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    Oriental Bank of Commerce Agriculture Gold Loan

    Oriental Bank of Commerce Agriculture Gold Loan Features and Benefits

    Oriental Bank of Commerce Agriculture Gold Loan Rate today Gold Loan Rate Today is ₹ 3,506 to ₹ 4,621
    Eligible Age 18 to 75 years
    Loan Amount Eligibility Rs. 1,000 to Rs. 2 Cr
    Documents Required Basic KYC documents for address and identity proof. No income documents and no CIBIL score documents are required.
    Purity of Gold 18 carat to 22 carat
    Type of Gold Gold jewellery and gold coins of 18-24 carats
    Loan to Value 75% of the gold ornament’s market value

    Oriental Bank of Commerce gold loan can be availed to meet an urgent need for cash by pledging one’s gold ornaments or gold coins as collateral. The bank offers gold loans for interest rates starting from 7%. They have a loan tenure period of 12 months, maximum. There might be 1% or zero prepayment charges charged by the bank for the availing of the agriculture gold loan.

    Oriental Bank of Commerce Agriculture Gold loan calculator 

    1. The total weight and purity of the gold that is being pledged: The bank would use the in-house valuers to do a proper assessment of the purity and the total weight of the gold in the jewellery that you pledge. The bank would expect the gold to have a purity ranging from 18- 24 carats. The Oriental Bank of Commerce also reduces the weights of the gems and stones from your jewellery and calculates the value only for the gold. oriental bank of commerce agriculture gold loan
    2. The price of the gold: Once the estimation of the purity and the net weight of the gold has been done, the bank would multiply it with the current price of the gold. The Reserve Bank of India has given clear instructions to all banks that they should have a 30 days average of 22-carat gold multiplied by a factor of 20/22 to adjust the value of the gold.
    3. Loan to Value Ratio: After the value of the jewellery has been calculated, Vijaya Bank would apply an LTV of up to 75% to calculate your jewel loan amount eligibility. Check out The Oriental Bank of Commerce for exciting offers on the same.

    Oriental Bank of Commerce 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 Oriental Bank of Commerce 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)

    Oriental Bank of Commerce Agriculture Gold Loan Rate Per Gram by Gold Purity

    The table below gives an estimate of the gold loan per gram that Oriental Bank of Commerce would offer against gold jewellery of different purity levels.

    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

    Oriental Bank of Commerce Agriculture Gold Loan Interest Rates Per Gram

    The following table shows Oriental Bank of Commerce Agriculture Gold Loan Rate Per Gram – Updated Jun 21 2021

    Updated - Gold Loan Per Gram Rate w.e.f Jun 21 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

    The Indians are one of the world’s leading consumers of gold, it is this precious metal that constitutes an ample portion of the country’s total imports. Indians tend to invest in gold because it is considered a ‘safe’ investment.

    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 Oriental Bank of Commerce

    • Oriental Bank of Commerce is known for accepting all kinds of jewellery for giving a loan. However, if you want a higher gold loan amount then it’s best if you pledge hallmarked jewellery for it has more value and some banks even reduce the processing fees for the same.
    • The Bank is said to adjust the price of 22-carat gold for the purity of the gold. Hence, it is very important to borrow against higher purity jewellery as it will get you a higher gold loan amount.
    • The Oriental Bank of Commerce would also calculate the net wright of jewellery to calculate and predict the amount of loan that you would get for the given quantity of gold. Always pledge gold jewellery with minimal stones and gems. As it is the weight of the gold that they would take into account and not the stones. Having stones or gems would reduce the value of the gold and in turn reducing the amount that you get as a gold loan.
    • Always try to get the maximum LTV on the value of gold. Oriental Bank of Commerce is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

    gold loan at 7%

    हिंदी में पढ़े | தமிழில் படியுங்கள்

    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 Oriental Bank of Commerce 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.