Vijaya Bank Agriculture Gold Loan

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AT LOWEST INTEREST RATE

⍟  Highest Rate Per Gram
⍟  Lowest Interest Rate of 0.79% p.m.

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    Vijaya Bank Agriculture Gold Loan

    Vijaya Bank Agriculture Gold Loan Features & Benefits

    Vijaya Bank Agriculture Gold Loan Today Vijaya 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

    With its headquarters in Bangalore, Karnataka, India, Vijaya Bank is a wholly-owned subsidiary of Bank of Baroda. It was one of India’s nationalised banks. Customers could access a wide range of financial goods and services through the bank’s numerous distribution channels. As of March 2017, the bank has 2031 locations around the nation and approximately 4000 client contact points, including 2001 ATMs.

     

    On September 17, 2018, the Indian government proposed merging Vijaya Bank and Dena Bank with Bank of Baroda, pending permission from the three institutions’ boards of directors. On January 2, 2019, the Union Cabinet and the boards of the banks authorised the merger. Dena Bank and Vijaya Bank stockholders got 110 and 402 equity shares of the Bank of Baroda with a face value of 2 for every 1,000 shares owned, respectively, under the conditions of the merger. The merger will take effect on April 1, 2019. Vijaya Bank, which amalgamated with Bank of Baroda, has constructed a museum dedicated to its history.

    Vijaya Bank Agriculture Gold Loan Calculator

    Farmers may acquire cash with guaranteed gold through the Vijaya Bank Agriculture Gold Loan and use it to support 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 calculations:

    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 available loan-to-value ratio.

    On higher sums of money, banks provide lower interest rates. Vijaya Bank offers loans ranging from Rs. 5,000 to Rs. 20 lakh.

    Customers with a Vijaya Bank account are entitled to special rates, bonuses, and fees. Customers who have paid their gold loans on time in the past are eligible for low-interest rates from Vijaya Bank.

    Shorter-term gold loans have higher interest rates, whereas longer-term gold loans have lower interest rates. Gold loans are available from Vijaya Bank, with durations ranging from 6 to 12 months.

    For gold jewellery, the Reserve Bank of India has set a maximum loan-to-value (LTV) ratio of 75 per cent. On the other side, Vijaya Bank provides loans with lower LTVs. The interest rate on a loan with a lower LTV will be lower than one with a higher LTV. Based on the net weight of gold in your jewellery, Vijaya Bank provides a maximum LTV of 75%.

    Gold loans for agricultural purposes are one of Vijaya Bank’s priority sector lending criteria, which all banks, including Vijaya Bank, offer at low concessional rates. The interest rate for agricultural loans at Vijaya Bank is usually 1-2 per cent lower than the rate on gold loans for normal customers.

    Vijaya 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 Vijaya 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

     

    Vijaya Bank Agriculture Gold Loan Rate Per Gram by Gold Purity

    The Vijaya Bank is an Indian financial institution. Agriculture Gold Loans from Vijaya Bank are a specialised programme offered by both governmental and private institutions. Since ancient times, agriculture has been practised by a major majority of India’s people, making it an agriculturally intensive country.

    Agriculture gold bank loans start at a rate of 7.00 per cent per year and go up from there. Interest rates, as well as eligibility, repayment terms, fees, and penalties for agriculture gold loans, 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

    Vijaya Bank Agriculture Gold Loan Interest Rates Per Gram

    The gold loan cost of borrowing offered to clients via the Vijaya Bank Agriculture Gold Loan is as follows:

    Updated - Gold Loan Per Gram Rate w.e.f Sep 25 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 flora due to India’s imperial past and the availability of natural resources. Different geographical characteristics contribute to the development and long-term survival of different crops and plants in different parts of the country.

    Despite the fact that farming is the most prevalent occupation in the country, the bulk of it is done to make ends meet.

    Commercial farming is not practised on a large enough scale in the nation utilising current technologies. To solve this, the market provides a number of agriculture-specific gold loans, such as the Vijaya 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 Vijaya 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 keep the following factors in mind.

    Loan value: 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.

    Loan Disbursement Time: Because these loans require very little documentation, they are usually issued within a few hours of receiving the loan application. As a result, a gold loan is a reasonable option for coping with financial problems.

    the loan’s terms and repayment options: Short-term loans with various repayment choices and maturities ranging from seven days 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.

    Interest rates: A gold loan’s interest rate is set by the lender’s risk assessment, and it can range from 9.24% to 26% per year. The loan-to-value (LTV) ratio, loan length, loan amount, and other variables all influence the interest rate on gold loans.

    Processing fees and charges: These are incurred by lenders after your gold loan application is finished. It usually ranges from 0% to 2% of the total loan amount. Some lenders may levy a one-time fee. This fee should be investigated before submitting your loan application since it might be considered in the event of a large-ticket loan.

    Prepayment/foreclosure fees: Most lenders will not charge you a fee if you pay off your gold loan early. Certain lenders may charge up to 2.25 per cent of the outstanding amount if the loan is closed before the term is completed.

    Purity and value of gold pledged: Two of the most important elements in determining the loan amount are the purity and kind of gold pledged. Any gold decoration, jewellery, or coins might be used as collateral.