State Bank of Mysore Agriculture Gold Loan

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State Bank of Mysore Agriculture Gold Loan

State Bank of Mysore Agriculture Gold Loan Per Gram Today is ₹ 2,900 to ₹ 3,450

State Bank of Mysore Agriculture 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
Margin in Gold Loan for the Bank 25% of the gold ornament’s market value

State Bank of Mysore Agriculture Gold Loan Per Gram Gold Loan Calculator

The Dialabank Gold Loan Calculator can provide you with an estimate of the amount of gold loan you can use based on the following factors:

  • Gold purity and net jewellery weight: An internal appraiser will be used by the bank to determine the purity and net worth—the value of the jewellery. Pure gold weighing between 18 and 24 carats must be used in jewellery. The State Bank of Mysore will reduce the weight of the gems in the jewellery to calculate the net weight of the jewellery. The appraiser will complete the appraisal.
  • Gold Price: The State Bank of Mysore can calculate the value of the gold by multiplying the gold by the gold price once the appraiser has determined the purity and net weight of the gold in the jewellery. The Reserve Bank of India directed the bank to charge an average of 22 karats of gold over the previous 30 days, with the charge adjusted based on the purity of the gold. As a result, if the gold is pure 20 karat gold, the gold’s value will be changed by multiplying the average price of 20 karats over 30 days by 20/22. Dialabank.com also displays the most recent gold exchange rate.
  • Loan-to-Value Ratio: The State Bank of Mysore will use up to 75 percent of the LTV to determine eligibility for the jewellery loan amount after calculating the value of the jewellery. If you are willing to borrow at a lower price than the higher LTV, the State Bank of Mysore Finance may be able to offer you a lower interest rate.

State Bank of Mysore Agriculture Gold Loan Eligibility

Particulars Details
Minimum Age of the Applicant 18 years
Maximum Age of the Applicant 60 years for salaried applicants and 65 years for self-employed applicants
Minimum Annual Income Rs. 100000 net annual income. for salaried individuals,

and Net profit Rs. 60000 p.m. for Self – Employed individuals

Car Model Any approved car model
Type of Employment Salaried or self-employed
Country or Place of Residence India (rural/semi-urban/urban areas)
Duration of Stay in Current Residence A minimum of 1 year

Documents Required for State Bank of Mysore Agriculture Gold Loan

Identity Proof Aadhar Card/Pan Card/ Passport/ Voter ID
Residence Proof  Aadhar Card /Pan Card/ Ration Card/ Utility Bills on the name of the applicant/ Rental Agreement of applicant/ Voter ID card.
Agriculture Proof ( only if applicable) Agriculture Land Ownership Proof

 

State Bank of Mysore Agriculture Gold Loan Rate Per Gram by Gold Purity

The table below calculates the State Bank of Mysore’s gold loan per gramme against various purity levels of gold jewellery 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

State Bank of Mysore Gold Loan Rates Per Gram

The current per gram rate for the State Bank of Mysore loans is ₹ 2,900 to ₹ 3,450. The LTV of 22 karat gold jewellery is estimated at 75%. Gold prices fluctuate on a daily basis based on loans per gramme.

Updated - Gold Loan Per Gram Rate w.e.f Jan 27 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

With the exception of a few lows in recent years, the table shows that gold price trends have always been increasing, indicating that gold has been a safe investment for a long time.

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

Major Banks Gold Loan Per Gram Rate Comparison
Feature
HDFC Bank
ICICI Bank
Muthoot Finance
Interest Rate
9.90%
10.50%
12%
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
Preclosure Chgs
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
2500
2600
2700*

Tips for obtaining the highest State Bank of Mysore Gold Loan Amount

  • The State Bank of Mysore accepts both marked and unmarked jewellery for gold loans. The State Bank of Mysore will provide you with the best gold mortgage per gram if you own one-of-a-kind jewellery because the appraiser will not undervalue your benefits. In addition, some financial institutions lower transaction prices for gold-plated jewellery.
  • The State Bank of Mysore gold loans has a purity of twenty-two carats of gold per gram. As a result, if you need to borrow the most gold State Bank of Mysore Agriculture Gold Loanmoney, you can do so from higher-purity jewellery whenever you want.
  • The State Bank of Mysore will determine the amount of your gold loan based on the net weight of the jewellery per gram. Select as few gems as possible for your jewellery. The weight of gemstones and rocks is usually deducted from the total weight of the jewellery by most banks. The net weight will be determined by the State Bank of Mysore’s gold appraiser’s analysis. As more diamonds and gemstones are added to a piece of jewellery, the overall weight and value of the piece decrease, allowing you to qualify for a lower gold loan.
  • In the gold sector, the standard strategy is to aim for the highest LTV. When calculating your eligible gold loan amount, the Reserve Bank of India has authorised the State Bank of Mysore to charge up to 75 per cent of the LTV.

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Illustration:

The purity of the gold, the LTV, and the gold burden all contribute to the mortgage amount.

Consider Aditya and his friends, Bhawani and Chhaya; each has a certain amount of gold of varying purity. Aditya owns 70 gram of 18-karat gold. Bhawani keeps 60 grams of 20-carat gold, while Chhaya keeps 50 grams of 22-carat gold.

They apply for a gold mortgage with the State Bank of Mysore Finance. The fee used to calculate their gold mortgage amount eligibility primarily based entirely on the maximum LTV of 75% will differ depending on the purity of gold, resulting in specific gold mortgage eligibility.

Carats / Weight Of Gold Gold Weight (In Gm) Purity Of Gold (In Carat) Gold Loan Eligibility
Aditya 70 18 Rs 2.60 Lakh
Bhawani 60 20 Rs 2.48 Lakh
Chhaya 50 22 Rs 2.27 Lakh

The State Bank of Mysore will offer Chhaya the lowest gold loan rate of Rs. 2.27 Lakh because she has the smallest gold weight of 50gm, as shown in the illustration above.
In the same example, the State Bank of Mysore will grant Aditya the highest gold loan amount of Rs 2.60 Lakh because he possesses the most gold weight.

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