Mizoram Rural Bank Gold Loan Per Gram is ₹ 3,506 to ₹ 4,621
|Mizoram Rural Bank Gold Loan Per Gram Today||Gold Loan Rate Per Gram Today is ₹ 3,506 to ₹ 4,621|
|Eligible Age||18 to 75 years|
|Loan Amount Eligibility||Rs. 1,000 to Rs. 2 Cr|
|Documents Required||Basic KYC documents for address and identity proof. No income documents and no CIBIL score documents are required.|
|Purity of Gold||18 carat to 22 carat|
|Type of Gold||Gold jewellery and gold coins of 18-24 carats|
|Loan To Value||25% of the gold ornament’s market value|
The Mizoram Rural Bank Gold Loan is a service that allows customers to apply for a gold loan using the gold they already own. The Mizoram Rural Bank has many advantages, including a low interest rate.
Gold Loan Calculator for Mizoram Rural Bank
- Purity and net weight of gold used in jewellery: Gold should be between 18 and 24 carats pure when used in jewellery. Mizoram Rural Bank will deduct the weight of gems and stones from the overall weight of the jewellery to determine the net weight. The appraiser will keep track of his findings in a notebook.
- To assess its value, Mizoram Rural Bank will multiply the purity and net weight of gold in your jewellery by the price of gold. Indian banks have been advised to use the 30-day average price of 22-carat gold, adjusted for purity, by the Reserve Bank of India. If the gold is 20-carat purity, Mizoram Rural Bank can change the value by using the 30-day average of 22-carat gold multiplied by a factor of 20/22. You can also lookup the latest gold rate at Dialabank.
- Loan To Value – Mizoram Rural Bank will use an LTV of up to 75% to decide your jewel loan amount eligibility after calculating the value of your jewellery. If you can take a loan sum that is less than your maximum LTV, Mizoram Rural Bank will give you a lower interest rate.
Mizoram Rural Bank Gold Loan Rate Per Gram by Gold Purity
The table below shows an estimation of the gold loan per gramme that Mizoram Rural Bank would provide against gold jewellery of various purity levels at a maximum LTV of 75% and a lower LTV of 65%.
|Gold Purity||Gold Rate Per Gram- Average Of Past 30 Days||Highest Gold Loan Per Gram||Lowest Gold Loan Per Gram|
|22 carat||₹ 4,620||₹ 4,999||₹ 4,956|
|20 carat||₹ 3,939||₹ 4,178||₹ 3,795|
|18 carat||₹ 3,545||₹ 3,784||₹ 3,460|
The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.
Mizoram Rural Bank Gold Loan Rates Per Gram
The following table shows Mizoram Rural Bank Gold Loan Per Gram Rates – Sep 17 2021
Updated - Gold Loan Per Gram Rate w.e.f Sep 17 2021
|Gold Weight||Gold Purity
Historical Gold Loan Rates Per Gram
India is one of the world’s biggest buyers of gold. Indians prefer gold because it is regarded as a “secure” investment. Investors keep a close eye on the markets for price changes that have an effect on demand. Take a look at the following comprehensive historical gold loan rates per gram:
|This Table Contains the Average Annual Gold Rate from 1964 - 2021|
|Year||Price (24 karat per 10 grams)||Year||Price (24 karat per 10 grams)|
|1964||₹ 63.25||1993||₹ 4,140.00|
|1965||₹ 71.75||1994||₹ 4,598.00|
|1966||₹ 83.75||1995||₹ 4,680.00|
|1967||₹ 102.50||1996||₹ 5,160.00|
|1968||₹ 162.00||1997||₹ 4,725.00|
|1969||₹ 176.00||1998||₹ 4,045.00|
|1970||₹ 184.00||1999||₹ 4,234.00|
|1971||₹ 193.00||2000||₹ 4,400.00|
|1972||₹ 202.00||2001||₹ 4,300.00|
|1973||₹ 278.50||2002||₹ 4,990.00|
|1974||₹ 506.00||2003||₹ 5,600.00|
|1975||₹ 540.00||2004||₹ 5,850.00|
|1976||₹ 432.00||2005||₹ 7,000.00|
|1977||₹ 486.00||2006||₹ 8,400.00|
|1978||₹ 685.00||2007||₹ 10,800.00|
|1979||₹ 937.00||2008||₹ 12,500.00|
|1980||₹ 1,330.00||2009||₹ 14,500.00|
|1981||₹ 1,800.00||2010||₹ 18,500.00|
|1982||₹ 1,645.00||2011||₹ 26,400.00|
|1983||₹ 1,800.00||2012||₹ 31,050.00|
