Madhyanchal Gramin Bank Gold Loan Per Gram

Madhyanchal Gramin Bank Gold Loan Per Gram Today is ₹ 72,800 to ₹ 78,350

In India, Madhyanchal Gramin Bank (MGBs) is a district rural bank. It was formed by the merger of three rural banks in the central Indian state of Madhya Pradesh, namely Madhya Bharat Bank, Sharda Grameen Bank, and Rewa Sidhi Grameen Bank, which were funded by State Bank of India, Allahabad Bank, and Union Bank of India. Saugor is where the organization’s headquarters is located. State Bank of India is the bank’s current sponsor. Damoh, Saugor, Shivpuri, Guna, Ashoknagar, Tikamgarh, Chhatarpur, Panna, Satna, Rewa, Sidhi, and Singrauli are among the 12 districts in Madhya Pradesh where Madhyanchal Gramin Bank has a presence.

Gold Loan Calculator Madhyanchal Gramin Bank

• The purity and net weight of gold in your jewellery will be determined by the bank’s in-house surveyor. The gold used in the jewellery should be between 18 and 24 carats pure.
• To calculate the net weight, the Bank will subtract the weight of gems and stones from the overall weight of the jewellery.
• The valuer evaluates the worth of your jewellery by multiplying the purity and net weight of gold in it by the current gold price.
• The bank will use an LTV of up to 75% to determine your jewel loan amount eligibility.
• They will be able to give you a lower interest rate if you are willing to take a loan amount that is less than your full LTV.

Madhyanchal Gramin Bank Gold Loan Rate Per Gram by Gold Purity

The table below depicts an estimation of Madhyanchal Gramin Bank Gold Loan Per Gram would provide against different purity levels of gold jewellery at a maximum LTV of 75% and a lower LTV of 65%.

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

Madhyanchal Gramin Bank Gold Loan Rates Per Gram

Madhyanchal Gramin Bank Gold Loan Per Gram is a secured loan acquired by a borrower in return for gold jewellery or other gold ornaments from a lender. Lenders can usually provide you with a loan based on a percentage of the gold’s value.

Historical Gold Loan Rates Per Gram

Gold Loan Per Gram Rate Comparison for Major Banks

Tips to getting Best Gold Loan Amount Per Gram from Madhyanchal Gramin Bank

• The bank supports both hallmarked and non-hallmarked jewellery for a gold loan.
• On the other hand, some banks charge lower transaction fees for hallmarked gold jewellery.
• Borrowing against higher purity jewellery would also get you the most money when it comes to a gold loan.
• Jewels with the fewest gems and stones available are preferred. The majority of banks will deduct the weight of gems and stones from the total weight of the jewellery.
• The Bank would not approve it if the gold used in the jewellery is lower than 18-carat purity.
• The RBI helps the bank to calculate the amount of gold loan you owe by using a maximum LTV of up to 75%.

Example: The loan sum is determined by the purity of gold, the LTV, and the weight of gold. Assume Mr Ram and his two mates, Mr Kesav and Mr Ashwith, each own differing quantities of gold of various purity. Mr Ram owns 70 grammes of gold with an 18-carat purity. Mr Kesav has 60 grammes of gold that is 20 carats pure, while Mr Ashwith has 50 grammes of gold that is 22 carats pure. They apply for a gold loan. The price used to determine their gold loan sum eligibility based on a maximum LTV of 75% would vary depending on the purity of gold, resulting in different Madhyanchal Gramin Bank Gold Loan Per Gram eligibility.

Mr Ashwith, who has the smallest gold weight of 50gm, will receive the lowest gold loan rate of 2.27 Lakh from the Bank, as seen in the illustration above. Since Mr Ram has more gold weight, the Bank will give him the highest gold loan sum of Rs 2.60 lakh in the same example.

Madhyanchal Gramin Bank Gold Loan Per Gram FAQs

✅ What is Madhyanchal Gramin Bank Gold Loan scheme?

Madhyanchal Gramin Bank gold loan is a scheme that provides a loan against your gold. Any person in need of quick lump sum money can avail of this facility that is offered by Madhyanchal Gramin Bank and other leading banks and non-banking financial companies. The current rate for Madhyanchal Gramin Bank Gold Loan Per Gram is ₹ 3,506 to ₹ 4,621.

✅ How much Gold Loan can I get per gram in Madhyanchal Gramin Bank?

Depending upon the purity of your gold. Madhyanchal Gramin Bank Gold Loan Per Gram ₹ 3,506 to ₹ 4,621.

✅ How is Madhyanchal Gramin Bank Gold Loan Per Gram calculated?

The Madhyanchal Gramin Bank Gold Loan Per Gram amount depends upon the purity of one’s gold and the current market gold rate. Madhyanchal Gramin Bank Gold Loan Per Gram interest rate is then calculated based upon several factors, including loan amount, loan tenure, relationship with the lender, and loan to value ratio.