Gold loans have become very common among individuals in the year 2020. With financial crises increasing among people, gold loans have been a way to fulfill certain important jobs. Gold loans require you to submit an asset to the bank as collateral. The bank will give you the money based on the current market price and demand for the gold. Once the loan amount is given, the individual has to pay the money to the bank. The default will turn the ownership of the gold to the bank.
Indian Bank provided an interest rate of 7.5% on gold loans, but they slashed it down to 7% for farmers. The reduction was done to help poor farmers during the pandemic and to provide easy credit to needy farmers. This decision has been in effect since July 22, 2020. The loan amount provided depends on the valuation of the jewelry.
Indian Bank provides two kinds of loans for people working in the agricultural sector. They are Bumper Agri Jewel Gold Loan and Other Agri Jewel Gold Loan.
Any individual farmer who has gold jewelry to pledge to the bank can apply for Indian Bank Agri Gold Loan. They, however, require a few documents such as the filled out form and photographs, proof of agricultural land, Identity proofs, and address proofs such as Passport, PAN, or Aadhar Card.
With phones accessible to even farmers today, they can also avail themselves of such loans online without having to go to the bank. The online application takes only a few minutes and a few steps to finish the work. After applying for the loan, a bank executive will call to finish the KYC. Offline applications are also available for such gold loans. One can just go to any bank branch with their gold which will be evaluated and the loan will then be sanctioned.
Taking a loan can be very stressful as there are many questions that people ponder over when it comes to taking a loan. Dialabank comes to your aid and clears all your confusion. So stop fretting and call 9878981144.