Allahabad Bank Agriculture Gold Loan

Allahabad Bank Agriculture Gold Loan Features & Benefits

Allahabad Bank Agriculture Gold Loan Today Allahabad Bank Agriculture Gold Loan rate Today is ₹ 3,506 to ₹ 4,621
Loan Amount Any amount from Rs.1,000 to Rs.10 crore*
Interest Rate 7.00% onwards (p.a.)
Repayment Options Lumpsum, EMI, as per the lender
Gold Items accepted Gold ornaments verified for quality and quantity
Tenure Starting from 1 month to 36 months
Processing Fee Nil-1% of the loan amount

Allahabad Bank was established in 1865 in Allahabad and is a wholly-owned subsidiary of Indian Bank, which has its headquarters in Kolkata, India. India is a country in Asia. The bank celebrated its 150th anniversary on April 24th, 2014. Allahabad was India’s oldest joint stock bank until it merged with the Indian Bank in 2020.

Allahabad Bank had around 3245 branches across India as of March 31, 2018. During the fiscal year 2017–18, the bank transacted a total of INR 3.8 trillion in transactions. The bank had a market capitalization of US$573 million in June 2018 and was rated #1,882 on the Forbes Global 2000 list. Finance Minister Nirmala Sitharaman announced the merger of Allahabad Bank and an Indian bank on August 30, 2019.

Allahabad Bank Agriculture Gold Loan Calculator

Farmers can use the Allahabad Bank Agriculture Gold Loan to generate finance for planting and harvesting crops by securing cash with promised gold. But it’s also crucial to comprehend the loan’s conditions, which may be done with the use of an online EMI calculator, which displays the monthly EMI costs for the amount necessary. The following are some of the elements that influence EMI calculation:

  • The amount of a gold loan you may be eligible for is determined by the value of the jewellery you may put up as collateral with the bank. Banks frequently provide a jewel loan per gramme of gold, which varies according to the purity of the gold and the available loan-to-value ratio. Banks provide cheaper interest rates on greater quantities. Allahabad Bank offers loans ranging from Rs. 5,000 to Rs. 20 lakh.
  • Account-holders at Allahabad Bank are entitled to special rates, bonuses, and fees. For customers who have paid their gold loans on time in the past, Allahabad Bank provides low-interest rates.
  • Shorter-term gold loans have higher interest rates, whereas longer-term gold loans have lower interest rates. Gold loans are available from Allahabad Bank for a period of 6 to 12 months.
  • The RBI has established a maximum gold loan-to-value (LTV) ratio of 75 per cent for gold jewellery. On the other side, Allahabad Bank provides loans with lower LTVs. The interest rate on a loan with a lower LTV will be lower than on a loan with a higher LTV. Based on the net weight of gold in your jewellery, Allahabad Bank provides a maximum LTV of 75%.
  • Gold loans for agricultural purposes come under Allahabad Bank’s priority sector lending requirements, all banks, including Allahabad Bank, provide them at low concessional rates. The interest rate for agricultural loans at Allahabad Bank is normally 1-2 per cent lower than the interest rate on gold loans for regular customers.

Allahabad Bank Agriculture Gold Loan Eligibility

Type of Requirments Needs
Basic requirements  The applicant must comply with the lender’s KYC requirements.
Age requirements The minimum age is 18 and the maximum age is 65.
Special requirements  Applicants are active in agricultural or associated activities 
Legal requirements Applicants involved in activities categorised as agricultural by the GOI/RBI.

Documents Required for Allahabad Bank Agriculture Gold Loan

Kind of Applicants Documentation
Documentation requirement for Salaried/Self Employed/Professionals
  • Filling out the application form completely and attaching passport-sized photos
  • Documents proving the applicant’s identity: Passport, voter identification card, PAN card, Aadhaar card, driver’s licence, and utility bills are some of the documents you’ll need (Water and Electricity)
  • Proof of agricultural land under the applicant’s name
  • Proof that the crop can be cultivated
  • Certificate of Incorporation for a Business
  • Any other documents that the lender requires

Allahabad Bank Agriculture Gold Loan Rate Per Gram by Gold Purity

The Allahabad Bank is an Indian bank. Agriculture Gold Loan from Allahabad Bank is a specialised programme that is frequently offered by both governmental and private organisations. India is an agricultural-intensive country because agriculture has been practised by a major section of the people from ancient times.

Agriculture gold loans from banks start at a rate of 7.00 per cent per year and go up from there. Agriculture gold loan interest rates, as well as eligibility, repayment periods, fees, and penalties, will vary from bank to bank.

Gold Purity Gold Rate Per Gram- Average Of Past 30 Days Highest Gold Loan Per Gram Lowest Gold Loan Per Gram
22 carat ₹ 4,620 ₹ 4,999 ₹ 4,956
20 carat ₹ 3,939 ₹ 4,178 ₹ 3,795
18 carat ₹ 3,545 ₹ 3,784 ₹ 3,460

The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
  • Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
  • Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784

Allahabad Bank Agriculture Gold Loan Interest Rates Per Gram

The value of the gold loan rate of interest offered to clients under the Allahabad Bank Agriculture Gold Loan is as follows:

Updated - Gold Loan Per Gram Rate w.e.f Jun 17 2021

Gold Weight Gold Purity
24 Carat
Gold Purity
22 Carat
Gold Purity
20 Carat
Gold Purity
18 Carat
1 gram 4621 4290 3900 3510
10 gram 46210 42900 39000 35100
20 gram 93600 85800 78000 70200
30 gram 140400 128700 117000 105300
40 gram 187200 171600 156000 140400
50 gram 234000 214500 195000 175500
100 gram 468000 429000 390000 351000
200 gram 936000 858000 780000 702000
300 gram 1404000 1287000 1170000 1053000
400 gram 1872000 1716000 1560000 1404000
500 gram 2340000 2145000 1950000 1755000

Historical Gold Loan Rates Per Gram

Because of India’s colonial past and richness of natural resources, our country’s soil is able to nurture a broad range of plants and vegetation. Different parts of the nation have their own distinct geographical characteristics that aid in the development and sustainability of various crops and plants.

