North East Small Finance Bank Agriculture Gold Loan

North East Small Finance Bank Agriculture Gold Loan Features & Benefits

North East Small Finance Bank Agriculture Gold Loan Today North East Small Finance 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

The Reserve Bank of India (RBI) announced draught guidelines for small financing banks on July 17, 2014, and invited opinions from interested parties and the general public. The RBI published the final guidelines on November 27, 2014. Interested parties have until January 16, 2015, to submit their applications.

 

The list of entities that applied for a small finance bank licence was provided by the RBI in February 2015. There were 72 people that applied. It was stated that the licence applications would be evaluated by an external advisory group led by Usha Thorat.

The Reserve Bank of India (RBI) stated on September 17, 2015, that it had granted provisional licences to 10 firms that must transform into small finance banks within a year. Eight of the 10 businesses were microfinance NBFCs, highlighting the RBI’s financial inclusion aim. On April 24, 2016, Capital Small Finance Bank became the first small finance bank to open its doors, with 47 branches.

 

The RBI granted Shivalik Mercantile Co-operative Bank Limited of Uttar Pradesh in-principle clearance to convert into a small financing bank on April 26, 2021, under Section 22 (1) of the Banking Regulation Act, 1949. As a result, it is India’s first urban cooperative bank (UCB) to convert to a Small Finance Bank (SFB).

North East Small Finance Bank Agriculture Gold Loan Calculator

Farmers can obtain cash in return for insured gold through the North East Small Finance Bank Agriculture Gold Loan, which they may utilise to aid 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 often offer a jewel loan per gramme of gold, which varies according to the purity of the gold and the loan amount computed using a pre-determined LTV ratio.

Banks provide lower interest rates on larger quantities of money. Loans from the North East Small Finance Bank range from Rs. 5,000 to Rs. 20 lakh.

The North East Small Finance Bank offers unique rates, bonuses, and fees to customers who create accounts with them. The North East Small Finance Bank offers low-interest loans to customers who have paid their gold loans on time in the past.

The interest rates on shorter-term gold loans are greater, while the interest rates on longer-term gold loans are lower. The North East Small Finance Bank provide 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 North East Small Finance Bank, on the other hand, offers loans with lower LTVs. Agriculture gold loans with a smaller LTV will have a lower interest rate than those with a greater LTV. The North East Small Finance Bank offers a maximum LTV of 75 per cent based on the net weight of gold in your jewellery.

Gold loans for agriculture are one of the North East Small Finance Bank’s key lending criteria.

North East Small Finance 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 North East Small Finance 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)

North East Small Finance Bank  Agriculture Gold Loan Rate Per Gram by Gold Purity

The North East Small Finance Bank is a financial organisation based in India. The North East Small Finance Bank’s Agriculture Gold Loans are a one-of-a-kind initiative available 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. Agricultural gold loan interest rates, as well as eligibility, repayment periods, fees, and penalties, varies from one bank to the next.

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

North East Small Finance Bank  Agriculture Gold Loan Interest Rates Per Gram

The following are the rates for borrowing gold loans from the North East Small Finance 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

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, a variety of 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 North East Small Finance 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
Manappuram
Axis Bank
Yes Finance
Interest Rate
9.90%
12.50%
9.99%
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
3,124
3,073
3,069

Tips to Get The Highest Agriculture Gold Loan Amount from North East Small Finance 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.
  • The loan amount is decided by the value of the gold you put up as security because 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.
  • Because they need minimum paperwork, these loans are typically granted 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.
  • 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.
  • The risk assessment of the lender determines the interest rate on a gold loan, which can range from 7.00 per cent to 12 per cent a year. The loan-to-value (LTV) ratio, loan length, loan amount, and other variables all influence the interest rate on gold loans.
  • Once you’ve completed your gold loan application, lenders will demand processing fees and expenditures. It usually ranges from 0% to 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 seeking a large-ticket loan.