Mizoram Rural Bank Gold Loan Documents Required

Features of Mizoram Rural Bank Gold Loan

Mizoram Rural Bank Gold Loan Documents Required and the understanding of a gold loan are keys to successfully using the debt instrument of a gold loan. The key features are provided hereunder:

• High loan amount: With a gold loan, you can borrow as much as you want against your pledged jewellery. Lenders use the Loan-to-Value Ratio to determine the loan amount (LTV). This ratio can range from 65 % to 90 % in the case of a gold loan.
• Repayment Flexibility: Another advantage of applying for a Gold Loan is the possibility to select the most convenient repayment option for you. Any lending facility demands repayment, and you have some gold loan repayment choices to choose from.
• EMI Method: This is a monthly paid tenure. The principal and interest are to be paid every month.
• No income proof: Because the loan is secured against the borrower’s gold commitment, most gold loan applications do not require income evidence.
• Faster Processing: A gold loan may be the greatest alternative for someone who needs a loan quickly. When compared to other sorts of loans, gold loans are a lot speedier. The only procedural step is to complete the papers and authentication, after which the loan money is disbursed into the account.
  However, disbursing the funds does not take long.
• Zero Processing Fees: Because gold loans are granted promptly with gold as collateral stored by the bank, many banks and NBFCs do not charge any processing fees.
• Lower Interest Rates: Everyone wants a lower interest rate on the lending facility. A Gold Loan could be the ideal option for you because it is a secured loan. Lenders charge lower loan rates as a result of this. Additionally, the gold will be utilised as loan collateral. Gold Loan interest rates range from 9% to 20% per year, with an average of 10% to 16% per year.
• Interests paid regularly: Amount to be paid on regular intervals – monthly, quarterly, semi-annually, or annually and the principal at the end of the term.
• Payments made in Advance: Payment will be a complete interest payment in the starting and principal amount at the end of the term.
• Security of Physical Gold: It is the lender’s responsibility to keep the physical gold safe. Borrowers do not have to worry about it because it is generally kept safe in the bank’s locker. The bank returns the gold once they have paid back the loan.

Visit Dialabank to know more about Mizoram Rural Bank Gold Loan. Mizoram Rural Bank Gold Loan Documents Required are used to prove the claims of the applicants.

Mizoram Rural Bank Gold Loan Comparision with banks

Mizoram Rural Bank Gold Loan EMI calculator

Mizoram Rural Bank Gold Loan Documents Required

Mizoram Rural Bank Gold Loan Documents Required are listed here:

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

Mizoram Rural Bank Gold Loan Documents Required – FAQs

✅ What are the Mizoram Rural Bank Gold Loan Documents Required?

You can get a gold loan even if you don’t have any proof of income. You must submit documents proving your identity and address to obtain a gold loan. You can offer a copy of your PAN card, Aadhaar card, voter’s ID card, or passport copy as proof of identity.

✅ What is the term of a gold loan?

The loan is normally for 3 to 12 months. However, the payback time cannot be longer than two and a half years, and the loan must be paid back within 30 months (or 36 months, depending on the lender). Mizoram Rural Bank Gold Loan Documents Required are used to support the tenure calculation provided by the Mizoram Rural Bank. 

✅ How long does it take to get a gold loan?

A gold loan can be approved in 90 to 120 minutes on average if KYC and 3 colour photographs are accessible, in general, from beginning to end. However, if the customer needs to obtain KYC documents, pictures, or other information, there may be a delay.