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 ₹ 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

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 19 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

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 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
9.90%
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.