Manipur Rural Bank Gold Loan Approval Process


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    Manipur Rural Bank Gold Loan Approval Process

    Manipur Rural Bank Gold Loan Features

    Manipur Rural Bank Gold Loan Approval Process. Manipur Rural Bank was founded in 1981 as a joint undertaking of the Government of India, Government of Manipur and Punjab National Bank, which is also the sponsor bank. It was established under the Regional Rural Banks Act, 1976 to empower the rural economy and enlarge institutional credit for the rural and agricultural sectors. It has 28 branches in 9 districts of the state.

    1. As compared to personal loans, the interest rate of gold loans is significantly lesser.
    2. Gold loans are easy to avail of due to their simple eligibility criteria.
    3. Flexible tenure of 3 months to 24 months is offered to borrowers.
    4. The borrower does not need to submit proof of income.
    5. A borrower with a low credit score can also apply for a gold loan.
    6. The gold pledged by the borrower as collateral is safe and secured with the lender.
    7. Lenders usually do not charge any processing fees on gold loans.

    Manipur Rural Bank Gold Loan Eligibility

    Minimum and Maximum Age
    21 Yrs – 65 Yrs
    Note: However, many banks require a minimum age of 23 years
    Loan Amount
    Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
    Interest rates are lower for a higher loan amount
    Employment Type
    Salaried and self-employed both are eligible
    Businessmen are increasingly taking gold loans to meet their working capital requirements.
    In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
    Quality of Gold
    Gold ornaments should range in between 18 to 24 Carats
    An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
    CIBIL Score
    Banks do not check CIBIL score for granting a gold loan
    However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
    Gold ornaments that can be used for availing loan
    Gold bars and coins
    Gold with 18-24 carat purity
    Employment track record and income proofs
    Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

    Manipur Rural Bank Gold Loan Documents Required

    List of Documents
    Passport (Not expired)
    Driving license (Not expired)
    Voters’ ID Card
    Aadhaar Card issued by UIDAI
    PAN (Permanent Account Number) Card (along with any of above-mentioned documents) or Form 60
    One Passport Size Photograph
    Agri Allied Occupation Documentation( in case of bullet repayment for agriculture customers)

    Manipur Rural Bank Gold Loan Approval Process

    Manipur Rural Bank Gold Loan Approval Process is simple and quick –

    1. Visit the lender’s official website or open their netbanking app.
    2. Under the loans and advances menu, click on ‘gold loan’
    3. Next, fill the application form without missing out on any important information.
    4. The lender’s executive would get in touch with you.
    5. Next, you must submit your documents for verification purposes.
    6. Then, you have to submit your gold that would be evaluated before being taken as collateral.
    7. Once, the above process is completed, based on the borrower’s eligibility, the loan is approved.
    8. On approval, the loan amount is deposited in the borrower’s account within 1 day.

    A borrower can also visit the bank’s branch office and apply for a gold loan in person.

    FAQs on Manipur Rural Bank Gold Loan Approval Process

    ✅ Can a salaried employee apply for a gold loan?

    Yes, salaried employees can apply for a gold loan if they meet the lender’s eligibility criteria. Dialabank provides you with detailed information on gold loans.

    ✅ What happens if I don’t repay the loan amount?

    If you fail to repay the loan, the lender can auction off the gold to recover their loan amount.

    ✅ Can I take an insurance cover on a gold loan?

    Yes, you can take an insurance cover on a gold loan that would be beneficial in repaying the loan in case the borrower gets a serious injury/disease or passes away during the loan.