Mizoram Rural Bank Gold Loan Per Gram

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Mizoram Rural Bank Gold Loan Per Gram

Mizoram Rural Bank Gold Loan Per Gram is ₹ 2,900 to ₹ 3,450

Mizoram Rural Bank Gold Loan Per Gram Today Gold Loan Rate Per Gram Today is ₹ 2,900 to ₹ 3,450
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.

  • Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
  • Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
  • Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784

Mizoram Rural Bank Gold Loan Rates Per Gram

The following table shows Mizoram Rural Bank Gold Loan Per Gram Rates – Feb 09 2023

Updated - Gold Loan Per Gram Rate w.e.f Feb 09 2023

Gold Weight Gold Purity
24 Carat
Gold Purity
22 Carat
Gold Purity
20 Carat
Gold Purity
18 Carat
1 gram 4621 4290 3900 3510
10 gram 46210 42900 39000 35100
20 gram 93600 85800 78000 70200
30 gram 140400 128700 117000 105300
40 gram 187200 171600 156000 140400
50 gram 234000 214500 195000 175500
100 gram 468000 429000 390000 351000
200 gram 936000 858000 780000 702000
300 gram 1404000 1287000 1170000 1053000
400 gram 1872000 1716000 1560000 1404000
500 gram 2340000 2145000 1950000 1755000

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 1965 - 2022
Year Price (24 karat per 10 grams) Year Price (24 karat per 10 grams)
2022 ₹ 52,950 1993 ₹ 4,140
2021 ₹ 50,045 1992 ₹ 4,334
2020 ₹ 48,651 1991 ₹ 3,466
2019 ₹ 35,220 1990 ₹ 3,200
2018 ₹ 31,438 1989 ₹ 3,140
2017 ₹ 29,667 1988 ₹ 3,130
2016 ₹ 28,623 1987 ₹ 2,570
2015 ₹ 26,343 1986 ₹ 2,140
2014 ₹ 28,006 1985 ₹ 2,130
2013 ₹ 29,600 1984 ₹ 1,970
2012 ₹ 31,050 1983 ₹ 1,800
2011 ₹ 26,400 1982 ₹ 1,645
2010 ₹ 18,500 1981 ₹ 1,800
2009 ₹ 14,500 1980 ₹ 1,330
2008 ₹ 12,500 1979 ₹ 937
2007 ₹ 10,800 1978 ₹ 685
2006 ₹ 8,400 1977 ₹ 486
2005 ₹ 7,000 1976 ₹ 432
2004 ₹ 5,850 1975 ₹ 540
2003 ₹ 5,600 1974 ₹ 506
2002 ₹ 4,990 1973 ₹ 279
2001 ₹ 4,300 1972 ₹ 202
2000 ₹ 4,400 1971 ₹ 193
1999 ₹ 4,234 1970 ₹ 184
1998 ₹ 4,045 1969 ₹ 176
1997 ₹ 4,725 1968 ₹ 162
1996 ₹ 5,160 1967 ₹ 103
1995 ₹ 4,680 1966 ₹ 84
1994 ₹ 4,598 1965 ₹ 72

Gold Loan Per Gram Rate Comparison for Major Banks

Feature HDFC Bank SBI
Muthoot Finance
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
Overdraft Facility Yes Yes Yes
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 gold loan per gram
  • 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.

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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.