Central Bank of India Agriculture Gold Loan

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    Central Bank of India Agriculture Gold Loan

    Central Bank of India Agriculture Gold Loan ₹ 2,900 to ₹ 3,450

    Central Bank of India  Agriculture Gold Loan Today Central Bank of India  Agriculture Gold Loan rate Today is ₹ 2,900 to ₹ 3,450
    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

    The Central Bank of India is a government-owned bank in India. It is one of the oldest and largest government-owned commercial banks in India, and it is owned by the Ministry of Finance of the Government of India. It is headquartered in Mumbai, India’s financial hub and the state capital of Maharashtra.

    In 2009, it was one of twelve public sector banks in India that were recapitalized. Despite its name, it is not India’s central bank. It’s a government-owned institution. Because of its pan-India status, the NDA administration decided to keep the Central Bank of India as a distinct body.

    The Reserve Bank of India (RBI) has granted permission for the Central Bank of India to open representative offices in five more locations: Singapore, Dubai, Doha, and London.

    The bank has 4,651 branches, 3,642 ATMs, ten satellite offices, and one extension counter as of March 31, 2020. It has a presence across the nation, encompassing all 28 states, seven of the eight union territories, and 574 district headquarters out of the country’s total of 574 districts.

    Central Bank of India Agriculture Gold Loan Calculator

    Farmers can utilise the Central Bank of India Agriculture Gold Loan to obtain cash in exchange for insured gold, which they may use to help agricultural planting and harvesting. However, it’s also critical to understand the loan’s terms, which can be done with the help of an online EMI calculator, which shows the monthly EMI charges for the required amount. Some of the factors that impact EMI estimations are as follows:

    The value of the jewellery you may put up as collateral with the bank determines the amount of a gold loan you may be qualified for. Banks frequently provide a jewel loan per gramme of gold, which varies according to the purity of the gold and the loan-to-value ratio available.

    Banks provide lower interest rates on larger quantities of monCentral Bank of India Agriculture Gold Loaney. Loans from the Central Bank of India range from Rs. 5,000 to Rs. 20 lakh.

    Customers who have an account with the Central Bank of India are eligible for special rates, incentives, and fees. The Central Bank of India offers low-interest rates to customers who have paid their gold loans on time in the past.

    The interest rates on shorter-term gold loans are greater, while the interest rates on longer-term gold loans are lower. The Central Bank of India offers gold loans with terms ranging from six to twelve months.

    The Reserve Bank of India has established a maximum loan-to-value (LTV) ratio of 75% for gold jewellery. The Central Bank of India, on the other hand, offers loans with lower LTVs. A loan with a lower LTV will have a lower interest rate than one with a greater LTV. The Central Bank of India offers a maximum LTV of 75 per cent based on the net weight of gold in your jewellery.

    Gold loans for agricultural purposes are one of the Central Bank of India’s priority sector lending criteria, which are available at low concessional rates from all institutions, including the Central Bank of India.

    Central Bank of India Agriculture Gold Loan Eligibility

    There are certain requirements that are required to be fulfilled to avail a agriculture gold loan:

    • The applicant should have attained at least 18 years of age
    • The individual should have his own gold ornaments or articles that can be pledged
    • The gold to be pledged should be 18 carats or above
    • The applicant should have a decent CIBIL score
    Bank Interest Rate Lowest EMI/lakh Eligible loan amount
    HDFC Gold loan 9.90% Rs. 4614 Rs 50 lakh for 24 months
    ICICI Bank 10% Rs. 8,792 Rs. 15 lakh for 12 months
    Axis Bank 15% Rs. 4,849 Rs. 20 lakh for 24 months
    Yes Bank 11.25% Rs. 3,286 Rs. 50 lakh for 36 months
    Muthoot Gold loan 12% Rs. 3321 Rs 1 cr. For 36 months
    Mannapuram Gold loan 12% Rs. 8,885 Rs 1 cr. For 12 months
    Canara Bank 7.65% Rs. 8,683 Rs. 10 lakh for 12 months
    IIFL 9.24% Rs. 9,516 Rs. 10 lakh for 11 months
    IndusInd 10.50% Rs. 8,815 Rs. 10 lakh for 12 months
    Andhra Bank 10.70% Rs. 8,824 Rs. 2 crores for 12 months
    Federal Bank 8.50% Rs. 8,722 Rs. 75 lakh for 12 months
    SBI Gold loan 7.50% Rs. 3111 20 lakh for 36 months

    Documents Required for Central Bank of India Agriculture Gold Loan

    Photographs 2 Passport-Sized photos, latest, coloured, clear, without spectacles
    Identity Proof Passport: Valid Copy of passport both front and last page
    Voters ID card: Copy of Valid Voter Identity Card
    Driving License: Copy of Driving license which is valid.
    Adhar card: Copy of Adhar Card with current information
    Residence Proof Passport: Valid Copy of passport both front and last page
    Voters ID card: Copy of Valid Voter Identity Card
    Driving License: Copy of Driving license which is valid.
    Adhar card: Copy of Adhar Card with current information
    Utility Bills on the name of the applicant.
    Sales Tax Certificate
    Rental Agreement
    Agricultural Land Proof Required only if the Loan is taken for Agricultural Purpose. In the case of an Agriculture Loan on the gold of more than Rs. 1 lakh there is no requirement of proof for allied agriculture purposes.
    Demand Promissory Note Certificate by the Jewel Appraiser (Bank will arrange)

    Central Bank of India Agriculture Gold Loan Rate Per Gram by Gold Purity

    The Central Bank of India is a financial organisation based in India. Agriculture Gold Loans from the Central Bank of India are a specialised programme available from both public and commercial organisations. Agriculture has been practised by a large majority of India’s inhabitants from ancient times, making it an agriculturally intensive country.

