Karnataka Vikas Grameena Bank Agriculture Gold Loan

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Karnataka Vikas Grameena Bank Agriculture Gold Loan

Karnataka Vikas Grameena Bank Agriculture Gold Loan Features & Benefits

Karnataka Vikas Grameena Gold Loan Interest Rate 7% per annum
Karnataka Vikas Grameena  Gold Loan Per Gram Rate Per Gram is ₹ 2,900 to ₹ 3,450
Karnataka Vikas Grameena Bank Gold Loan Collateral Gold ornaments
Karnataka Vikas Grameena Bank Gold Loan per gram variable depending on the purity of gold
Karnataka Vikas Grameena Bank Gold Loan Age of Borrower 18 – 70 years
Karnataka Vikas Grameena Bank Gold Loan Maximum Loan Amount Up to 10 lakhs
Karnataka Vikas Grameena Bank Gold Loan Maximum Loan to Gold Value Ratio Up to 70%, 90% in case of higher interest rates

Karnataka Vikas Grameena Bank was founded on September 12, 2005, by a notification issued by the Government of India, which amalgamated four Regional Rural Banks funded by Syndicate Bank in Karnataka. Bijapur Grameena Bank, Malaprabha Grameena Bank, Netravati Grameena Bank, and Varada Grameena Bank are the merged former Grameena Banks. Bagalkot, Belgaum, Bijapur, Dakshin Kannada, Dharwad, Gadag, Haveri, Udupi, and Uttar Kannada are now served by a single body that caters to the financial needs of the residents in these districts.

Karnataka Vikas Grameena Bank Agriculture Gold Loan Calculator

  • The purity and net weight of gold in your jewellery can be determined by an in-house bank surveyor. The jewellery must be made of gold that is 18 to 24 carats fine.
  • To calculate the relative weight, the bank will subtract the diamond and stone weights from the total weight of the jewellery.
  • To determine the worth of your jewellery, multiply the current gold price by the purity and net weight of gold in it.
  • The bank would calculate the loan balance based on a loan-to-value (LTV) of up to 75%.

Karnataka Vikas Grameena Bank Agriculture Gold Loan Eligibility

Salaried Individual Age – 21 years to 60 years
Net Monthly Income – Minimum ₹ 20,000
Employment Duration – 1-year minimum
Income Eligibility – Based on Form 16 and salary slip
Self-Employed Individuals Age – 21-65 years of age
Minimum ITR  – Rs.2 lakh
Employment Duration – Minimum 3 years
Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership) Minimum ITR  – Rs. 2 lakh
Employment Duration – 3 years minimum
The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers At least 6-month vintage
Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh

Maximum Loan Amount –  3 times the Average Quarterly Balance of the last 2 Quarter

Documents Required for Karnataka Vikas Grameena Bank Agriculture Gold Loan

Category Documents Required
Identity Proof

 

(Any 1)

Passport

Voter ID

Aadhar Card

Driving License

Address Proof

 

(Any 1)

Aadhar Card

PAN

Driving License

Electricity Bill

Date of Birth Proof

 

(Any 1)

Passport

Birth Certificate

High School Marksheet

Driving Licence

Signature Proof

 

(Any 1)

PAN

Bankers Verification

Passport

Income Proof Salary Slip and latest Form No.16
Bank Statement Last 6 month Bank statement
Employment Continuity Proof

Job card by NREGA

ITR of Form no. 16

Salary Slip mentioned with joining date

Letter of Appointment

Karnataka Vikas Grameena Bank Agriculture Gold Loan Rate Per Gram by Gold Purity

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

Karnataka Vikas Grameena Bank Agriculture Gold Loan Interest Rates Per Gram

The table given below shows the Agricultural Gold Loan Interest Rates Per Gram – Updated May 25 2021

Updated - Gold Loan Per Gram Rate w.e.f Feb 01 2023

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

The table below depicts the historical Gold Loan Rates Per Gram

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 SBI
Muthoot Finance
Interest Rate 9.90% onwards 7% onwards 12% onwards
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
Pre-closure Charges 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 3066 3073 3073

Tips to Get The Highest Agriculture Gold Loan Amount from Karnataka Vikas Grameena Bank

  • The bank supports both hallmarked and non-hallmarked jewellery for gold deposits.
  • On a gold loan, borrowing against higher purity jewellery would get you the most money.
  • The simplest jewels are preferred, with the fewest diamonds and crystals.
  • The Bank would not approve it if the gold used in the jewellery is less than 18-carat purity.
  • To facilitate the RBI in estimating the amount of gold debt you owe, the bank uses a net LTV of up to 75%.