About Madhyanchal Gramin Bank Gold Loan
Madhyanchal Gramin Bank (MGBs) is known as a regional rural bank in India. It set up by merging three rural banks in the state of Madhya Pradesh in central India namely Madhya Bharat Bank, Sharda Grameen Bank, Rewa Sidhi Grameen Bank, sponsored by State Bank Of India, Allahabad Bank and Union Bank of India. Its headquarters is in Saugor. Current sponsor of the bank is State Bank of India. Madhyanchal Gramin Bank has a presence over 12 districts in Madhya Pradesh Damoh, Saugor, Shivpuri, Guna, Ashoknagar, Tikamgarh, Chhatarpur, Panna, Satna, Rewa, Sidhi and Singrauli.
About Gold Loan
Forms of Gold
- Gold Jewelry include Bangles, necklace, earrings or any other form of jewelry.
- Gold Coins are not approved for a Gold Loan.
- Bars of Gold also cannot be used.
Eligibility for Madhyanchal 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.
Madhyanchal 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 Madhyanchal Gramin Bank Gold Loan is available at 1% per month interest rate.
- Madhyanchal Gramin Bank 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
Madhayanchal Gramin Bank Gold Loan Documentation
- Two coloured photographs.
- 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.
Additional Documentation for Madhyanchal Gramin Bank Gold Loan
The bank needs a Proof of ownership of Land if you are applying for an agriculture gold loan.
- Land Proof – In the case of Agriculture Loan on the 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
Why should Farmers choose Madhyanchal Gramin Bank Gold Loan?
Gold Loan is a good service for the farmers. Because, if the loan amount has to be used for farming purposes. Then, the banks provide a further discount on the interest rates. Therefore, the farmers can avail the service of the gold loan at a discount of 1% on the interest rate. Finally, if you want to use the loan amount for agricultural purposes and you have gold jewellery then, Gold Loan is the best option for you.
Why Dialabank for online Madhyanchal Gramin Bank Gold Loan?
- Firstly www.dialabank.com offers a very easy process of application for Online Gold Loan
- After that, the applicant gets a good comparison of the gold interest rates of other banks as well.
- furthermore, the company provides the document pick up 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 Madhyanchal Gramin Bank Gold Loan
Q. How much Gold Loan can I get per gram in Madhyanchal Gramin Bank?
The amount of loan that a customer gets for a single gram of gold depends on the quality of the gold and the prevailing price of gold in the market.
Q. What is Madhyanchal Gramin Bank Gold Loan?
Madhyanchal Gramin Bank Gold Loan is a service where one can arrange quick funds in case of emergency by pledging their gold with the bank as security for the loan. The bank charges a low rate of interest depending on the total amount of the loan and also gives easy payment options along with a prepayment facility.
Q. What is the Gold Loan interest rate in Madhyanchal Gramin Bank?
The rate of interest charged by the banks on Gold Loan usually starts from 10.70% per annum depending on the loan amount and the rate of gold in the market.
Q. How to pay Madhyanchal Gramin Bank Gold Loan online?
Madhyanchal Gramin Bank provides various methods for the payment of your Gold Loan. You can do it on a monthly or a bullet payment basis. For more information visit the nearest branch of the bank today.
Q. How to apply Gold Loan in Madhyanchal Gramin Bank?
The application process for Gold Loan from Madhyanchal Gramin Bank is simple and easy. You can do it by visiting the nearest loan branch or apply through Dialabank’s digital platform to get the best offers and personalized service.
Q. How to renew Madhyanchal Gramin Bank Gold Loan online?
To renew your Gold Loan for another tenure you will be required to visit the nearest branch with your loan documents and ask your banker for the same.
Q. How to take Gold Loan from Madhyanchal Gramin Bank?
Taking the Gold Loan service of Madhyanchal Gramin Bank is an easy process and can be availed by anyone eligible for the loan. You just have to visit the branch, complete the application process, get your gold evaluated, accept the offer and the process is done.
Q. What is Gold Loan in Madhyanchal Gramin Bank?
Madhyanchal Gramin Bank Gold Loan is an easy way to avail quick financing for all your financial needs. Kerala Gramin Bank provides Gold Loan with an LTV ratio of up to 80% of your gold’s market value at an attractive rate of interest and a maximum tenure of 12 months.
Q. How to get Madhyanchal Gramin Bank Gold Loan?
Getting Gold Loan from Madhyanchal Gramin Bank is a simple free process as they provide loans with minimal documentation, no income proof and the complete security of your gold ornaments. The bank does not check the credit score for the loan and the borrower also doesn’t require a co-applicant.
Q. How to check Madhyanchal Gramin Bank Gold Loan status?
You can check the status of your Gold Loan by contacting your Madhyanchal Gramin Bank branch either in person or through customer care number.
Q. How to close Madhyanchal Gramin Bank Gold Loan?
You can easily close your Madhyanchal Gramin Bank Gold Loan once you have made all the pending payments. The bank will verify the same with the accounts department and upon verification, your pledged gold will be returned to you.
Q. How to renew Madhyanchal Gramin Bank Gold Loan?
You need to visit the branch with all your loan-related documents and get the gold revaluated which was earlier kept as security at the latest market prices for completing the renewal process.
Q. What happens if someone defaults Madhyanchal Gramin Bank Gold Loan?
If someone defaults the repayment schedule of the loan payment, the bank charges a late payment charge and auctions off the gold in case of continuous defaults.
Q. How many branches of Madhyanchal Gramin Bank Gold Loan?
It has a vast network of more than 400 branches spread all across the state to offer financial services to the customers.