Financial Tips

Agricultural Gold Mortgage Advantages, Eligibility and Curiosity Price

An agriculture gold mortgage is a gold mortgage that farmers can avail towards the mortgage of the gold ornaments to fund their farming and allied actions. These embrace buying uncooked supplies, shopping for a brand new plot of land, making investments in irrigational functions, sustaining stock and taking care of crop cultivation. Usually, an Agri Gold Mortgage quantity begins from Rs.25,000/- and ranges as much as Rs. 25,00,000/-. Farmers are supplied real-time entry to the authorised sum and are entitled to pay curiosity on the used quantity solely. Additionally, backed by a fast approval course of and overdraft facility, agriculture gold loans are simple to handle. This explicit write-up will function an acceptable vacation spot to find out about what’s agriculture gold mortgage overdraft, associated schemes and eligibility standards.

Agriculture Gold Mortgage – Options and Advantages

  • An agriculture gold mortgage rate of interest begins from 7.00% each year and ranges as much as 13.00% each year.
  • The gold deposited is saved secure inside the vault of the chosen financial institution and is returned upon compensation of the lent quantity.
  • The mortgage quantity is made accessible throughout all rural and semi-urban financial institution branches.
  • Not like different loans, an agriculture gold mortgage will get disbursed on the identical day, serving to debtors with fast funds.
  • Gold Mortgage disbursement can be made accessible through NEFT, account transfers, DD and RTGS.
  • An agriculture gold mortgage holder can repay the borrowed quantity in EMIs or a lump sum, as per comfort.
  • Additionally, there are banks offering mortgage renewal amenities to prospects with high quality compensation historical past.

Agriculture Gold Mortgage Schemes

Here’s a checklist of varied agriculture mortgage Schemes made accessible available in the market.

Cent Agri Gold Mortgage Scheme – Central Financial institution of India

Farmers or debtors engaged with any agricultural exercise can avail of this mortgage.

Processing Expenses: NIL

Eligible Gold: 22 carat minimal

Reimbursement Interval:

  • The lent quantity is made legitimate for five years (overdraft/money credit score)
  • Inside 18 months (demand mortgage)
  • Inside 5 years (time period mortgage)

Multipurpose Gold Mortgage – State Financial institution of India

Farmers who domesticate their very own land or have interaction with allied actions like poultry, dairy, sheep and piggery can avail of this explicit mortgage scheme.

Processing Expenses: NIL

Eligible Gold: Common gold ornaments (18/20/22/24-carats) gold bars aren’t allowed

Reimbursement Interval: 12 months from the date of mortgage disbursal

Farmers Gold Mortgage – Axis Financial institution

Axis Financial institution gives gold loans with fast approvals and ample overdraft amenities towards gold ornaments, enabling entry to real-time funds when in want.

Processing Expenses:

  • 0.50%(agri)
  • 0.50%(non-agri)
  • 0.50%(Overdraft Agri PGLOD)

Eligible Gold: Negotiable

Reimbursement Interval: 12 months

Agricultural Gold Mortgage – South Indian Financial institution

Farmers associated to agricultural crop manufacturing and allied actions can proceed with this explicit scheme.

Processing Expenses: 0.25%

Eligible Gold: 22-carat gold jewelry

Reimbursement Interval: 6 months to 12 months

Agricultural Gold Mortgage Eligibility and Paperwork Required


  • The applicant have to be above 18 years and beneath 75 years of age.
  • The farmer should present proof of their agricultural land together with latest paperwork validating crop manufacturing and associated actions.
  • Gold ornaments, fulfilling the eligibility standards of gold mortgage made obligatory by particular person banks.
  • Paperwork Required

    • 2 pictures (passport dimension)
    • KYC Paperwork (voters ID card, driving license, utility invoice, passport)
    • Utility kind
    • Age Proof
    • Pan Card or Type 60
    • Certificates of enterprise incorporation
    • Agriculture Gold Mortgage – EMI Calculator

      You need to use On-line EMI calculators on a web-based market like MyLoanCare to calculate EMI in your mortgage utilizing the steps talked about beneath:

      • Step 1: Go to a type of Gold Mortgage EMI Calculator pages.
        • Step 2: Replace the popular mortgage quantity, tenure and rate of interest charged.
        • As soon as accomplished with the entry half, they are going to be offered entry to an ample EMI quantity which is completely negotiable.

          Agricultural Gold Mortgage – Course of

          The agriculture gold mortgage software course of is made seamless by providing ample buyer assist throughout the totally different offline branches of particular person banks. Additionally, these choosing a mortgage overdraft facility are offered entry to 75% of the authorized quantity. The farmers can use this quantity as per their requirement and repay the curiosity of the used quantity solely. Not like common gold loans the place the borrower is entitled to a hard and fast charge of curiosity, prescheduled mortgage tenure and a devoted mortgage quantity, the rate of interest for an agricultural gold mortgage is calculated primarily based on the utilization degree if availed with an overdraft facility and on a easy curiosity foundation for normal schemes.

          • A cheque e book and ATM card are issued towards a mortgage overdraft account backed by a web banking facility.
          • Banks do present well timed reminders and SMS primarily based notifications associated to due funds and different processing costs. Nevertheless, if a borrower nonetheless misses out on their due date, late cost costs are made relevant as per the prescheduled settlement.

          An agriculture gold mortgage gives entry to fast funds inside no time and is exclusive in its manner. Indian farmers have lengthy loved the advantages of this method on account of its immense recognition amongst rural cultures.

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