Maharashtra Gramin Bank Gold Loan

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About Maharashtra Gramin Bank Gold Loan

Maharashtra Gramin Bank is an (RRB) Indian Regional Rural Bank or Gramin bank, in Maharashtra state with its head office is in Aurangabad city. Govt of India vide its notification on 25 March 2008 amalgamated the two RRBs, i.e., Aurangabad Jalna Gramin Bank as well as Thane Gramin Bank into a single RRB named Maharashtra Godavari Gramin Bank.

Moreover, it is one of 56 Gramin banks in India supported by the government that aims to bring banking services to rural areas. Besides that Its branch network is concentrated in six regions of Maharashtra, namely, Aurangabad, Beed, Latur, Nanded, Parbhani, and Thane. Bank of Maharashtra sponsored the Maharashtra Gramin Bank.

Maharashtra Bank Gold Loan Interest Rate

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 Maharashtra Bank Gold Loan is available at 1% per month interest rate.

  1. Gold Loan Interest rate – 10.70 %
  2. Offer low processing fee –  0.85%
  3. Pre-closer charges range from 0 – 2 %.
  4. Tenure minimum six months; maximum five year
  5. Amount – Thousand to a crore

Maharashtra Gramin Bank Gold Loan Eligibility

Being eligible for a Loan on Gold is hassle-free in comparison to other loans:
 
  1. Age of the borrower should lie between minimum18 years and maximum 70 years
  2. The borrower should be a citizen of India.
  3. The quality of gold should be from 18 Carat to 22 Carat to get a loan.
  4. Another equally important criteria are the weight of gold which should be more than 10 grams.
  5. Anyone can apply for a Gold Loan whether you are a salaried applicant or self-employed.
  6. To avail a Gold Loan on agriculture land, one has to submit the land proof to the bank.

Maharashtra Gramin Bank Gold Loan Documentation

  • Firstly, an Identity Proof is required. It can be an Aadhar Card / Voter ID card / PAN Card / Driving License / Passport.
  • Secondly, One proof of residence is also required while applying for a gold loan; it can also be an Aadhar Card / Voter ID card / PAN Card / Driving License / Passport / Ration Card / Electricity and Water bills of last three months with the name of the applicant.
  • Two colored photographs.

Additional Documentation for Maharashtra 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 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 Maharashtra 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 jewelry then, Gold Loan is the best option for you.

Maharashtra Gramin Bank Gold Loan Process

  1. The bank checks the purity of the gold.
  2. The bank verifies the market rate for gold and the price of the previous day is take into consideration
  3. The LTV (Loan to Value) set by the RBI is 75%.
  4. 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.
  5. After signing the agreement, the loan amount is disbursed to your account.

Why Dialabank for online Maharashtra Gramin Bank Gold Loan?

Maharashtra 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 Maharashtra Gramin Bank Gold Loan

Q. How much Gold Loan can I get per gram in Maharashtra Gramin Bank?

The amount of loan per gram of gold depends on the quality of your gold and the market rates. Maharashtra Gramin Bank provides funding of about 80% against your pledged gold.

Q. What is Maharashtra Gramin Bank Gold Loan?

Maharashtra Gramin Bank Gold Loan is a secured loan that uses pledged gold as collateral security. Gold Loan can be used for any personal purpose and need. You can fill an inquiry form at Dialabank’s digital platform and access all the loan details from our relationship manager.

Q. What is the Gold Loan interest rate in Maharashtra Gramin Bank?

The interest rates charged by the bank depending upon the amount of the loan. The higher the amount of loan, the lower will be the rate of interest charged. The bank also charges a low processing fee on the loan.

Q. How to pay Maharashtra Gramin Bank Gold Loan online?

Banks provide you with convenient methods to repay the Gold Loan amount. You can pay the amount online by making a Standing Instruction on your account or an ECS on your other bank account.

Q. How to apply Gold Loan in Maharashtra Gramin Bank?

You can apply for a Gold Loan by Maharashtra Gramin Bank online on our website or by visiting the nearest branch with your gold and KYC documents. The loan disbursal occurs on the same day after valuation and verification of your gold and documents respectively.

Q. How to renew Maharashtra Gramin Bank Gold Loan online?

If you desire to renew your Gold Loan with Maharashtra Gramin Bank all you need to do is visit the branch with all your loan-related documents and apply for a renewal.

Q. How to take Gold Loan from Maharashtra Gramin Bank?

Taking Gold Loan from Maharashtra Gramin Bank is a convenient and easy process. You just need to be eligible for the loan and apply for it. The bank gives quick approval and disbursement after the evaluation of gold.

Q. What is Gold Loan in Maharashtra Gramin Bank?

Gold Loan is a financial product wherein gold is kept as security with the bank against the loan. These loans are provided at competitive rates for any emergency financial requirements to fulfill the financial needs of the borrower.

Q. How to get Maharashtra Gramin Bank Gold Loan?

You can easily get a Maharashtra Gramin Bank Gold Loan by visiting the bank branch and applying for the same. Once your gold has been valued and your documents have been verified, the loan amount is disbursed within hours. You can also apply through Dialabank’s digital platform to avail Gold Loan at discounted prices.

Q. How to check Maharashtra Gramin Bank Gold Loan status?

Checking the status of your loan can be done by visiting the branch and contacting the loan officer. You can also email the bank or call on the customer care number for detailed information.

Q. How to close Maharashtra 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 Maharashtra Gramin Bank Gold Loan?

Renewal of Maharashtra Gramin Bank Gold Loan is a simple and hassle-free process wherein you just need to reach the branch of the bank with all loan-related documents and get the gold kept as security evaluated according to the new prices and accept the new terms for the renewal.

Q. What happens if someone defaults Maharashtra Gramin Bank Gold Loan?

Defaulting on your Gold Loan will decrease your credit score making it difficult to get a loan in the future. Also, repeated defaults will give your bank the right to auction your gold and recover the loan money.

Q. How many branches of Maharashtra Gramin Bank Gold Loan?

It is one of the 56 Gramin banks in India supported by the government that aims to bring banking services to rural areas. It has more than 400 branches across the state.

Other Major Gold Loan Providers

 

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