Features of Meghalaya Rural Bank Gold Loan
Meghalaya Rural Bank Gold Loan helps you in getting the best gold loans and availing yourself the best interests rates in gold rates.
Some features of Meghalaya Rural Bank Gold Loan are:
- Easy Procedure of obtaining Loan: Meghalaya Rural Bank Gold Loan disburses loans within hours of initiating the procedure of obtaining a loan as the borrower presents the collateral in the form of Gold at the time of the application.
- Security of Gold: As the customer presents their Gold for a loan to the bank, it becomes the Meghalaya Rural Bank’s responsibility to keep their assets safe until they repay the principal along with the interest.
- No Proof of income: Unlike other loans, Gold loans are based on the Gold that the borrower has to present to the bank. This leaves the income out of the profile and thus there is no need for income proof to be presented.
- Low or Nil Foreclosure Charges: Meghalaya Rural Bank Gold Loan usually have either around 1% or no minimum prepayment charges on gold loans.
Meghalaya Rural BankGold Loan Comparision with banks
| Bank / NBFC | Rate Per Gram | Interest Rate | Gold Loan Tenure | Min – Max Loan Amount |
| ₹ 3,506 to ₹ 4,621 | 0.099 | 3 to 24 months | ₹ 10 thousand to 5 crore | |
| Private Gold Loan | ₹ 3,506 to ₹ 4,621 | 0.1 | 6 to 12 months | ₹ 10 thousand to 5 crore |
| ₹ 3,506 to ₹ 4,621 | 0.12 | 7 days to 36 months | ₹ 3 thousand to 1 crore | |
| ₹ 3,506 to ₹ 4,621 | 0.1225 | 12 months | ₹ 3 thousand to 1 crore | |
| ₹ 3,506 to ₹ 4,621 | 0.1025 | 36 months | ₹ 20 thousand to 50 lakh | |
| ₹ 3,506 to ₹ 4,621 | 0.1 | 3 to 36 months | ₹ 10 thousand to 5 crore | |
| SBI Gold Loan | ₹ 3,506 to ₹ 4,621 | 0.0975 | 12 to 36 months | ₹ 20 thousand to 50 lakh |
| ₹ 3,506 to ₹ 4,621 | 0.075 | 3 to 36 months | ₹ 20 thousand to 50 lakh | |
| ₹ 3,506 to ₹ 4,621 | 0.1025 | 12 months | ₹ 20 thousand to 50 lakh | |
| ₹ 3,506 to ₹ 4,621 | 0.1025 | 12 months | ₹ 10 thousand to 5 crore | |
| IIFL Gold Loan | ₹ 3,506 to ₹ 4,621 | 0.12 | 11 months | ₹ 3 thousand to 50 lakh |
Meghalaya Rural Bank Gold Loan EMI calculator
Meghalaya Rural Bank Gold Loan EMI is the monthly payment you make to the bank to repay your loan. The principal amount and the interest component are both included in the EMI. The interest component of your EMI is higher in the beginning and decreases with each EMI. The Meghalaya Rural Bank Gold Loan EMI Calculator calculates your monthly EMI at the selected interest rate for a specific duration.
The Meghalaya Rural Bank Gold Loan EMI is calculated by 3 factors i.e. Loan amount, interest rate, and loan term.
Loan Quantity: If you ask for a larger gold loan online, your EMI will be higher.
Internet Rates: The interest rate is directly proportional to the cost of EMI. Higher the interest rate greater the EMI.
Loan Duration: In the case of an extended loan period, the EMI on gold is reduced.
Meghalaya Rural Bank Gold Loan Documents Required
At the time of application the following documents are required:
- Proof of the citizenship of India
- Duly filled application form
- 2 passport-sized photographs
- Applicant’s KYC documents to establish Identity and Address
- Salary/ Income Proof
- Witness Letter in case of illiterate borrowers
- In the case of Agriculture Loan of more than Rs. 1 lac, land proof
- Certificate by the Jewel Appraiser (Bank will arrange)
At the time of disbursement the following documents are required:
- Demand Promissory Note & Demand Promissory Note Take Delivery Letter
- Gold Ornaments Take Delivery Letter
- Arrangement Letter
Meghalaya Rural Bank Gold Loan Documents Required – FAQs
✅ What are the interest rates offered by Meghalaya Rural Bank on Gold Loan?
Meghalaya Rural Bank Gold Loan offers an interest rate of 13%-14%.
✅ Does Meghalaya Rural Bank Gold Loan offer a processing fee?
No, Meghalaya Rural Bank Gold Loan doesn’t offer any processing fee.
✅ Can someone of 40 years apply for Meghalaya Rural Bank Gold Loan?
Yes, anyone between the age of 21 to 65 can apply for Meghalaya Rural Bank Gold Loan.
