Agriculture or Multi-purpose gold loans are a type of loan that a farmer can get for agricultural purposes and allied activities by pledging their gold ornaments. The loan amount can also be used for medical emergencies or for educational purposes. The Gold loan interest offered on Agriculture are comparatively lower than other types of personal loans.
Banks, NBFCs and certain online platforms provide agricultural gold loans specifically made for farmers and individuals engaged in agriculture activities. Other people can also take gold loans by pledging their gold but that will be having a higher interest rate as compared to Agriculture gold loans. This scheme is designed and developed to cater the needs of the farmers.
Features of Agriculture Gold loan
The interest rate on Agriculture gold loans is pretty low.
The process of getting a loan is easy and quick
It has an easy loan disbursement facility.
The gold loan can be renewed on request.
Overdraft facilities are offered by some lenders where the farmers can withdraw money with Cheque book and ATM cards
The repayment schedule or tenure is very convenient.
Documents required
There are three types of documents required to get an Agriculture gold loan
Valid Id proof which may be an Aadhar Card, Voter’s Id, PAN card, Driving license, etc.
Address proof for example Aadhar Card, Voter’s Id or any other government issued document which has the customers verified address on it.
Proof of Agricultural land and cultivation.
A number of public and private sector banks and NBFCs provide easy and quick Agricultural gold loans. They offer different interest rates and facilities on Agriculture Gold loans. Like some lenders provide overdraft facilities with the loan whereas others might offer a comparatively lower interest rate. Now a person can get Agriculture gold loan online by simply visiting the website and filling the forms for the loan and rest is taken care of.
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