Eligibility & Documentation - Agricultural Gold Loan - Loan Trivia


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Monday 23 January 2023

Eligibility & Documentation - Agricultural Gold Loan

Farmers can apply to financial institutions for agricultural gold loans in order to acquire agricultural inputs such as seeds, fertilizers, insecticides, and other such items. These loans are supplied by agricultural gold loan providers. Typically, the value of the gold that the borrower pledges as collateral corresponds directly to the amount of money that can be borrowed.

The interest rate that is charged on loans for gold used for agricultural purposes is typically lower than the rate that is charged on loans for gold used for personal purposes. The length of time given to repay agricultural gold loans is likewise significantly longer than that given to borrowers of personal gold loans.

Eligibility and Documentation for an Agricultural Gold Loan:

The following is a list of the most important factors that will determine whether or not you are qualified for an agricultural gold loan in Aurangabad:

i. You need to be a citizen or permanent resident of India.

ii. Your age ought to fall somewhere between 18 and 65 years old.

iii. It is imperative that you have a reliable source of income.

iv. You ought to have a significant quantity of gold to present as collateral.

In order to submit an application for an Agricultural Gold Loan in Aurangabad, you need to have the following documents ready:

i. A valid ID evidence (Aadhar card, passport, voter ID, etc.)

ii. A valid address evidence (Aadhar card, passport, voter ID, ration card, etc.)

iii. A recent photograph that is passport-sized and taken within the past year.

iv. Collateral paperwork (gold jewelry, gold coins, etc.)

Under the terms of an agricultural gold loan scheme, the smallest amount that can be obtained is 25,000 Indian rupees (Rs.). The highest amount that can be borrowed is ten hundred thousand rupees. Gold loans to the agriculture sector carry an annual percentage rate of interest of 14.50%.

Gold loans for agricultural purposes typically have a repayment duration of five years. Farmers who are interested in applying for an agricultural gold loan can do so by going to any branch of a bank or other financial institution that provides this program.

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