About Agriculture Gold Loan
There are times in everyone life when one go through the hard times because of the shortages 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 dreams.
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 business more efficiently.
What is Gold Loan?
Moreover, the gold collaterals are very safe with the banks and NBFCs. Loan against gold is a financial service 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 amount.
Agriculture Gold Loan Rate of Interest
Limit Up to Rs. 3 Lac – 7% p.a (During interest subvention period)
Above Rs. 3 Lac – 9.95%
9.95% p.a. interest will be applicable on the outstanding amount after interest subvention period
Collateral Security – Pledge of gold ornaments
Tenure – Minimum tenor six months and maximum five years.
As per the terms and instructions of the RBI, no separate security is needed for agriculture loans up to Rs. 1 Lakh. For crop loans extending beyond Rs. 1 lakh, security might be required, and the individual bank decides the kind of collateral as per RBI guidelines.
What can an agriculture gold loan be used for?
An agriculture gold loan could potentially help the agriculturist to:
Buy land for agriculture purpose.
Buy farming equipment as well as cover operating expenses
Cover storage/warehouse expenses
Help with the marketing expenses
Agriculture Gold Loan Eligibility
1. Firstly, All farmers engaged in short term crop production
2. Secondly, The age of the customer should not be less than 18 years.
3. Thirdly, The applicant should be a citizen of India.
4. The quality of the gold should be 18 karats to 22 karats.
Documents required for Agriculture Gold Loan
Banks sanction agricultural loans, both long-term as well as short-term to farmers for agricultural purpose. The document needed to avail agriculture gold loan is very less. However, banks/ NBFCs demand the following documentation of farming loans:
1. Firstly, an Identity Proof is required. It can be an Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport.
2. Secondly, One proof of residence is also required while applying for a gold loan; it can also be an Aadhar Card/ Card/ Voter ID card/ PAN Card/Driving License/ passport/Ration Card/Electricity/water bills of last three months with the name of the applicant.
3. Two colored photographs.
Additional Documentation for Agriculture Gold Loan
The bank needs a Proof of ownership of Land if you are applying for an agriculture gold loan.
1. Land Proof – In the case of Agriculture Loan on gold of more than Rs. 1 lakh the proof is not needed for allied agriculture purposes.
2. Required a Demand Promissory Note – Certificate by the Jewel Appraiser (Bank will arrange).
3. Besides Income Proof of Salary Certificate as well as Form No.16
4. KCC Kisan Credit Card – This is a card issued to all farmers including small and marginal farmers, tenant farmer, and oral lessees
Why Dialabank for online Agriculture Gold Loan?
1. Firstly www.dialabank.com offers a very easy process of application for agriculture gold loan
2. After that, the applicant gets a good comparison of the gold interest rates of other banks as well.
3. Furthermore, the company provides the document pickup facility from your doorstep.
4. Lastly, you will get the best as well as the lowest interest rate. Moreover, for more information call 9592046860 or 60011600 with your city code.
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 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 on the outstanding amount after 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.