The majority of Indian banks and non-banking financial companies (NBFCs) give gold loans to farmers to assist them with various agricultural and related operations. Buying land, purchasing irrigation equipment or machinery, purchasing raw materials or goods, crop cultivation, increasing inventory or stock, and much more are examples of these operations. Interest rates for agriculture gold loans, as well as eligibility, repayment terms, and fees and penalties, will vary from bank to bank.
Typically, certain banks and non-bank financial companies (NBFCs) provide reduced interest rates on their standard gold lending schemes for agricultural purposes. Other financial organisations, on the other hand, have a different plan for farm gold loans. The interest rates and processing fees charged by banks in India that offer farm gold loans are listed below.
What exactly is a gold loan?
Furthermore, gold collaterals are extremely safe with banks and non-bank financial institutions (NBFIs). An agriculture gold loan is a type of financial aid that is shortened a Gold Loan. The customer must present gold in any form to the bank as collateral against the loan amount in order to use this service.
Criteria for eligibility for agriculture gold loan
- The applicant must comply with the lender's KYC requirements.
- Criteria for Age: Minimum age is 18 and maximum age is 65.
- Applicants active in agriculture or associated activities Applicants engaged in activities categorised as agriculture by the GOI/RBI.
Documentation is required
- 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 (Water and Electricity)
- Proof of agricultural land in the applicant's name Proof of crop cultivation Business Incorporation Certificate
- Any other documents that the lender requires
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