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Agriculture Gold Loan

Agriculture Gold Loan is a loan that are granted to farmers or agriculturalist for seasonal agriculture operations. These are availed by pledging their gold ornaments/jewellery.  These is the best loan option in order to get instant liquidity to meet the crop cultivation costs, acquiring and applying inputs such as seeds, fertilizers, insecticides, buying cattle, purchase of equipment for irrigation, and to meet the labor costs for all operations in the field for raising & harvesting the crops.
In short, it is taken to meet the current expenditure requirement for raising the crops on land till the crops are harvested.

Eligibility for Agriculture Gold Loan:

Proof of land holding and land records related documents
Age group of 18 and up to 75 years

Benefits of Agriculture Gold Loan:

You can avail an Agriculture Gold Loan at Lower Interest rates in comparison to general Interest Rates on Gold Loan.

You can Apply for Online Gold Loan now.

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Gold Loan Bazaar

All About Gold Loan

All About Gold Loan

As the name suggests, Gold Loan is a type of loan which is granted in lieu of Gold ornaments. The Gold Ornaments are pledged by the Borrower to the Lender. The Lender can be a Bank/NBFC which are authorized by the Reserve Bank of India (RBI) to offer Gold Loan. Often called by other names such as Loan Against Gold, Jewel Loan also. It is a type of secured loan as it is granted against the Gold ornaments pledged by the borrower. Many Nationalized Public and Private Sector Banks and NBFC’s offer Gold Loan in India.

Benefits / Features of Gold Loan

  • You can avail a Gold Loan at Lower Interest Rate as compared to other Loan options. You can just  Compare Gold Loans online at GoldLoanBazaar.com and you can see the Gold Loans offered by various Banks/NBFC’s and on the basis of comparison choose the one that suits your needs.
  • Gold Loans are Less Time-consuming Loans and offer Instant Liquidity to the Borrowers as compared to other Loans.
  • Gold Loan amounts are starting from Rs 1500 with no upper limits depending on Various Banks/NBFC’s.
  • Lower the LTV (Loan-to-Value), Lower will be the interest rates i.e. Lower the Loan amount per gram, lesser the interest to be paid by the borrower( Depends upon Banks and NBFC’s )
  • Flexible interest and principal repayment options as per the convenience of the borrower. You can easily pay interest along with EMI or at the time of  Loan closure. Some Banks also provide Bullet Payment options i.e. pay all the Interest and Loan Principal at the time of the end of Loan Tenure or Loan Closure.
  • Flexible Loan Renewal options are also available if the borrower wants to renew its loan.
  • You need not provide Guarantor in order to avail a Gold loan. Therefore, no need to find someone to back you when applying for your loan.
  • Very less Documentation as compared to other loans. You can provide simple ID and Address proof in order to avail a Loan.
  • A Less time-consuming process as it takes almost 30 minutes to few hours to test Gold, it’s Processing and Disbursement.
  • Prepayment facilities are also available with zero repayment charges to certain amount or percentage depending on the Banks/NBFC.
  • Very Less to No valuation charges are there for your Gold Loan depending upon the Banks/NBFC’s

Other Important Features:

  • You need not provide any Income Proof or Income Tax Return (ITR) documents to avail the Gold Loan. Thus unemployed and non-working people can also avail Gold Loan.
  • No CIBIL score is required as CIBIL score is not mandatory for availing Gold Loan.
  • You need not provide any specific reason to the Lender in order to avail a Loan. You can avail it for various purposes like Gold Loan for Medical Emergency, Gold Loan for starting a new business or Gold Loan for Business Expansion, Gold Loan For Higher Education of Kids, Gold Loan for construction or repairs of Home, Gold Loan for Marriage purposes, Gold Loan for Agricultural purposes and for other financial problems or any other sort of requirement.
  • Very less and Special Interest rates are available for Gold Loans for Agriculture Purposes. Just one has to provide the proof of agriculture-related documents.
  • You can get a Gold Loan at Lower/Concessional Interest Rate (for Women customers).
  • You are also eligible for Top-up Loan if the Gold Rate /Gold Price increases in the Market. The decision to provide Top up or not solely depends upon the Bank or NBFC.
  • You can easily close Gold Loan anytime by paying the Loan amount plus the interest dues. No other documentation and liabilities.
  • It also helps in Improving the credit history of the Borrower.

How does Gold Loan work? 

Here the Borrower consent to pay the Lender a certain amount of Interest on Gold Loan during the Loan period and thereafter payment of principal and remaining dues at the time of taking back its gold and is abiding by the terms and conditions which both have agreed upon at the time of Loan.

And, the Lender agrees to pay the Borrower the amount agreed for a loan in lieu of Interest and also agrees to return the gold in the same condition as at the time of taking the Loan.

You can pledge collateral in the form of Gold ornaments and gold coins(up to 50 Grams). Ornaments must have a minimum purity of 18 ct. and up to 24 ct. Below 18 ct. gold ornaments and Gold coins below 24 ct. are not eligible for taking the loan.

