Manipur Rural Bank Gold Loan

Gold Rate: ₹ 5,121 Per Gram

⍟ Interest Rate 7.0% p.a. ⍟

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Loan Amount Up to 1 Crore
Loan Tenure Up to 48 Months
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About Manipur Rural Bank Gold Loan

Manipur Rural Bank Gold LoanManipur Rural Bank is a bank which was established in 1981. The bank works under the Government of India, Government of Manipur and United Bank of India.

Also, the bank has a wide network of 28 branches in 9 districts of Manipur. The bank provides good financial services to the people in order to cope up with the money related problems. One of the best financial services is Gold Loan

What is Gold Loan?

In order to avail a gold loan one has to have ornaments of gold. That is, the applicant just has to put gold jewelry as collateral in the bank in return of loan amount.

After repaying the amount of loan, the applicant is given back the gold ornaments in the same shape.

Finally, a good number of people avail this service as the Gold Loan Interest Rates are quite low in contrast to other services. 

Manipur Rural Bank Gold Loan Eligibility

  1. The gold should be in the name of the applicant or family member.
  2. The applicant should be a resident of India.
  3. The age should lie in between 18-70 years group.
  4. The minimum loan amount is 18000 Rupees, and it can go up to 1 Crore depending upon the quality of gold.
  5. Last but not least, it is a service with the best rate of interest

Manipur Rural Bank Gold Loan Features

  • Great Availability: First and foremost, Loan against gold is a secured service, therefore the processing of this loan is quick as the bank is mostly concerned with the quality and weight of the gold.
  • Low Rate of Interest: In contrast to services like personal loans, the gold loan has the least interest rate as banks keep security against the loan.
  • Negligible foreclosure charges: Generally, banks do not have any prepayment charges but some banks can charge a penalty of just 1%.
  • Safety of Ornaments: The ornaments are more secure with the banks due to the strict security In the banking institutions which is quite less at homes.
  • No qualification of Credit Score: As this is a secured loan, therefore, the applicant does not have to worry about bad loan repayment history.
  • Income-proof not required: The salary of an applicant is not an issue for availing a gold loan as it depends majorly on the weight and quality of gold available with the applicant.
  • No loan processing charges: Another advantage is that the applicant does not have to pay extra for this service as the approval solely depends upon the asset kept as security.
  • Flexible tenure: In addition to other advantages,  the applicant can choose the tenure of the loan according to their requirements and needs.
  • Only payment of interest: Lastly, the applicant has the option to pay the principal amount at the end of the tenure and only the interest every month.

Documents Required for Manipur Rural Bank Gold Loan

The documents should be particularly from the following options

Applicant Identity Verification Documents can be amongst the below  documents (ANY):

  1. Passport: Valid Copy of passport both front and last page.
  2. Voters ID card: Copy of Valid Voter Identity Card.
  3. Driving License: Copy of Driving license which is valid.
  4. Adhar card: Copy of Adhar Card with current information.

Applicant Address Verification Proof can be amongst the below documents(ANY):

  1. Passport: Valid Copy of passport both front and last page.
  2. Voters ID card: Copy of Valid Voter Identity Card.
  3. Driving License: Copy of Driving license which is valid.
  4. Adhar card: Copy of Adhar Card with current information.
  5. Utility Bills on the name of the applicant.
  6. Sales Tax Certificate.
  7. Rental Agreement.

Signature Verification Documents required are namely:

  1. Valid Copy Passport.
  2. Bank’s Verification Certificate.
  3. Cheque

Manipur Rural Bank Gold Loan Interest Rate

  1. The interest rate of this service starts at 10.5%-12% p.a.
  2. The financial organizations provide these loans for 1 to 4 years.
  3. The pre-closure charges are in between 0% to 2% of the value of the loans.

FAQs About Manipur Rural Bank Gold Loan

Q. How much Gold Loan can I get per gram in Manipur Rural Bank?

The gold loan rate per gram of gold depends on the purity of your gold and the price prevailing in the market.

Q. What is Manipur Rural Bank Gold Loan?

Manipur Rural Bank offers Loans against Gold service for fulfilling the need of quick funds of the customers. The bank provides quick disbursement of funds with minimal documentation and low processing fee. The amount availed can be used for personal expenditure or public sector expenses.

Q. What is the Gold Loan interest rate in Manipur Rural Bank?

The rate of interest charged by banks on Gold Loans usually starts from 10.70% per annum depending on the total amount to be borrowed. The interest charged is low on these loans as these are fully secured loans and the banks have no risk in lending the amount.

Q. How to pay Manipur Rural Bank Gold Loan online?

You can pay for your Gold Loan through a Standing Instruction on your account for automatic deduction of funds on the due date. For detailed information. visit the nearest loan branch of the bank.

Q. How to apply Gold Loan in Manipur Rural Bank?

Applying for Gold Loan is a simple and hassle-free process where you just need to visit the nearest branch or apply through Dialabank’s online platform to avail maximum funding with the lowest interest rate possible against your gold.

Q. How to renew Manipur Rural Bank Gold Loan online?

It requires you to be present in the branch as the gold has to be revalued. Visit the nearest branch and contact the loan officer in charge of your file to know the exact process of renewal.

Q. How to take Gold Loan from Manipur Rural Bank?

Taking Gold Loan from Manipur Rural Bank is an easy process. Just visit the branch with your basic documents and the gold and fill a form to apply. After evaluation, the banker makes an offer and if agreed the loan is quickly sanctioned.

Q. What is Gold Loan in Manipur Rural Bank?

Gold Loan is a financial product of Manipur Rural Bank provided at the attractive interest rate for customers in dire need of funds for personal or business needs. The tenure is flexible and with the option of renewal as well. You can repay the amount using convenient methods offered by the bank.

Q. How to get Manipur Rural Bank Gold Loan?

Getting the Manipur Rural Bank Gold Loan is a simple and hassle-free process. You can apply for the loan either offline or online at Dialabank.com. The application process is simple with minimal paperwork and you get quick disbursal of the loan amount.

Q. How to check Manipur Rural Bank Gold Loan status?

You can check the status of your Loan by visiting the loan branch and contacting the loan officer or contact on the customer care helpline number.

Q. How to close Manipur Rural Bank Gold Loan?

Closure of your Gold Loan takes place once you have paid the due amount of your Gold Loan which has been realized by the bank and the gold ornaments have been released along with the issue of No Dues Certificate.

Q. How to renew Manipur Rural Bank Gold Loan?

Renewal of Gold Loan can be done by visiting the branch along with all the loan documents. The gold is released and revalued based on new market rates and new terms are agreed upon for the renewal of the loan.

Q. What happens if someone defaults Manipur Rural Bank Gold Loan?

If you are unable to pay your Gold Loan by Manipur Rural Bank, the bank will charge a penalty amount along with reducing your credit score. The bank also has the legal authority to auction off your gold in case of continued faults in repayment.

Q. How many branches of Manipur Rural Bank Gold Loan?

Manipur Rural Bank has been the primary bank in Manipur for financing in the agriculture sector, micro small and medium enterprises with 28 branches in the state.

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