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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

On September 17, 2018, the Indian government announced the merger of Bank of Baroda, Vijaya Bank, and Dena Bank to become India’s second-largest lender. With a combined business of Rs14.82 trillion (short scale), the merger is the country’s first three-way consolidation of banks, making it the country’s third-largest bank behind State Bank of India (SBI) and ICICI Bank.

The bank was created on July 20, 1908, 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, along with 13 other major commercial banks in the country; the bank was declared as a profit-making public sector entity.

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

Bank of Baroda Agriculture Gold Loan Calculator

Like all gold loan Bank of Baroda Agriculture Gold Loan also requires recipients to pay EMIs on a monthly basis or at a selected interval of time. Employing an online EMI Calculator before applying for the loan is useful and healthy step in order 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 period. 
  • 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.
  • In India, most banks and non-banking financial companies (NBFCs) provide gold loans at reasonable interest rates, 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, as well as 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 Jun 24 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 resource has made our country’s land to grow all kinds of plants and vegetation. Different parts have their independent geographical features that support and boost the growth of different varieties of crops and plants. 

Even though farming is a major occupation in the country, most of it is subsistence farming by virtue. 

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

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
ICICI Bank
Muthoot Finance
Interest Rate
9.50% onwards
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
3,066
3,073
3,073

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

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 interest rate for a gold loan is set by the lender’s risk assessment, it can range from 9.24 per cent to 26 per cent per annum. LTV ratio, loan duration, loan amount, and other parameters are used by lenders 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 normally ranges from 0% to 2% of the total loan amount. A flat fee is also charged by some lenders. 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 the loan application being submitted. 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 a variety of repayment choices. Borrowers can opt to return the entire interest amount now and the principle component later at the conclusion of the loan term, in addition to the traditional EMI repayment method.
  • Prepayment/foreclosure fees: Most lenders do not impose a fee if you pay off your gold loan early. However, 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: One of the most important elements in determining the loan amount is the purity and kind of gold pledged. Any gold adornment, jewellery, or coins may usually be used as collateral.