Valuation Process Of Gold for Loan:

You have to take the Gold that you wants to pledge for money. Appraiser/valuer/assessor authorized or appointed by the Lender will appraise your gold ornaments. On the basis of the valuation, the Lender will quote the maximum amount it can offer against the gold. You can proceed further if you agree with the above valuation of gold, the rate of interest and other charges.

In case if you cease to repay the interest, the lender, as the possessor of the Gold, has the authority to auction your gold ornaments to recover its dues i.e. loan principal and interest overdue. Therefore, it is always commendable to repay interest and all dues on time to avoid any situation/circumstances like this.

Do’s and Don’ts

You must keep these facts in mind while applying for a Gold Loan :

  • You should Compare Loans offered by various Bank’s/NBFC’s based on Gold Loan Interest Rates, processing fees, prepayment charges, and other allied fees and penalties. Compare the loans using GoldLoanBazaar Comparison tool and choose the best loan that suits your needs.
  • You should pay Interest and Renewal Fees on time so as to avoid Late payment charges and penalties.
  • If the omission of payment continues, Lender reserves the right to auction your gold to recover their loan and dues.
  • Pledging Spurious/Fake/Stolen Gold Ornaments for availing Gold Loan is Illegal and is a punishable offense under IPC.

Essential Documents Required for Gold Loan:

  • Identity Proof such as Passport, Voter ID card, PAN card, Driving License, Aadhar Card, Address Proof such as Electricity Bill, Aadhar Card, Telephone Bill, Ration Card, Driving License, Passport Copy.
  • Proof of landholding in case of Agriculture Loan
  • Passport Size Photographs

 

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Why Gold Loan is getting very popular and its demand Growing Fast in India ?

Gold Loans in India are getting very popular and its demand is growing day by day at a very fast pace. This is only because of the key feature they offer like Low-Interest Rate, Instant Finance and Convenience associated with it. No one has to sell its gold jewellery now for liquidity, one can easily do so by pledging their gold ornaments to avail Loan.

Gold Loans in India are gaining popularity mainly because of:

  • Lower Interest Rate:

Being a Collateral/Secured Loan, One of the main and supreme advantages of Gold Loan is that these are offered at very Lowest Interest Rates. As the risk factor assumed by the lender is less, the benefit for such is passed on to the borrower by the lender. Thus, Banks and NBFC provides Gold Loans at Cheaper Interest rates. Normally Gold loans are provided at  10 – 16 % per annum which is very low as compared to Personal Loans which are normally available at 15 – 28 % per annum. Bank also offers Concessional Interest Rates for loans obtained for Agriculture purposes and gold loans availed by women.

  • Less Documentation:

Unlike other unsecured loans like personal loan, gold loans do not require a lot of documents. You can avail Gold Loans with very Minimum documentation. A Valid Address and Identity proof and passport size photographs are just enough in order to obtain a Gold Loan. The ID and Address proof documents include Ration Card, Voter ID card, Driving License, Passport or Aadhar Card among others. There is no need to present Gold Ornaments Purchase Bill or proof of ownership of Gold ornaments. But the borrower must keep in mind that pledging Stolen/Theft Jewellery to obtain a loan is a punishable offense under IPC and engaging in such activities can end you up in Jail.

  • No Income Proof Required:

Bank / NBFC doesn’t demand ITR or Income certificate showing your Income or salary to avail a Gold Loan. Most of the Banks/NBFC doesn’t require or checks the Credit history of the Borrower. Even an unemployed individual or person having no or poor credit history can avail Gold Loan.

  • Flexible Loan Duration and Easy Repayment Options:

Gold loans are the most flexible loans among both secured and unsecured loan categories like Home Loan, Personal Loan, Small Business Loans etc. Most of the Banks/NBFC offer flexible loan duration’s ranging from 7 days and up to 48 months. This allows and entitles the borrower to repay the loan as per his/her own convenience. Unlike other loans, Banks /NBFC charges very less to no penalty or charges for prepayment or foreclosure of your Loan.

  • No Guarantor or Co applicant Required:

Unlike other Loans, be it secured or unsecured like a small business loan or personal loan, you are not required to present any Guarantor or Co-Applicant in order to avail the Gold loan. You can just visit the bank carrying your Gold ornaments against which you require a loan, your address and identity proofs. Authorized Valuer or Appraiser appointed by the lender will evaluate the purity of your Gold ornaments and will sanction and disburse loan immediately on its basis.

  • Instant Liquidity and Quicker Processing:

Gold loan gives an opportunity for people to liquefy their Gold Jewellery and use it for financing purposes. If you require money for Kids Education or Medical Emergency or Business operations or to fulfill any other financial need, you just require your gold jewellery. So instead of keeping the gold idle at home or locker, Loan against gold is the best option

  • Less Time Consuming process:

 Availing Gold Loan is a very less Time-Consuming process. All it takes around 30 minutes to a few hours for Gold Loan processing and final disbursement. Also, Save time by Comparing Gold Loans and Apply online Instantly at Gold Loan Bazaar.

 

Some of the Popular Gold Loans In India are:-

  • ICICI Bank Gold Loan
  • HDFC Bank Gold Loan
  • SBI Gold Loan
  • Muthoot Finance Gold Loan
  • IIFL Gold Loan
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