
With a focus on the inherent value of the pledged gold, gold loans has become one of the most popular option for getting instant funds. Get your secured Mahabank Gold Loan that comes with no hidden charges and quick sanction, ensuring a swift financial solution for you.
With Bank of Maharashtra Gold Loan scheme, leverage the value of your gold assets to generate more happiness for you!
Repayment Type | Margin |
---|---|
Bullet Repayments (Maximum 12 months) | 30% |
In all other cases (TL/CC) | 25% |
LTV ratio 75% is to be maintained throughout the tenure of the Loan. (Total outstanding Including int./Value of Gold)
Pledge of gold jewellery/ ornaments.
Bank shall not grant any advance against bullion / primary gold
All Individuals including Bank staff desirous of availing Gold Loan against Gold Jwellery / ornaments.
The applicant should satisfy the KYC guidelines.
Rs. 5305/- per gram of 22 carat gold ornament or 75% of the market value of the net weight of the Gold Ornaments excluding stones attached to the ornaments / jwellery to be pledged, whichever is less
Note : Scale of Finance will be reviewed from the time to time
The maximum repayment period is 24 Months. Repayment should be fixed in terms of monthly / quarterly / half yearly / Yearly.
Interest:Interest should be charged on monthly basis and should be serviced as and when applied
The repayment period of such loans shall not exceed 12 months. Bullet Repayment of Interest & Principal at the end of term. Interest will be charged to the account at monthly rests but will become due for payment along with Principal only at maturity.
Annual Review subject to entire amount to be repaid once in year.
Interest :Interest should be charged on monthly basis and should be serviced as and when applied
As the name suggests this is the loan given against gold. It’s a secured loan that enables borrowers to pledge their gold in lieu of a cash loan. It enables people to utilize their gold assets instead of storing them in lockers.
A gold loan is a method of availing finance/loan against your gold ornaments or jewellery such as bangles, necklaces, bracelets, earrings, pendants, gold coins (issued by Banks Only in tamper proof packaging) etc.
Under the extant guidelines, Rs. 5305/- per gram of 22 carat gold ornaments Or 75% of the market value of the net weight of the Gold ornaments excluding stones attached to ornaments/jewellery to be pledged, whichever is less, that much loans sanctioned by banks against pledge of gold ornaments and jewellery.
You can start the process of applying for a Best Gold Loan in any of the following ways:
Gold loan rate of Interest are fixed and offered as on date of Loan disbursement. Bank of Maharashtra’s Lowest Gold Loan Interest rate starts from 9.05% p.a*., subject to change as per RBI norms and at the discretion of the bank.
Monthly compounding interest is charged, which the borrower has to pay at the specified periodicity or at the closure of loan, whichever is earlier. The interest rate is fixed and calculated on a reducing balance basis.
*Gold Loan under retail advances
A PAN card is not a mandatory document to apply for a gold loan. However, the applicant should satisfy the KYC guideline.
All individuals including bank staff can avail the gold loan against gold ornaments / jewellery from Mahabank.
There is No charges for Documentation and Inspection. Processing charges will be varying on loan amount and right now ‘NIL’ up to loan of Rs. 10.00 lakh.
While availing Bank Of Maharashtra Gold Loan No Guarantor is required.
No, a CIBIL score is not required when availing a Mahabank gold loan. The eligibility criteria for a gold loan does not include a credit score or credit check of any sorts - only the KYC documents required for gold loan should be submitted.
The gold loan interest is calculated differently and is set by the bank.