    Agriculture gold bank loans begin at a rate of 7% per year and gradually increase. Agriculture gold loan interest rates, as well as eligibility, repayment periods, fees, and penalties, will vary per 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

    Central Bank of India Agriculture Gold Loan Interest Rates Per Gram

    The following is the gold loan cost of borrowing supplied to clients through the Central Bank of India Agriculture Gold Loan:

    Updated - Gold Loan Per Gram Rate w.e.f Jun 25 2022

    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 imperial heritage and the abundance of natural resources, our soil can sustain a diverse diversity of plants and flora. Different geographical features influence the development and long-term survival of various crops and plants in various sections of the country.

    Despite the fact that farming is the country’s most common employment, most of it is done to make ends meet.

    Using existing methods, commercial farming is not practised on a big enough scale in the country. The market offers a number of agriculture-specific gold loans, such as the Central Bank of India Agriculture Gold Loan, to address this issue.

    This Table Contains the Average Annual Gold Rate from 1965 - 2022
    Year Price (24 karat per 10 grams) Year Price (24 karat per 10 grams)
    2022 ₹ 52,950 1993 ₹ 4,140
    2021 ₹ 50,045 1992 ₹ 4,334
    2020 ₹ 48,651 1991 ₹ 3,466
    2019 ₹ 35,220 1990 ₹ 3,200
    2018 ₹ 31,438 1989 ₹ 3,140
    2017 ₹ 29,667 1988 ₹ 3,130
    2016 ₹ 28,623 1987 ₹ 2,570
    2015 ₹ 26,343 1986 ₹ 2,140
    2014 ₹ 28,006 1985 ₹ 2,130
    2013 ₹ 29,600 1984 ₹ 1,970
    2012 ₹ 31,050 1983 ₹ 1,800
    2011 ₹ 26,400 1982 ₹ 1,645
    2010 ₹ 18,500 1981 ₹ 1,800
    2009 ₹ 14,500 1980 ₹ 1,330
    2008 ₹ 12,500 1979 ₹ 937
    2007 ₹ 10,800 1978 ₹ 685
    2006 ₹ 8,400 1977 ₹ 486
    2005 ₹ 7,000 1976 ₹ 432
    2004 ₹ 5,850 1975 ₹ 540
    2003 ₹ 5,600 1974 ₹ 506
    2002 ₹ 4,990 1973 ₹ 279
    2001 ₹ 4,300 1972 ₹ 202
    2000 ₹ 4,400 1971 ₹ 193
    1999 ₹ 4,234 1970 ₹ 184
    1998 ₹ 4,045 1969 ₹ 176
    1997 ₹ 4,725 1968 ₹ 162
    1996 ₹ 5,160 1967 ₹ 103
    1995 ₹ 4,680 1966 ₹ 84
    1994 ₹ 4,598 1965 ₹ 72

    Major Banks Agriculture Gold Loan Per Gram Rate Comparison 

    Feature
    Manappuram
    Axis Bank
    Yes Finance
    Interest Rate
    9.90%
    12.50%
    9.99%
    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
    3,124
    3,073
    3,069

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

    Any farmer may acquire an agriculture gold loan from one of the many lenders on the market, but applicants must keep the following points in mind to receive the best deal and avoid fraud and other financial problems.

    Because a gold loan is secured, the loan amount is determined by the value of the gold you put up as collateral. Banks and non-bank financial organisations (NBFCs) cannot lend more than 75% of the value of gold, according to the Reserve Bank of India.

    These loans are often given within a few hours of receiving the loan application because they require very minimal documentation. As a consequence, a gold loan is a viable choice for dealing with financial difficulties.

    Gold loans are short-term loans with a variety of repayment options and durations ranging from seven days to three years. In addition to the usual EMI repayment option, borrowers can choose to return the whole interest amount now and the principal component later at the end of the loan period.

    The interest rate on a gold loan is determined by the lender’s risk assessment, and it can range from 9.24% to 26% per year. The interest rate on gold loans is influenced by the loan-to-value (LTV) ratio, loan period, loan amount, and other factors.

    Lenders demand processing fees and costs after your gold loan application is completed. It typically varies between 0% and 2% of the overall loan amount. A one-time fee may be charged by some lenders. This cost should be explored before completing your loan application since it may be taken into account if you are applying for a large-ticket loan.

    If you pay off your gold loan early, most lenders will not charge you a fee. If the loan is closed before the term is completed, certain lenders may charge up to 2.25 per cent of the outstanding amount.