Which bank is best for agriculture gold loan

image

Best Banks For Agricultural Gold Loan

  • Agriculture Gold Loans.
  • SBI Agriculture Gold Loan.
  • Axis Bank Gold Loan For Farmers.
  • Union Gold Loan.
  • Federal Bank Agri Gold Loan.
  • Bank of Baroda Agriculture Gold Loan.
  • IDBI Agri Gold Loan.
  • Bank of Maharashtra Agriculture Gold Loan.
  • South Indian Bank Agri Gold Loan.
  • Kerala Gramin Bank Agriculture Gold Loan.

Compare Agriculture Gold Loan from Leading Banks – 2021
Agriculture Gold Loans Interest Rate* Processing Fee
Indian Bank 7.00% Nil
Union Bank Gold Loan 7.20% Nil
Bank of Baroda Agriculture Gold Loan 7.70% Up to Rs.3 lakh- Nil Above Rs.3 lakh- 0.25% + GST
SBI Multi Purpose Gold Loan 8.25% Nil

6 more rows

May 26, 2021

Full
Answer

What are the main uses of Agriculture Gold Loans?

These activities include buying land, purchasing equipment or machinery for irrigation purposes, buying raw materials or goods, crop cultivation, enhancing inventory or stock and much more. The agriculture gold loans offered by financial institution starts at an interest rate of 7.00% and onwards per annum.

Which banks give gold loans for personal use?

The gold loans are available on 18 to 22-carat gold and even on gold coins with a maximum weight of 50 grams. #9. Federal Bank Gold Loan Federal bank gives gold loans for personal, business and agricultural purposes.

Which bank is the best for agriculture finance in India?

State Bank of India (SBI) is the pioneer and market leader in Agri financing. It has a vast network of 16,000 branches all over India, which covers more than 1.01 crore farmers. Their services include the whole range of agriculture and related activities with some of the exclusive features like:

Which bank has the best gold loan in India?

SBI has largest network of branches with Pan-India coverage. The gold loan at SBI has one of the lowest interest rates at 7.50% p.a. with tenures up to 36 months and NIL prepayment charges. #2. HDFC Bank HDFC Bank processes gold loan within 60 minutes and require minimal documents.

image


Which bank is best for agriculture loan?

State Bank of India (SBI) State Bank of India (SBI) is the market leader when it comes to agriculture-related financing. … ICICI Bank. … HDFC Bank. … Punjab National Bank (PNB) … Allahabad Bank. … Axis Bank. … Oriental Bank of Commerce (OBC)


Which bank is best for gold loans?

Top 6 Banks Offering Cheapest Gold Loans For Farmers at Attractive Interest Rates; Details InsideBank/NBFCGold Loan Interest RateProcessing FeeSBI7.00% to 7.50%0.50% + GSTPunjab & Sind Bank7.00% to 7.50%Rs.500 to 10000 maxUnion Bank7.25% to 8.25%-Canara Bank7.35%Rs.500 to Rs.50002 more rows•Jan 24, 2022


Which bank gives highest gold loan per gram?

Gold Loan Per Gram – SBI, Manappuram, Muthoot, HDFC, Axis, Yes Bank & IIFLBank / NBFCRate Per GramInterest RateHDFC Gold Loan₹ 2,900 to ₹ 3,4509.90%ICICI Gold Loan₹ 2,900 to ₹ 3,45010.00%Muthoot Finance Gold Loan₹ 2,900 to ₹ 3,45012.00%Manappuram Gold Loan₹ 2,900 to ₹ 3,45012.25%7 more rows


Which bank is best for gold loan 2021?

List of Top 10 Banks / NBFCs offering Gold Loan in India – 2021Gold Loan ProvidersInterest RateTenureHDFC Bank9.90% onwards3 months to 24 monthsICICI Bank11% p.a. onwards3 months to 12 monthsCanara Bank7.65% p.a. onwards6 months to 2 yearsAxis Bank12.50% p.a. onwardsFrom 3 months to up to 3 years6 more rows•May 26, 2021


Which bank is lowest interest rate for gold loan?

Low Interest Gold Loan Rates: Top 5 BanksBanksInterest RateTenureHDFC Bank9.00%3 months to 24 monthsYes Bank9.99%6 months to 36 monthsICICI Bank10.00%6 months to 12 monthsFincare Small Finance Bank10.99%3 Months to 9 Months2 more rows


What is the interest of 1 lakh gold loan?

Compare Gold Loan EMI of Rs. 1 LakhLoan Tenure1 years3 yearsEMI amount for loan amount ₹ 1 Lakh at 9.00%₹ 8,745₹ 3,180Total amount you pay back to the bank including principal and interest₹ 1.09 Lakh₹ 1.31 LakhInterest you have to pay over loan tenure₹ 9,308₹ 30,605


What is the gold loan rate per gram in SBI?

As per the latest gold prices, SBI offers a gold loan per gram of ₹ 2,639 to ₹ 3,226. Highest SBI gold loan rate per gram today is ₹ 3,226 for 22 carat jewellery calculated at a maximum LTV of 75% and the average gold loan price of the last 30 days in 2022 is ₹ 4,779 of 22 carat.


Is Muthoot finance gold loan Safe?

