Indian Bank Agriculture Gold Loan

AT 0.49%* INTEREST RATE
APPLY NOW

    I have read the Privacy Policy & Agree to Terms & Conditions.

    Indian Bank Agriculture Gold Loan

    Indian Bank Agriculture Gold Loan Features & Benefits

    Indian Bank Agriculture Gold Loan Today Indian Bank 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

    Indian Bank is a financial service and banking corporation controlled by the Indian government. It is owned by the Ministry of Finance of the Government of India, which was founded in 1907 and is located in Chennai, India. With 20,924 workers, 6,006 branches, 5,428 ATMs, and Cash Deposit Machines, it serves over 100 million clients and is one of India’s top-performing public sector banks. As of March 31, 2019, the bank’s total business has reached 430,000 crores (US$60 billion). The bank’s information systems and security processes have been accredited to the ISO27001:2013 standard, making it one of the few banks in the world to do so.

    It has offices in Colombo and Singapore, as well as a Foreign Currency Banking Unit in both Colombo and Jaffna. In 75 countries, it has 227 Overseas Correspondent Banks. The bank has been owned by the Indian government since 1978. According to an announcement made by Indian Finance Minister Nirmala Sitharaman on August 30, 2019, Allahabad Bank would combine on April 1, 2020, making it the country’s seventh-largest bank.

    Indian Bank Agriculture Gold Loan Calculator

    Farmers can utilise the Indian Bank Agriculture Gold Loan to get cash with guaranteed gold and utilise it to finance 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 computation 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 typically provide a jewel loan per gramme of gold, which varies according to the gold’s purity and the loan-to-value ratio available. Banks provide lower interest rates on larger amounts of money. Loans from Indian Bank range from Rs. 5,000 to Rs. 20 lakh.

    Indian Bank account customers are eligible for special rates, perks, and fees. Indian Bank offers cheap interest rates to customers who have previously paid their gold loans on time.

    The interest rates on shorter-term gold loans are greater, while the interest rates on longer-term gold loans are lower. Indian Bank offers gold loans with terms ranging from 6 to 12 months.

    The Reserve Bank of India has set a maximum gold loan-to-value (LTV) ratio of 75% for gold jewellery. Indian Bank, 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. Indian Bank offers a maximum LTV of 75% based on the net weight of gold in your jewellery.

    Indian Bank’s priority sector lending criteria include gold loans for agricultural uses, which all banks, including Indian Bank, give at low concessional rates. At Indian Bank, the interest rate for agricultural loans is typically 1-2 per cent lower than the rate on gold loans for regular clients.

    Indian 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 Indian 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

    Indian Bank Agriculture Gold Loan Rate Per Gram by Gold Purity

    The Indian Bank is a bank based in India. Agriculture Gold Loan from Indian Bank is a specialised programme that is commonly given by both public and commercial entities. Agriculture has been practised by a large portion of the population in India since ancient times, making it an agriculturally intensive country.

    Bank loans for agriculture gold begin at a rate of 7.00 per cent per year and increase from there. Interest rates for agriculture gold loans, as well as eligibility, repayment terms, 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

    Indian Bank Agriculture Gold Loan Interest Rates Per Gram

    The following is the value of the gold loan rate of interest given to clients through the Indian Bank 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 colonial history and abundance of natural resources, our soil can support a diverse diversity of plants and flora. Different sections of the country have unique geographical qualities that contribute to the growth and long-term viability of different crops and plants.

    Despite the fact that farming is the country’s most common employment, the majority of it is done for survival.

    Commercial farming in the country is not done on a large enough scale using current technologies. To address this, the market offers a variety of gold loans tailored to agriculture, such as the Indian Bank Agriculture Gold Loan.

    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
    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 Indian Bank

    Any farmer may acquire an agriculture gold loan from one of the many lenders on the market, but applicants must keep the following considerations 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 security. Banks and non-bank financial organisations (NBFCs) cannot lend more than 75% of the value of gold, according to the Reserve Bank of India.

    • Loan Disbursement Time: These loans are normally disbursed within a few hours of receiving the loan application because they need very minimal paperwork. Because of this, a gold loan is a viable choice for dealing with financial difficulties.
    • The loan’s term and repayment options are as follows: Gold loans are short-term loans with flexible repayment options and terms 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.
    • Interest rates: The interest rate on a gold loan is determined by the lender’s risk assessment, and it can range from 9.24 per cent to 26 per cent each year. The interest rate on gold loans is determined by the loan-to-value (LTV) ratio, loan period, loan amount, and other variables.
    • Processing fees and charges: When your gold loan application is completed, lenders incur these costs. It normally varies from 0% to 2% of the overall loan amount. A fixed fee may be charged by some lenders. This charge should be checked before completing your loan application since it might be significant in the case of a large-ticket loan.
    • Prepayment/foreclosure fees: 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.
    • Purity and value of gold pledged: The purity and kind of gold pledged are two of the most essential factors in deciding the loan amount. Collateral might be any sort of gold ornamentation, jewellery, or coins.