Despite the fact that farming is a major occupation in the country, the bulk of it is done for subsistence.

With existing technologies, commercial farming in the nation is not carried out on a big enough scale. To solve this, the market provides a number of gold loans designed specifically for agriculture, such as the Allahabad Bank Agriculture Gold Loan.

This Table Contains the Average Annual Gold Rate from 1964 - 2021
Year Price (24 karat per 10 grams) Year Price (24 karat per 10 grams)
1964 ₹ 63.25 1993 ₹ 4,140.00
1965 ₹ 71.75 1994 ₹ 4,598.00
1966 ₹ 83.75 1995 ₹ 4,680.00
1967 ₹ 102.50 1996 ₹ 5,160.00
1968 ₹ 162.00 1997 ₹ 4,725.00
1969 ₹ 176.00 1998 ₹ 4,045.00
1970 ₹ 184.00 1999 ₹ 4,234.00
1971 ₹ 193.00 2000 ₹ 4,400.00
1972 ₹ 202.00 2001 ₹ 4,300.00
1973 ₹ 278.50 2002 ₹ 4,990.00
1974 ₹ 506.00 2003 ₹ 5,600.00
1975 ₹ 540.00 2004 ₹ 5,850.00
1976 ₹ 432.00 2005 ₹ 7,000.00
1977 ₹ 486.00 2006 ₹ 8,400.00
1978 ₹ 685.00 2007 ₹ 10,800.00
1979 ₹ 937.00 2008 ₹ 12,500.00
1980 ₹ 1,330.00 2009 ₹ 14,500.00
1981 ₹ 1,800.00 2010 ₹ 18,500.00
1982 ₹ 1,645.00 2011 ₹ 26,400.00
1983 ₹ 1,800.00 2012 ₹ 31,050.00
1984 ₹ 1,970.00 2013 ₹ 29,600.00
1985 ₹ 2,130.00 2014 ₹ 28,006.50
1986 ₹ 2,140.00 2015 ₹ 26,343.50
1987 ₹ 2,570.00 2016 ₹ 28,623.50
1988 ₹ 3,130.00 2017 ₹ 29,667.50
1989 ₹ 3,140.00 2018 ₹ 31,438.00
1990 ₹ 3,200.00 2019 ₹ 35,220.00
1991 ₹ 3,466.00 2020 ₹ 48,651.00
1992 ₹ 4,334.00 2021 ₹ 50,045.00

Major Banks Agriculture Gold Loan Per Gram Rate Comparison 

Due to India’s diversified economic structure, the government owns and sponsors a large number of financial institutions. A comparison of numerous public and private banks follows:

Feature
HDFC Bank
ICICI Bank
Muthoot Finance
Interest Rate
9.90%
10.50%
12%
Min Loan Amt
Metro : 25000, Non : 15000
25000
15000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
3 months to 24 months
9 months to 24 months
1 month to 24 months
Processing Fee
0.25% to 1.50% of the Loan Amt
0.25% to 1.50%
Nil
Preclosure Chgs
2%, Nil foreclosure charges after 3 months
2%, Nil foreclosure charges after 9 months
Nil
Overdraft Facility
Yes
Yes
Yes
Pay Only Interest Facility
Yes
Yes
Yes
Gold Rate Per Gram
2500
2600
2700*

Tips to Get The Highest Agriculture Gold Loan Amount from Allahabad Bank

Any farmer may get an agriculture gold loan from one of the numerous loan providers on the market, but applicants must keep the following points in mind to get the best deal and prevent fraud and other financial troubles.

  • Amount of money received: The value of the gold you put up as security determines the loan amount since a gold loan is secured. The Reserve Bank of India has declared it unlawful for banks and non-bank financial companies (NBFCs) to lend more than 75% of gold’s value.
  • Loan Disbursement Time: Because these loans require very little paperwork, they are usually released within a few hours after receiving the loan application. Because of this aspect, a gold loan is a realistic option for addressing financial problems.
  • The loan’s term and repayment choices: Gold loans are short-term loans with a variety of repayment choices and payback periods ranging from seven days to three years. Borrowers can choose to repay the entire interest amount now and the principle component later at the conclusion of the loan period, in addition to the traditional EMI repayment option.
  • Interest rates: Because the lender’s risk assessment determines the interest rate on a gold loan, it can range from 9.24 per cent to 26 per cent each year. Lenders set the interest rate on gold loans based on the LTV ratio, loan length, loan amount, and other factors.
  • Processing fees and charges: These are the costs that lenders incur when your gold loan application is processed. It usually ranges between 0% and 2% of the total loan amount. Some lenders may charge a set fee. Check this fee before submitting your loan application, since it might be substantial in the event of a large-ticket loan.
  • Prepayment/foreclosure fees: Most lenders will not charge you a fee if you pay off your gold loan early. Certain lenders may charge up to 2.25 per cent of the outstanding amount if the loan is closed before the term is completed.
  • Purity and value of gold pledged: Two of the most important elements in determining the loan amount are the purity and kind of gold pledged. Any type of gold adornment, jewellery, or coins can be used as collateral.