Gold Loan

MGB Gold Loan Scheme

Maharashtra Gramin Bank offers Loan against Gold jewellery through all its branches. We offer a wide range of Gold loan products to cater all your needs

Purpose

To cater the credit needs for agdculture and allied activities or to cater the requirements of meeting personal expenditure of varied needs like marriage, higher education, medical emergencies, business, travel etc.
Purpose of loan will have to be specified along with an undertaking that loan will not be used for any speculative purposes.

Type of Facility: Term Loan & Cash Credit

Features & Benefits

Easy and hassle-free loan process.
Gold loans will be granted only to individuals.
Loan will be granted after getting the jewels duly appraised by the jewel appraiser engaged by the Bank.
22 carat Gold’s are accepted as security.
Quick Sanction.
No Processing fees.
Lowest rate of interest.
Maximum Loan repayment upto 36 Months.
Maximum Loan amount upto Rs 10.00 Lakhs.

Eligibility

All individuals including Bank Staff desirous of availing Gold Loan against Gold Jewellery / ornaments.

Limit

Lower of the two:

Rs.5040/- per gram of 22 carat Gold ornament, or 70% of the market value of the net weight of Gold ornaments excluding stones attached to ornaments/ Jewels to be pledge subject to maximum Rs 10.00 Lakh to an individual

Repayment

Bullet Repayment: The entire loan amount along with interest shall be repaid within 12 months from the date of sanction.
Other TL/CC: Maximum 36 months.