Development Credit Bank Agriculture Gold Loan

Development Credit Bank Agriculture Gold Loan Features & Benefits

Development Credit Bank  Agriculture Gold Loan Today Development Credit 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

As of December 31, 2020, DCB Bank had 374 branches.

Historically, DCB Bank arose through a succession of cooperative bank mergers in Mumbai, with the Ismailia Co-operative Bank Limited and the Masalawala Co-operative Bank, to establish Development Co-operative Bank, which was renamed Development Credit Bank when the Reserve Bank of India awarded it a scheduled bank licence in May 1995. In 2006, DCB Bank held an initial public offering (IPO) to sell shares to the general public.

DCB Bank Limited is an Indian scheduled commercial bank in the private sector. It is one of the new generation banks to be granted a scheduled commercial bank licence by the Reserve Bank of India, the country’s banking regulator. The licence was granted to DCB Bank on May 31, 1995.

The Bank is managed by a skilled management team that is overseen by the Board of Directors. Retail, micro-SME, SME, mid-Corporate, Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks, and Non-Banking Finance Companies are among DCB Bank’s business categories (NBFC). It has a client base of around 1,000,000 people.

With a 15% ownership in the bank, the Aga Khan Fund for Economic Development (AKFED) is the promoter. Under the Resident Individual category, the public owns about 39.4 per cent of the company.

Development Credit Bank Agriculture Gold Loan Calculator

Farmers can obtain cash in return for insured gold through the Development Credit Bank Agriculture Gold Loan, which they may utilise to assist with agricultural planting and harvesting. However, it’s also vital to grasp the loan’s conditions, which can be done with the use of an online EMI calculator, which displays the needed amount’s monthly EMI costs. The following are some of the elements that influence EMI estimates:

  • 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 lower interest rates on larger quantities of money. Loans from the Development Credit Bank range from Rs. 5,000 to Rs. 20 lakh.
  • Customers who open an account with Development Credit Bank are eligible for special rates, privileges, and fees. Customers who have paid their gold loans on time in the past are eligible for Development Credit Bank’s low-interest loans.
  • The interest rates on shorter-term gold loans are greater, while the interest rates on longer-term gold loans are lower. The Development Credit Bank offers six- to twelve-month gold loans.
  • The Reserve Bank of India has established a maximum loan-to-value (LTV) ratio of 75% for gold jewellery. The Development Credit Bank, on the other hand, offers loans with lower LTVs. An agriculture gold loan with a lower LTV will have a lower interest rate than one with a greater LTV. The Development Credit Bank offers a maximum LTV of 75 per cent based on the net weight of gold in your jewellery.
  • Gold loans for agricultural purposes, which are granted at low concessional rates from all institutions, including the Development Credit Bank, are one of the Development Credit Bank’s key lending criteria.

Development Credit Bank  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 Development Credit Bank  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)

Development Credit Bank  Agriculture Gold Loan Rate Per Gram by Gold Purity

The Development Credit Bank is an Indian financial institution. Agriculture Gold Loans from the Development Credit Bank are a one-of-a-kind initiative offered to both public and private businesses. Since ancient times, agriculture has been practised by the great majority of India’s population, making it a very agriculturally intensive country.

Agriculture gold bank loans have a 7 per cent yearly interest rate, which increases over time. Interest rates, as well as eligibility, repayment lengths, fees, and penalties for farm gold loans, 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

Development Credit Bank  Agriculture Gold Loan Interest Rates Per Gram

The following is the cost of borrowing gold loans from the Development Credit Bank Agriculture Gold Loan:

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

Our soil can support a broad range of plants and flowers due to India’s imperial past and richness of natural resources. In different parts of the nation, numerous geographical elements have an impact on the development and long-term survival of various crops and plants.

Despite the fact that farming is the most frequent activity in the country, the majority of it is for profit.

Commercial farming is not practised on a large enough scale in the nation using present technologies. To solve this issue, the market offers a number of agriculture-specific gold loans, such as the Development Credit 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

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 Development Credit Bank

Any farmer may get an agriculture gold loan from one of the numerous lenders on the market, but to get the best deal and prevent fraud and other financial troubles, applicants must satisfy the following conditions.

  1. The value of the gold you put up as security determines the loan amount since a gold loan is secured. According to the Reserve Bank of India, banks and non-bank financial companies (NBFCs) cannot lend more than 75% of the value of gold.
  2. Because they need minimal paperwork, these loans are often issued within a few hours after receiving the loan application. As a result, a gold loan might be a realistic choice for dealing with financial problems.
  3. Short-term loans, with terms ranging from seven to three years and repayment choices ranging from seven to three years, are known as gold loans. 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.
  4. The risk assessment of the lender determines the interest rate on a gold loan, which can range from 9.24 per cent to 26 per cent each year. The loan-to-value (LTV) ratio, loan length, loan amount, and other factors all determine the interest rate on gold loans.
  5. Once you’ve completed your gold loan application, lenders will demand processing fees and expenditures. It usually ranges between 0% and 2% of the total loan amount. Some lenders will levy a one-time fee. This cost should be investigated before submitting your loan application since it may be considered if you are looking for a large-ticket loan.