Various Gold Loan Schemes are being offered by private and public sector banks in India to individuals engaged in agriculture and allied activities like raising crops, dairy, fisheries, poultry, fertilizers, poultry inputs, seeds, agricultural equipment etc. within India.
This article gives some insight into various gold loan schemes, interest rates and the eligibility criteria for applying for a gold loan.
Also read Gold Loan Vs Personal Loan - a comparison study.
SBI Agricultural Gold Loan
SBI offers up to Rs. 10L over a period of 3 years against 70-80% market value of the Gold deposited by a farmer. Interest rate per gram up to 1L is 4.25% above the base rate and 4.75% above 1L.
Following documents must be submitted to avail Gold Loan
- Application form duly filled
- DP note delivery
- 2 passport size photographs
- Gold ornaments
- Letter of witness
Processing fee for loans up to Rs. 25K is Rs. 500 and Rs. 1000 or 1% of the loan amount whichever is higher for amount above Rs. 25K.
State Bank of Travancore - AGRICULTURAL GOLD LOAN
Under this scheme SBT provides a maximum of 10L to all farmers to fulfill agricultural short term credit requirements for raising crops against gold ornaments.
The loan eligibility is calculated based on the crops under cultivation, possession, quality of the gold ornaments etc.
Federal Bank - Federal Agri Gold Loans
Federal Bank is offering up to Rs. 10L under this scheme to individuals engaged in agricultural and allied activities.
Currently 75% of market value of the ornaments is disbursed subject to a maximum of Rs.2150 per gram for one year and 80% of market value subject to a maximum of Rs.2250 per gram for 6 months.
Indian Overseas Bank - AGRICULTURAL JEWEL LOANS
All individuals engaged in Agricultural activities are eligible for this gold loan. Interest rate is 0.75 above base rate for loan amount up to Rs. 3L and base rate + 3 above Rs. 3L.
IDBI Bank - PSL Gold Loan Scheme
IDBI offers a minimum of Rs.10,000 and Maximum Rs.5L to individuals against pledge of gold for meeting the temporary cultivation needs, social obligations and medical emergencies.
Canara Bank - Gold Loans for Agricultural Purposes
Canara bank is providing a maximum of Rs. 3L subject to 80% of the value of the gold jewellery for various agricultural purposes.
Disclaimer
The information provided in this article is collected from various online and offline resources. Please contact the bank directly to know the latest interest rates, eligibility criteria and processing fee.
Y canara bank an exemption?
ReplyDeleteIT has hidden charges. They will contact( send letter to) you only after due date of the agri-gold loan. then naturally farmers get no subsidy.
ReplyDeleteThrough gold loan you can get cash in few minutes. There are lots of lenders in market providing the loan against gold at attractive rates. One needs to compare the Gold Loan Interest Rate and select the right lender. Visit the website or dial 600 11 600.
ReplyDeleteThese kind of loans are very beneficial for the applicant as if he clears the loan much earlier than the term mentioned, he will avail the facility of getting the next loan at an interest rate of 3 percent per annum.
ReplyDeleteThank you for the information you are providing to us it is helpful to me. Really a nice blogger you are.
ReplyDeleteI HAVE AVAILED A GOLD LOAN FOR RS.91000/- FROM SBI FOR AGRICULTURAL PURPOSES ON 19.09.2015 AND NOW IT DUE FOR CLOSURE. NOW I AM UNABLE TO RAISE THE TOTAL AMOUNT AND HENCE I REQUESTED THE BANK TO CLOSE THE EARLIER LOAN AND ALLOW ME A NEW LOAN, BUT THE BANK AUTHORITIES IS INSISTING TO CLOSE THE LOAN TODAY AND AVAIL A NEW LOAN ONLY ON TOMORROW. FOR CLOSING THE LOAN FOR GETTING THE AMOUNT ONLY WAY IS TO APPROACH BLADE MAFIA OR THE GOLD WILL BE SELLING BY BANK FOR CLOSING THE LOAN. WHY THE BANK AUTHORITIES IS INSISTING FOR CLOSING TODAY AND AVAILING FRESH LOAN ONLY AFTER A DAY.
ReplyDeleteGold loan is easy and effective way to create cash. Thanks for sharing such a useful information regarding loan.Keep sharing.
ReplyDeletesir at our branch they have charged 10.25% -10.15% interest for agriculture gold loan for the year 2014 -2015 is this interest applicable
ReplyDeletehi sir today cm is announced agri gold loan is cancelled.so i asking to one question for you.its eligible for all or not
ReplyDelete