Meghalaya Rural Bank Gold Loan Eligibility
Credit needs of the range of customers are increasing day by day so an alternative, gold loans are viable and worth taking during any emergency situations like hospitalization or agricultural purposes by giving gold ornaments mostly as collateral to attain the maximum amount from the lenders. Meghalaya Rural Bank provides customers with a considerable amount of interest for their gold value. There are also various services provided by them. Dialabank will provide you with help with your loan queries.
Factors that lenders consider at the time of sanctioning a gold loan amount:
- Gross Weight:– Banks like Meghalaya Rural Bank calculate the weight by measuring the total weight of your gold with a gold scale.
- Net weight:- it is basically the gold weight inside the collateral that is if they contain stones the weight reduction will be there.
- LTV:- it is the loan to value aspect. It is the maximum lump amount for your gold considering 75% LTV provided by Meghalaya Rural Bank.
- Gold loan purity:- Purity of the gold valuing your amount collaterally.
- Documents:- Identity and address proof issued by the central government
Detailed process to evaluate your Gold Loan Eligibility
22-carat gold attained by you supports you in the value calculation in the market resulting in a proper loan-value ratio and coming up with the maximum amount.
Understand the per gram rate
The maximum LTV decided by the government of India that is the reserve bank for gold loans is 75% and banks like Meghalaya Rural Bank can provide up to this mark. So an applicant can use this information during loan planning. The rate of gold has a flexible scenario throughout Indian states and buyers should take it under consideration.
The process to calculate the gold loan
Multiplication of all three important aspects like net weight, which is taken by subtraction of metal weight present inside the ornaments or collateral from the total weight by the purity and per gram rate of gold during that time will provide the correct amount.
Choose the right place for taking a gold loan
Now where is the nice place before asking that question there are things to be considered for that for instance:
The current price: fluctuating gold prices, buyers should consider
LTV: Applying to the bank like Suryoday giving maximum LTV on loans
Gold tenure: It varies from bank to bank but for Meghalaya Rural Bank it is 12-months
Interest rate: It provides a rate of interest which is 7% at the present
Pre-closure: Bank does not charge any kind of pre-closure fees from buyers.
Meghalaya Rural Bank Gold Loan Eligibility Calculator
| Minimum and Maximum Age |
21 Yrs – 60 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.
|
Meghalaya Rural bank Gold Loan Calculator
Meghalaya Rural Bank Gold Loan Documents Required
| Photographs | 2 latest Passport-Size photos without spectacles |
| Identity Proof |
Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)
|
| Residence Proof |
Aadhar Card, Driving License, Ration Card, etc. With Rented House, then the rent agreement or water/electricity bills can be considered for the last three months. (Only 1 is required)
|
| Agricultural Land preferred | only if the Loan is taken for Agricultural Purpose requirements |
| Gold ornaments (18-22 carats) | |
| CIBIL Score | 500 |
Types of Meghalaya Rural Bank Gold loans
Agricultural Gold Loans: getting this gold loan buyer must provide collateral as an ornament, gold coins, or agricultural land proofs.
Non- agricultural: They are normal gold loans with a 7% Rate of interest.
Meghalaya Rural bank Gold Loan Eligibility FAQ’s
✅ What amount is the handling charge material to the Meghalaya Rural Bank Gold credit?
The processing fee it charges is 0.85%.
✅ How to figure gold advance revenue in the Bank?
Asking directly to the branch or contacting dialabank customer service provider or bank customer service.
✅ How Might I Get Gold Loan From the Bank?
Applying directly to the branch or contacting dialabank customer service.
✅ What are the procedures of the Bank Gold Loan to work?
Quick processing of documents and crediting loan amount to the bank account is how the bank work.
✅ How to pay Meghalaya Rural Bank Gold Loan on the web?
Buyers can do it by visiting the branch and pay it.
