Multi Purpose Gold Loan

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Multi Purpose Gold Loan

Purpose

To meet the short-term production / investment credit needs of

  • The farmers, engaged in agriculture, cultivating own and /or leased land or engaged in cultivation of crops
  • Farmers in allied activities like Dairy, Poultry, Fisheries, Piggery, Sheep, etc.
  • entrepreneurs and famers who needs investment credit for acquiring farm machinery, undertaking land development, irrigation, horticulture, transportation of Agri produce, etc.
  • All other farming activities which are permitted to be classified under agriculture as per RBI/GoI/NABARD guidelines.

Eligibility

  • All farmers: Individuals who are owner cultivators, Agri entrepreneurs.
  • Tenant farmers, Oral lessees & Sharecroppers
  • Any person engaged in any agriculture or allied activities and wants to repay loans availed from non-institutional lenders as well as persons engaged in activities permitted by RBI to be classified under agriculture. a self- declaration has to be obtained from the applicant that he/she is engaged in Agri and allied activities and that the loan availed against the pledge of Gold ornaments is for repayment of higher interest rate loans availed from non –institutional lenders.

Features:

  • Type of Facility:Demand Loan
  • Quantum of Loan: Basis of Advance value of gold ornaments per gram of different level of purity (24/22/20/18 carats)
  • Repayment:12 months from the date of disbursement of the loan.
  • Security:Pledge of gold ornaments

Documents Required

  • Two copies of photograph of the borrower
  • KYC documents
  • Application
  • Evidence of land holding or Allied activities.
  • Any other document as per sanction.

Interest, Fees & Charges

  • Interest Rate:One Year MCLR rate + 1.25 %.
  • Processing/ Inspection Charges
    • Upto Rs.50,000 : NIL
    • Above Rs.50,000 to up to Rs.2.00 lakhs: Rs.500 + GST.
    • Above Rs.2.00 lakhs : 0.30% of loan limit + GST.

  • For more details, please visit nearest SBI Branch.

Last Updated On : Saturday, 18-11-2023

Interest Rates

8.50%* p.a. onwards

w.e.f. 05.04.2024

*T&C Apply.

 

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