Meghalaya Rural Bank Gold Loan Features
A gold loan is a loan you can take against a gold commodity you can put up as surety/security. This loan helps you get the funds very quickly in cases of emergencies.
There are low-interest rates offered by Meghalaya Rural Bank. The tenure for this loan ranges from 3 months to 24 months. The processing charges for the Meghalaya Rural Bank gold loan are also very low. You can get up to 80% of the quoted price as a loan.
The security for the loan will be your gold ornament, jewellery, or coin. Therefore, in case of default, the gold commodity that you have put up as security will be auctioned and that money will be used to pay off your loan. If that isn’t enough to pay your loan back completely, then the bank will take the necessary measures to have you pay back the loan. All these steps will be taken if you aren’t able to comply with the 3 notices that’d be sent to you before this.
The documentation and disbursement of the gold loan funds are very quick, which is why it is a perfect loan to take out in case of emergencies. You can visit dialabank for more information or have one of our relationship managers guide you through the entire process.
Meghalaya Rural Bank Gold Loan Eligibility
Minimum and Maximum Age
Note: However, many banks require a minimum age of 23 years
Interest rates are lower for a higher loan amount
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
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
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 with 18-24 carat purity
Employment track record and income proofs
Meghalaya Rural Bank Gold Loan Documents Required
At the time of application the following documents are required:
At the time of disbursement the following documents are required:
Meghalaya Rural Bank Gold Loan Approval Process
- Visit the gold loan application page on dialabank.
- Verify all the details for the application.
- Select Meghalaya Rural Bank as your preferred bank for the gold loan.
- An amortisation table will be displayed with all the details including the loan amount you will be eligible for, the loan tenure, the interest you would be paying per month, and the interest rate.
- Proceed with the application and submit the form.
- One of our relationship managers will contact you to get your gold commodity valued for the loan to be sanctioned.
FAQs on Meghalaya Rural Bank Gold Loan Approval Process
✅ Do I need to be an already existing customer of the bank to apply for a gold loan?
Although some banks might require you to be the customer of their to avail a gold loan, many of the banks don’t.
✅ What is a gold loan overdraft?
A gold loan overdraft is when the disbursed amount is credited and you only pay for what you have spent. This is kind of like a credit card with a limit. The loan can be completely paid off at once.
✅ What is a gold loan EMI calculator?
A gold loan EMI calculator helps you calculate the EMI you would be paying based on the loan amount you are getting, the tenure and the interest rate.