What is The Interest Rate for an Agriculture Gold Loan?

The agriculture industry is necessary for the economic growth of a country. Hence, the government provides various benefits and subsidies to the industry for its growth. Hence, if you are trying to launch a business in the agriculture industry, reading this article would prove to be beneficial to you. 

A lot of times, farmers or those engaged in the agricultural ancillary industries face paucity or scarcity of financing options. It is because of this reason that they have to turn to their local moneylender, who often charges a hefty rate of interest. However, what if you were told that you can avail of loans at the most competitive rates of interest, and within hours of applying

No, this is not a myth. The agriculture gold loan interest rate is set up to help businesses like you to take the agricultural growth to new heights. The majority of banks in India as well non-financial banking corporations offer gold loans to farmers and farming businesses. You also have the convenience of getting an online gold loan.

Knowing about the eligibility criteria

Not everyone can apply for an agriculture gold loan. There are a few eligibility criteria that you need to fulfil to be accepted for a loan. The eligibility criteria include the following steps:

• You need to fulfil the KYC guidelines as the lender requests
• Applicants need to be between the ages of 18 to 65 years for the approval of the loan.
• You need to have an agriculture business or allied activity.
• Applicants require to engage in activities that the GOI/RBI classifies as under the agriculture sector.

The interest rate of an agriculture gold loan

What is a gold loan? It is the loan that you can acquire by pledging your golden articles. The following table illustrates the details of an agriculture gold loan.

Loan Amount	Any Amount from Rs. 1000 to Rs. 10 Crore
Interest rate	7 % per annum
Repayment options	EMI, Pay all together or as per the lender.
Gold Items Acceptance	Ornaments that the lender can verify for quality and quantity.
Tenure	Starting from 1 month to 36 months
Processing fee	Nil to 1 % of the total amount

Hence, these are all the details for acquiring an agricultural gold loan. Once you clear the gold loan eligibility you will be able to acquire the loan at minimum interest. Apply for a gold loan through Bajaj Finserv gold loan services to get low-interest loans, terrific pre-disbursement and post-disbursement service. Bajaj Finserv is also known to disburse the loan, within a day, so long as you meet all criteria. Dream big, there are institutes out there, to help.