About Agriculture Gold Loan
There are times in everyone’s life when one goes through the hard times because of the deficiencies in his life’s finances. But, because the banks and NBFCs give the loan on the gold collaterals, one can get funds to fulfill his desires.
Agriculture Gold Loans are generally low-interest loans that farmers can get to run their farming business, buy agricultural land, or farming equipment. When you utilize the lending amount for agriculture purpose is known as agriculture Loan. Overall, it helps farmers run their businesses more efficiently.
What is Gold Loan?
Moreover, the gold collaterals are very safe with the banks and NBFCs. Loan against gold is the financial assistance which is abbreviated as Gold Loan. In this service, the customer has to submit the gold in any form to the bank in the form of collateral against the loan sum.
At present, Gold Loan per Gram is ₹ 5,121.
Features of Agriculture Gold Loan Rate
- Easy repayment plans
- The consumer can renew the gold loan amount on demand
- Simple loan disbursement
- No processing charges for loan approved for agriculture purposes
- Low rates of interest
- Some banks also offer overdraft facility (where farmers can withdraw money with Cheque book or ATM cards as per preference)
Why Dialabank for online Agriculture Gold Loan?
- Firstly Dialabank offers a very easy process of application for agriculture gold loan
- The applicant gets a good comparison of the gold interest rates of other banks as well.
- The company provides the document pick up facility from your doorstep.
- You will get the best as well as the lowest interest rate. For more information, call 9878981166 anytime
It takes an hour to submit your application along with all the necessary documents and submit your gold as security.
Best Banks For Agricultural Gold Loan
TABLE TO BE ADDED
Agriculture Gold Loan Rate of Interest, Tenure, Loan Amount
|Agricultural Gold Loan Interest Rate||7.0% p.a.|
|Collateral Security||Gold Ornaments|
|Tenure||6 months to 5 years|
|Maximum Loan Amount||Depends on Gold Weight|
Agriculture Gold Loan Amount Determination
Bank or NBFC will take into record the following factors before approving loan amount to the applicant:
- For crop generation, the quantum of loan will be assessed on the evidence of the scale of finance
- The actual amount of credit demand by the applicant
- 75% of the appraised worth of gold ornaments of 22-carat fineness
- Repayment capacity of the candidate
Agriculture Gold Loan Documents Required
Only the people who are involved in agricultural activities can get Agricultural Gold Loan.
The basic documents that are required are:
|Form||Duly filled application form|
|Proof of Identity||Copy of:
Voter ID card
|Proof of Address||Rent Agreement (Min. 1 year of stay)
Passport (Proofs of permanent residence)
|Photographs||2 passport sized Photographs|
|Agriculture Proof||Agriculture Land Ownership Proof|
Agriculture Gold Loan Additional Documents Required
|Land Proof||In the case of Agriculture Loan on the gold of more than Rs. 1 lakh the proof is not needed for allied agriculture purposes|
|Demand Promissory Note||Certificate by the Jewel Appraiser (Bank will arrange)|
|Income Proof||Salary Certificate and Form No.16|
|KCC Kisan Credit Card||a Card issued to all farmers including small and marginal farmers, tenant farmer, and oral lessees|
Agriculture Gold Loan Eligibility Criteria
|Occupation Criteria||short term crop production|
|Age Criteria||not less than 18 years|
|Gold Quality||18 karats to 22 karats|
Purpose of Agriculture Gold Loan
- Buy land for agriculture purposes.
- Buy farming equipment as well as cover operating expenses
- Buy livestock
- Cover storage/warehouse expenses
- Help with the marketing expenses
- Rural housing-related projects
- Consumption requirements(for marriage, education, religious/family functions)
Agriculture Gold Loan Subsidy 2020
The Agriculture and Farmer’s Welfare Ministry had published last year that agriculture jewel loans and short term crop loans availed from October 1, 2019, would fit for subsidy only if these loans are converted as KCC (Kisan Credit Card) accounts on or before 30th June 2020.
The interest rate for agriculture Gold loan up to Rs 1 lakh was 7% p.a which was raised to 9.5%. Now, the interest subsidy of 2% and another 3% as a prompt repayment incentive takes down the annual interest on these investments to 4.5 % p.a.
Agriculture Gold Loan Waiver Scheme
Telangana government declared waiver of all outstanding crop loans of farmers up to Rs 1 lakh paid in the state by commercial banks, cooperative credit organizations including urban cooperative banks and regional rural banks. As per the information, the amount would be distributed to each farmer exclusively in the form of cheques through their respective local legislators. As per the guidelines for the crop loan waiver-2018 scheme, the waiver will be suitable for all crop loans sanctioned or renewed on or after April 1, 2014, and excellent as on December 11, 2018. However, the waiver amount doesn’t include processing charges, legal costs, insurance, inspection charges, and any other such costs.
FAQ for Agriculture Gold Loan
Q. How can I avail agriculture gold loan?
ANS. Only you have to fill the form the above form after that we will call you back and tell you the best Bank/NBFC’s from which you can avail Agriculture gold loan.
Q. What is the agricultural loan scheme?
ANS. The Scheme which is a sub-component of the Federal Government of Nigeria s Commercial Agriculture Development Programme (CADP) is financed through an N200billion Bond raised by the (DMO) Debt Management Office. Besides that Loans to eligible entities under the Scheme are disbursed at a maximum interest of 9 percent.
Q. What is Agriculture Gold Loan Rate of Interest?
ANS. 9.95% p.a. interest will be applicable to the outstanding amount after the interest subvention period.
Q. What is Agriculture Gold Loan Purpose?
ANS. To provide a quick credit to the agriculturist community to meet their emergency need for Agricultural as well as domestic purposes for tiding over a temporary situation.
Table of Contents
- 1 About Agriculture Gold Loan
- 2 Features of Agriculture Gold Loan Rate
- 3 Why Dialabank for online Agriculture Gold Loan?
- 4 Best Banks For Agricultural Gold Loan
- 5 Agriculture Gold Loan Amount Determination
- 6 Agriculture Gold Loan Documents Required
- 7 Agriculture Gold Loan Additional Documents Required
- 8 Agriculture Gold Loan Eligibility Criteria
- 9 Purpose of Agriculture Gold Loan
- 10 Agriculture Gold Loan Subsidy 2020
- 11 Agriculture Gold Loan Waiver Scheme