Bank of Baroda Agriculture Gold Loan

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AT LOWEST INTEREST RATE

⍟  Highest Rate Per Gram
⍟  Lowest Interest Rate of 0.79% p.m.

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    Bank of Baroda Agriculture Gold Loan

    Bank of Baroda Agriculture Gold Loan Features & Benefits

    Bank of Baroda Agriculture Gold Loan Today Bank of Baroda 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

     

    Bank of Baroda Agriculture Gold LoanOn September 17, 2018, the Indian government announced Bank of Baroda, Vijaya Bank, and Dena Bank to become India’s second-largest lenders. With a combined business of Rs14.82 trillion (short scale), the merger is its first three-way consolidation of banks, making it the country’s third-largest bank behind State Bank of India (SBI) and ICICI Bank. On July 20, 1908, the bank was created in the Princely State of Baroda, Gujarat, by Maharaja Sayajirao Gaekwad III, Maharaja of Baroda.

    On July 19, 1969, the Indian government nationalised the bank and 13 other major commercial banks in the country; the bank was declared a profit-making public sector entity.

    Bank of Baroda Agriculture Gold Loan is a loan specially designed to help the farmers of our country provide them with the fund to undertake the expenses of growing and harvesting crops on their land and improve their yield by employing new and more efficient machinery with the secured funds.

    Bank of Baroda Agriculture Gold Loan Calculator

    Like all gold loans, the Bank of Baroda Agriculture Gold Loan also requires recipients to pay EMIs monthly or at a selected time interval. Therefore, employing an online EMI Calculator before applying for the loan is a reasonable and healthy step to under all the expenses linked to the loan. Some of the concerns of an EMI calculator are as follows:

    • Bank of Baroda Agriculture Gold Loan is a secured loan made by banks and non-bank financial companies (NBFCs) against the applicant’s own gold, which is maintained as collateral or security with the lender. 
    • Financial organisations provide gold loans by using the borrower’s own gold jewellery, coins, or ornaments as collateral or security, which is returned to the borrower upon timely and complete repayment of the loan. A loan secured by gold jewellery is often issued for short to medium-term periods. 
    • To apply for this loan with one of India’s main banks, an individual must own gold and be at least 18 years old, with a maximum age of 70 years.
    • Most banks and non-banking financial companies (NBFCs) provide gold loans at reasonable interest rates in India, with low EMIs and flexible repayment choices.

    Bank of Baroda 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 Bank of Baroda 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

    Bank of Baroda Agriculture Gold Loan Rate Per Gram by Gold Purity

    Bank of Baroda Agriculture Gold Loan is a specialised program run usually by governmental and private banks alike. India is an agriculture intensive country as agriculture is being practised by a major part of the population since ancient times.

    Agriculture gold loans issued by banking institutions start at a rate of 7.00 per cent per year and go up from there. Interest rates for agriculture gold loans and eligibility, repayment terms, and 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

    Bank of Baroda Agriculture Gold Loan Interest Rates Per Gram

    The value of gold loan rate of interested provided to the customers under  Bank of Baroda  Agriculture Gold Loan is represented as under:

    Updated - Gold Loan Per Gram Rate w.e.f Sep 25 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

    India’s colonial past and the richness of natural resources have made our country’s land grow all kinds of plants and vegetation. Different parts have their independent geographical features that support and boost different varieties of crops and plants. 

    Even though farming is a significant occupation in the country, it is mostly subsistence farming by virtue. 

    The country’s commercial farming is not practised with the use of modern technology at a sufficient scale. Various gold loans focused on agriculture like the Bank of Baroda  Agriculture Gold Loan are present in the market to remedy this. 

    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 

    A large number of financial institutions in India are state-owned and supported due to the mixed economic system of India. A comparison of some banks, both public and private, are as under:

    Feature HDFC Bank SBI
    Muthoot Finance
    Interest Rate 9.90% onwards 7% onwards 12% onwards
    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
    Pre-closure Charges 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 3066 3073 3073

    Tips to Get The Highest Agriculture Gold Loan Amount from Bank of Baroda

    Agriculture gold loans as a debt have certain advantages over common Gold Loans. These can be highlighted as under: 

    • Easy Loan Process: Simple and hassle-free loan application and distribution of funds.
    • Low-Interest Rates: When compared to other types of loans, interest rates can be as low as 7%.
    • Repayment Schedule that is Convenient: You have the option of paying the entire amount in one lump sum or through EMIs.
    • Minimal Documentation: The documentation for a gold loan for agriculture is pretty straightforward.
    • Security for collateral: Gold is stored securely in bank vaults and is returned to the consumer after the loan is repaid in full.
    • Loan Renewal Option: Some banks also provide the option of renewing a loan.

    Any agriculturist can get an agriculture gold loan from various loan providers in the market, but still, to get the best value and to protect themselves from fraud and other financial hassles, it is important that the applicants must keep an eye on these points:

    • Loan amount: Because a gold loan is secured, the loan amount is based on the value of the gold you deposit as security. The Reserve Bank of India has prohibited banks and non-bank financial companies (NBFCs) from providing gold loans of more than 75% of the gold’s value.
    • Interest rates: Because the lender’s risk assessment sets the interest rate for a gold loan, it can range from 9.24 per cent to 26 per cent per annum. Lenders use the LTV ratio, loan duration, loan amount, and other parameters to establish the interest rate on gold loans.
    • Processing fees: Processing fees are the costs that lenders incur while processing your gold loan application. It usually ranges from 0% to 2% of the total loan amount. Some lenders also charge a flat fee. Check this fee before submitting your loan application since it might be a considerable sum in the event of a large-ticket loan.
    • The time it takes for a loan to be disbursed: These loans require little paperwork and are usually disbursed within a few hours of submitting the loan application. This aspect makes a gold loan a wise option for dealing with financial difficulties.
    • Duration and repayment of the loan: Gold loans are short-term loans with payback terms ranging from 7 days to 3 years and offer various repayment choices. Borrowers can opt to return the entire interest amount now and the principle component later after the loan term, in addition to the traditional EMI repayment method.
    • Prepayment/foreclosure fees: Most lenders do not impose a fee if you early pay off your gold loan. However, specific 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: One of the essential elements in determining the loan amount is the purity and kind of gold promised. Therefore, any gold adornment, jewellery, or coins may usually be used as collateral.

    Bank of Baroda Agriculture Gold Loan FAQs

    What is the interest rate for Bank of Baroda agriculture gold loan?

    Bank of Baroda Agricultural Gold Loans starts at an interest rate of 7% per annum. For the Bank of Baroda Agricultural Gold Loan, you need agricultural land and cultivation along with essential documents such as an Aadhaar Card/PAN Card.

    What is a Bank of Baroda Agri gold loan?

    Bank of Baroda Agri Gold Loan is a loan against gold, particularly for farmers, available for agricultural purposes. The loan amount disbursed under the Bank of Baroda Agri gold loan can only be used for farming and allied activities. Therefore, one has to present the proof of agricultural land and cultivation and the basic documents required for the Bank of Baroda Agri Gold Loan.

     How to pay Bank of Baroda Agriculture Gold Loan Online?

    You have an option to pay Bank of Baroda Agriculture online through online repayment applications.

    Read More: Best Methods of Repaying Gold Loan