|1984||₹ 1,970.00||2013||₹ 29,600.00|
|1985||₹ 2,130.00||2014||₹ 28,006.50|
|1986||₹ 2,140.00||2015||₹ 26,343.50|
|1987||₹ 2,570.00||2016||₹ 28,623.50|
|1988||₹ 3,130.00||2017||₹ 29,667.50|
|1989||₹ 3,140.00||2018||₹ 31,438.00|
|1990||₹ 3,200.00||2019||₹ 35,220.00|
|1991||₹ 3,466.00||2020||₹ 48,651.00|
|1992||₹ 4,334.00||2021||₹ 50,045.00|
Gold Loan Per Gram Rate Comparison for Major Banks
|Interest Rate||9.90% onwards||7% onwards||12% onwards|
|Min Loan Amt||Metro : 25000, Non : 15000||25000||15000|
|Max Loan Amt||1 Cr||1 Cr||1 Cr|
|Loan Tenure||3 months to 24 months||9 months to 24 months||
1 month to 24 months
|Processing Fee||0.25% to 1.50% of the Loan Amt||0.25% to 1.50%||Nil|
|Pre-closure Charges||2%, Nil foreclosure charges after 3 months||2%, Nil foreclosure charges after 9 months||Nil|
|Pay Only Interest Facility||Yes||Yes||Yes|
|Gold Rate Per Gram||3066||3073||3073|
Tips to get the highest Gold Loan Amount Per Gram from Mizoram Rural Bank
- Mizoram Rural Bank recognises both hallmarked and non-hallmarked jewellery for gold loans. You can get the highest Mizoram Rural Bank gold loan per gram if you have hallmark jewellery because the valuer is less likely to undervalue it. Furthermore, for hallmarked gold jewellery, certain financial institutions charge lower transaction fees.
- The Mizoram Rural Bank Gold Loan Per Gram accounts for purity in the price of 22-carat gold. As a result, if at all possible, borrow against higher-purity jewellery to get the most money for a gold loan.
- Mizoram Rural Bank will decide the amount of gold loan you are liable for based on the net weight of your jewellery. As much as possible, choose jewellery with the fewest gems and stones. The net weight will be calculated by a study conducted by Mizoram Rural Bank’s gold valuer. The overall weight and value of a piece of jewellery decrease as more diamonds and stones are added, resulting in a lower jewel loan you are eligible for.
- It’s standard practice in gold to strive for the highest possible LTV. Mizoram Rural Bank has been granted permission by the RBI to charge a maximum LTV of up to 75% when calculating the amount of gold loan you are eligible for.
ILLUSTRATION: The purity of gold, the LTV, and the weight of gold is used to measure the loan amount. Assume that Ajay, Abhishek, and Jyoti owns a different amount of gold with varying purity amounts. Ajay has 70 grammes of 18-carat gold in his possession. Jyoti has 50 grammes of 22-carat gold and Abhishek has 60 grammes of 20-carat gold. They go to Mizoram Rural Bank and apply for a gold loan. Depending on the purity of gold, the price used to assess their gold loan amount eligibility based on a maximum LTV of 75% will vary, resulting in different gold loan eligibility. Jyoti will receive the lowest gold loan rate of 2.27 lakh from Mizoram Rural Bank because she has the smallest gold weight of 50gm.
|Carats / Weight Of Gold||Gold Weight (In Gm)||Purity Of Gold (In Carat)||Gold Loan Eligibility|
|Ajay||70||18||₹ 2.60 Lakh|
|Abhishek||60||20||₹ 2.48 Lakh|
|Jyoti||50||22||₹ 2.27 Lakh|
As shown in the example above, Jyoti, who has the smallest gold weight of 50gm, will earn the lowest gold loan rate of 2.27 Lakh from Mizoram Rural Bank. Mizoram Rural Bank will award Ajay the highest gold loan amount of Rs 2.60 lakh because he has the most gold weight.
Table of Contents
- 1 Mizoram Rural Bank Gold Loan Per Gram is ₹ 3,506 to ₹ 4,621
- 2 Gold Loan Calculator for Mizoram Rural Bank
- 3 Mizoram Rural Bank Gold Loan Rate Per Gram by Gold Purity
- 4 Mizoram Rural Bank Gold Loan Rates Per Gram
- 5 Historical Gold Loan Rates Per Gram
- 6 Gold Loan Per Gram Rate Comparison for Major Banks
- 7 Tips to get the highest Gold Loan Amount Per Gram from Mizoram Rural Bank