ₹ 7,000 1976 ₹ 432
    2004 ₹ 5,850 1975 ₹ 540
    2003 ₹ 5,600 1974 ₹ 506
    2002 ₹ 4,990 1973 ₹ 279
    2001 ₹ 4,300 1972 ₹ 202
    2000 ₹ 4,400 1971 ₹ 193
    1999 ₹ 4,234 1970 ₹ 184
    1998 ₹ 4,045 1969 ₹ 176
    1997 ₹ 4,725 1968 ₹ 162
    1996 ₹ 5,160 1967 ₹ 103
    1995 ₹ 4,680 1966 ₹ 84
    1994 ₹ 4,598 1965 ₹ 72

    Gold Loan Per Gram Rate Comparison for Major Banks

    Feature
    HDFC Bank
    ICICI Bank
    Muthoot Finance
    Interest Rate
    9.90%
    10.50%
    12%
    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
    2500
    2600
    2700*

    Tips to getting Best Gold Loan Amount Per Gram from Madhyanchal Gramin Bank

    • The bank supports both hallmarked and non-hallmarked jewellery for a gold loan.
    • On the other hand, some banks charge lower transaction fees for hallmarked gold jewellery.
    • Borrowing against higher purity jewellery would also get you the most money when it comes to a gold loan.
    • Jewels with the fewest gems and stones available are preferred. The majority of banks will deduct the weight of gems and stones from the total weight of the jewellery.
    • The Bank would not approve it if the gold used in the jewellery is lower than 18-carat purity.
    • The RBI helps the bank to calculate the amount of gold loan you owe by using a maximum LTV of up to 75%.

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    Example: The loan sum is determined by the purity of gold, the LTV, and the weight of gold. Assume Mr Ram and his two mates, Mr Kesav and Mr Ashwith, each own differing quantities of gold of various purity. Mr Ram owns 70 grammes of gold with an 18-carat purity. Mr Kesav has 60 grammes of gold that is 20 carats pure, while Mr Ashwith has 50 grammes of gold that is 22 carats pure. They apply for a gold loan. The price used to determine their gold loan sum eligibility based on a maximum LTV of 75% would vary depending on the purity of gold, resulting in different Madhyanchal Gramin Bank Gold Loan Per Gram eligibility.

    Carats / Weight Of Gold Gold Weight (In Gm) Purity Of Gold (In Carat) Gold Loan Eligibility
    Mr Ram 70 18 ₹ 2.60 Lakhs
    Mr Kesav 60 20 ₹ 2.48 Lakhs
    Mr Ashwith 50 22 ₹ 2.27 Lakhs

    Mr Ashwith, who has the smallest gold weight of 50gm, will receive the lowest gold loan rate of 2.27 Lakh from the Bank, as seen in the illustration above. Since Mr Ram has more gold weight, the Bank will give him the highest gold loan sum of Rs 2.60 lakh in the same example.

    Madhyanchal Gramin Bank Gold Loan Per Gram FAQs

    ✅ What is Madhyanchal Gramin Bank Gold Loan scheme?

    Madhyanchal Gramin Bank gold loan is a scheme that provides a loan against your gold. Any person in need of quick lump sum money can avail of this facility that is offered by Madhyanchal Gramin Bank and other leading banks and non-banking financial companies. The current rate for Madhyanchal Gramin Bank Gold Loan Per Gram is ₹ 3,506 to ₹ 4,621.

     How much Gold Loan can I get per gram in Madhyanchal Gramin Bank?

    Depending upon the purity of your gold. Madhyanchal Gramin Bank Gold Loan Per Gram ₹ 3,506 to ₹ 4,621.

    ✅ How is Madhyanchal Gramin Bank Gold Loan Per Gram calculated?

    The Madhyanchal Gramin Bank Gold Loan Per Gram amount depends upon the purity of one’s gold and the current market gold rate. Madhyanchal Gramin Bank Gold Loan Per Gram interest rate is then calculated based upon several factors, including loan amount, loan tenure, relationship with the lender, and loan to value ratio.