Karur Vysya Bank Agriculture Gold Loan

Karur Vysya Bank Agriculture Gold Loan Features and Benefits

The Karur Vysya Bank offers agriculture gold loans at interest rates of 7%. The minimum gold requirement is at least 18 carats. You can avail up to Rs. 1 crore as a gold loan amount provided you have submitted proper and reliable income proof documents. The repayment tenure offered by this bank is only a maximum of 12 months which is one year, exact. There are various repayment schemes offered.

Karur Vysya Bank Agriculture Gold loan calculator 

1. The purity and the weight of the gold that is being pledged: the banks typically use their in-house valuers to do a complete assessment of the purity and the weight of the gold in the jewellery that you have pledged. The purity of the gold should be between 18 to 24 carats for them to consider giving you a gold loan. The valuer would then document his findings from assessing your jewellery and would give it on paper.
2. The price of the gold: After the estimation of the purity and the total weight of the gold in the jewellery that you have pledged, the bank would multiply it with the price of the gold to calculate the value of the gold.
3. Loan to Value Ratio: After the value of the jewellery is calculated, Karur Vysya Bank will apply an LTV of up to 75% to calculate your jewel loan amount eligibility. If you are willing to take a loan amount lower than your maximum LTV, HDFC Bank may offer you a lower interest rate.

Karur Vysya 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

Documents Required for Karur Vysya Bank Agriculture Gold Loan

Karur Vysya Bank Agriculture Gold Loan Rate Per Gram by Gold Purity

The table given below gives you an estimation of the gold loan per gram that The Karur Vysya Bank would offer to you against the gold jewellery of the different purity levels ranging from 65% to 75%.

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

Karur Vysya Bank Agriculture Gold Loan Interest Rates Per Gram

The table is given below shows the Karur Vysya Bank Gold Loan Rate Per Gram- Updated Apr 18 2024

Historical Gold Loan Rates Per Gram

The Indians are known to be one of the world’s leading consumers of gold, this precious metal constitutes a larger portion of the total imports in the country. Indians have a belief that buying gold is a safer investment.

Major Banks Agriculture Gold Loan Per Gram Rate Comparison

Tips to Get The Highest Agriculture Gold Loan Amount from Karur Vysya Bank

• The Karur Vysya Bank accepts both hallmarked and non-hallmarked jewellery for availing of a gold loan. You can avail of the highest gold loan per gram if you pledge hallmarked jewellery when compared to non-hallmarked jewellery. Some banks also tend to reduce their processing fees if the gold pledged is hallmarked gold.
• The Bank is said to adjust the price of 22-carat gold for purity of gold. Always try and borrow against a higher purity jeweller as that would fetch you a higher loan amount.
• The Karur Vysya Bank would calculate the total weight of jewellery to calculate the amount of loan for the gold you pledge. Always pledge jewellery that has less to no gems or stones. As it is the weight of the gold that they consider to give you a gold loan, having stones or gems reduces the weight of the gold and hence would lower the amount that you avail as a gold loan.
• Try avail the maximum Loan to Value ratio for the value of the gold. Karur Vysya Bank is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr A and his two friends Mr B and Mr C own different amounts of gold with varying purity. Mr A has 70 gram of gold with a purity of 18 carats. Mr B has 60 gram of gold with a purity of 20 carats and Mr C has 50 grams of gold with purity or 22 carats. They approach Karur Vysya Bank to avail of a gold loan. The price applied to calculate their gold loan amount eligibility based on a maximum LTV of 75% will vary by the purity of gold and hence, will result in varying gold loan eligibility.