Know About the Kisan Gold Loan Scheme - Loan Trivia


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Tuesday 15 March 2022

Know About the Kisan Gold Loan Scheme


Kisan Gold Loan

Farming is still regarded as an essential source of job prospects. Dairy, livestock raising, animal farming, crop production, equipment purchase, irrigation, and other agricultural operations make up a significant portion, of farming.

A kisan gold loan scheme is appealing when it comes to financing options. When it comes to gold loans for farmers, the interest rates are relatively modest. Typically, they start from 7.00% annually. There is some relief in the payments and processing of the kisan's loan.

Features of the Loan:

  • Compared to other kinds of funding, it offers the lowest gold loan interest rate

  • A minimum of 18-carat gold purity is required

  • In this scenario, the documentation procedure is straightforward and straightforward

  • The quick and precise distribution of mortgage funds makes it a painless process

  • It provides a handy and flexible repayment plan that includes both lump money and EMI choices

  • The gold promised is kept secure in banking institutions' vaults

  • Several financial organizations offer mortgage renewal

Eligibility Criteria:

  • The minimum age requirement is 18 years, with a maximum age of 60 years at maturity

  • To be pledged is legal possession of gold

Documents needed:

  • Identification documents include Your voter ID, Aadhaar card, driver's license, or Pan card

  • Documents proving your address such as your voter ID, passport, Aadhaar card, etc.

  • Proof of the applicant's ownership of agricultural land

  • Two current pictures of the candidate are required

Tenure of Gold Loan for Farmers:

The borrowing term for these loans is often up to one year. However, depending on the banking institution, it might be three months to three years.

Also Read: How Does Bajaj Finserv Gold Loan Work?

The application procedure varies per banking institution regarding qualifying requirements and documentation required. The technique described above, however, is a frequent requirement. Under the kisan gold loan scheme, a farmer may deposit their gold jewelry with a lender and borrow money as required.

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