The Muthoot Finance company assures its customers of utmost security and constant monitoring of all their facilities. Hence, customers can be reassured that their gold is in safe custody. Muthoot Finance gives gold loans starting from Rs. 1500 with no upper limit.


Features of Agriculture Gold Loan

Easy Loan Process- Easy and hassle-free loan process and quick disbursement of loan amount


How to Apply for Agriculture Gold Loan?

You can visit the nearest branch of your preferred bank to apply for Agriculture Gold Loan. Also, many banks provide the option of door step delivery of gold loans. You can opt for any of the methods as per your convenience and the bank’s policy.


What happens if a Gold Loan is not paid?

“In the event of a Gold Loan non-payment, the bank begins by sending email and SMS reminders to the borrower regarding EMI payment,” according to the HDFC Bank website. Once a certain amount of time has passed, certain penalties or interest rates are assessed on the Gold Loan amount.


Minimum and maximum gold loan amount

Depending on the lender, the amount of money a person can borrow against a gold item varies. For example, ICICI Bank provides gold loans ranging from Rs.10000 to Rs.1 crore. The State Bank of India (SBI) offers gold loans ranging from Rs.20000 to Rs.20 lakh.


Gold loan foreclosure

You have the option of paying the full amount owing before the loan term ends, whether you have a gold loan with an EMI repayment plan or a gold loan with a bullet payment schedule. Gold loans, on the other hand, usually have a pre-closure fee that varies depending on the bank/NBFC.


Tenure of a gold loan

The tenure of the gold loan will also vary according to the lender. HDFC Bank, for example, provides gold loans with terms ranging from three to 24 months. An SBI gold loan has a maximum payback period of 36 months. Muthoot Finance provides a number of gold loan programmes with various repayment terms.


What are the charges?

In addition to processing fees, a gold loan applicant may be required to pay for the valuation of gold that will be used as collateral by the lending institution. For example, HDFC Bank charges Rs.250 as valuation expenses for loans up to Rs.1.5 lakh and Rs.500 for loans over Rs.1.5 lakh.


What documents are required?

To obtain a gold loan, you must present a variety of documents to the bank or NBFC. Your photo ID (PAN, Aadhaar, etc.) and proof of address (Aadhaar, passport, Voter-ID card, etc.) are generally required. Any additional documentation that may be required varies by lender.


What banks offer agriculture loans?

Some of these banks are UCO Bank, Vijaya Bank, Syndicate Bank, United Bank of India, Indian Overseas Bank, and Bank of Maharashtra etc.


What is an agricultural loan?

Agricultural loans are loans given to the farmers for various purposes like purchase of land, tools or machinery, crop insurance, maintenance of farm etc. A farmer may need financial support for many other things and keeping all these things in mind many banks in India provide easy loans facility for them.


What is HDFC bank?

HDFC is the leading Indian private sector bank, which is fully committed in ensuring that the benefits of world-class banking reach all sectors and parts of the country, particularly in the rural areas and agriculture sector. HDFC bank gives required agricultural loans of varying tenors to all creditworthy customers engaged in farming of staple and cash crops, horticulture, plantations, poultry, animal husbandry, dairying, seeds, warehousing, etc.


What is SBI loan?

SBI also provides loans for purchase of machinery like Tractors, Power Tillers, and Combined Harvesters, etc. The bank gives loans to other agricultural activities or allied activities like Poultry, Dairy, and Fisheries etc. Click to apply for SBI loans.


What is SBI in agriculture?

State Bank of India (SBI) State Bank of India (SBI) is the pioneer and market leader in Agri financing. It has a vast network of 16,000 branches all over India, which covers more than 1.01 crore farmers. Their services include the whole range of agriculture and related activities with some of the exclusive features like:


Which bank provides Kisan credit card?

Allahabad Bank. Allahabad Bank is yet another nationalized bank in India that provides Kisan Credit Card (KCC) under its Akshay Krishi scheme. Akshay Krishi scheme is an exclusive scheme to provide adequate and timely financial support under a single window to the farmers. Facilities given under this scheme are:


What is contract farming?

The Bank also provides a product called Contract Farming, in which loan agreements are made between the farmers and corporates. The amount is given by the lender immediately for production and supply of the product and all of it is managed by the Fair Practices Lending Code.


What is the margin for PNB gold loan?

PNB gold loan requires a 25% margin for EMI loans and a 35% margin in the case of a bullet repayment option. Punjab National Bank Gold Loan Interest Rate. Gold loan in the form of term loan or demand loan – RLLR + 1.95% i.e. 6.80% + 1.95% = 8.75%.


What is the interest rate on gold?

The rate of interest on the gold loan varies from banks to banks, typically the interest rate starts from 10% and goes as high as 29%. Valuation of Gold. Rate per gram or valuation method affects the loan amount. Some banks consider the average of the last two weeks’ gold price to arrive at the rate per gram.


Can you pledge jewelry for a gold loan?

Not all jewelry can be pledged for a gold loan. Precious gems and stones studded in the gold ornaments are not valued and are not considered for gold loans. Banks do not offer gold loan on gold bars or gold bullions. Further, gold bonds or gold ETFs are also not considered for gold loans. Repayment Conditions.

image

Leave a Comment