There are special gold loans for farmers known as agricultural gold loans that are aimed to help with crop production. The interest rates for these special agricultural gold loans begin at just 4% in banks such as SBI and others whereas, normal gold loans have interest rates that begin at 9.95%. In most cases, the interest rates for the agricultural gold loans are disclosed at the discretion of the bank to the farmers when required.
So, if you are looking for an agricultural gold loan, you will need to contact the lender you wish to borrow from and enquire as to what the interest rate for the same is. You can enquire through the following methods:
1 Visiting the lender directly
You can visit the nearest branch of the lender and enquire about the interest rates for a gold loan for agriculture. If it seems reasonable, the loan can be applied for in person at the lender’s branch.
2 Call customer care
Another option would be for you to find their lender’s customer care number, dial it and ask their staff to assist you by informing you on the interest rate for a gold loan for agriculture.
You can even drop an email to the bank’s email ID requesting them for interest rate details on a gold loan for agriculture.
Documents needed to apply for an agricultural gold loan:
1 Proof of agricultural land that is being used for cultivation of crops
2 Application form that is filled out completely
3 Passport size photograph
4 Identity proof (Aadhar card, PAN card, Voter’s ID, driver’s license)
5 Address proof (Aadhar card, Voter’s ID, driver’s license)
Documents needed can vary from lender to lender and so it is best to check with the lender you are borrowing from as to what are the documents needed by them are.
1 Should be a farmer
2 Should be engaged in crop production or allied agricultural activities
3 Should be aged between 18 and 75 years.
This can vary from lender to lender and so it is best to check with the lender you are borrowing from as to what is their eligibility criteria.
To apply for a gold loan, click here.