Mizoram Rural Bank Gold Loan Features
Mizoram Rural Bank Gold Loan is available to individuals with repayment 
capacity at an annual interest rate of 10.70%. Mizoram Rural Bank is the largest bank network in Mizoram. It is jointly owned by the Government of India, State Bank of India and the Government of Mizoram.
Gold Loan is a secured form of loan which is offered by pledging your gold ornaments or jewellery, etc. with the bank. Once a proper evaluation of your gold is done by the bank, the loan amount is ascertained.
The various features of Mizoram Rural Bank Gold Loan are:
- Attractive rate of interest at 10.70%.
- Minimal documentation is required.
- Loan tenure of 1 to 4 years.
- Income proof is not required.
- Negligible foreclosure charges.
- No need to provide any other collateral with the bank except your gold ornaments.
Mizoram Rural Bank Gold Loan Eligibility
| Minimum and Maximum Age |
21 Yrs – 65 Yrs
Note: However, many banks require a minimum age of 23 years |
| Loan Amount |
Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
Interest rates are lower for a higher loan amount |
| Employment Type |
Salaried and self-employed both are eligible
Businessmen are increasingly taking gold loans to meet their working capital requirements. In fact, housewives, senior citizens who are not eligible for other loans because they have no income proof can easily avail of gold loans. |
| Quality of Gold |
Gold ornaments should range in between 18 to 24 Carats
An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22 |
| CIBIL Score |
Banks do not check CIBIL score for granting a gold loan
However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score |
| Gold ornaments that can be used for availing loan |
Gold bars and coins
Gold with 18-24 carat purity |
| Employment track record and income proofs |
Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.
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Mizoram Rural Bank Gold Loan Documents Required
| List of Documents |
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Passport (Not expired)
Driving license (Not expired) Voters’ ID Card Aadhaar Card issued by UIDAI PAN (Permanent Account Number) Card (along with any of the above-mentioned documents) or Form 60 One Passport Size Photograph Agri Allied Occupation Documentation( in case of bullet repayment for agriculture customers) |
Mizoram Rural Bank Gold Loan Approval Process
- Visit the nearest branch of the bank.
- Fill out the application to apply for Gold Loan.
- Provide all necessary documents like KYC Documents, etc. to the bank.
- Take your gold to the bank for its evaluation.
- Evaluate and negotiate loan terms with the bank’s representative like loan amount, tenure, payment options, fees if any, etc.
- After due evaluation of your application, the loan will be granted to you.
You can also apply with Dialabank for a hassle-free process or simply call us at 9878981166.
FAQs on Mizoram Rural Bank Gold Loan Approval Process
✅ What is a Gold Loan?
A gold loan is a secured loan that is offered by a bank or a financial institution against your gold (collateral). The purity of your gold ornament should be 18k to 22k. After the bank receives the gold, they evaluate the purity and quality of gold on the basis of which loan is granted to you.
✅ Which gold ornament is required to avail a Gold Loan?
Banks require gold ornament such as your jewellery of purity of 18k to 22k. Many banks do not accept gold bars and gold coins for Gold loans.
✅ Do I require a CIBIL score to avail of a Gold Loan?
Since Gold Loan is a secured type of loan, many banks and financial institutions do not require your CIBIL/credit score.
