India's largest bank, SBI (State Bank of India), has been a pioneer and market leader in providing agri-finance with a portfolio of over Rs.1,20,000 crores in agricultural advances covering over 1.1 lakh farmers and their families.
SBI has a large network of 10,000+ urban and rural branches to serve the needs of farmers and agriculturists.
SBI offers an Agri Gold Loan scheme, which has been used by lakhs of farmers to date. If a farmer wishes to benefit from this scheme, he can apply for a loan by showing his land documents and depositing gold ornaments in the bank.
SBI agri gold loans have low interest rates and are available right now. Most crucially, these loans can be used to fund any agricultural activities.
Agri Gold Loan SBI
A farmer can deposit his or her gold ornaments with the bank and borrow money as needed under this plan. However, having agricultural land in the name of the farmer is required, as a copy of the document must be deposited at the bank.
Types of SBI gold loans
There are two types of gold loans for farmers - Agri Gold Loan for Crop Production and Multi Purpose Gold Loan.
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Agri Gold Loan for Crop Production - Up to Rs.3 lakh – 7 % p.a and more than Rs.3 lakh – 9.95 % p.a.
Multi Purpose Gold Loan at the rate of 9.95 percent p.a.
Benefits of SBI Gold Loan
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Loans can be easily obtained by pledging gold jewellery.
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The loan application process is simple and convenient.
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Interest rates are low.
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There are no hidden fees.
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Repayment plans are also flexible.
Documents Required for SBI Gold Loan
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Two passport size photos
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ID proof - Voter ID, PAN Card, Aadhaar Card, Driving License
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Address proof - Aadhaar Card, Voter ID, Passport
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Proof of agricultural crops or land
How to get SBI agri gold loan
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If you wish to apply for an SBI Agri Gold Loan, you must go to the nearest SBI branch. There, you can obtain a loan application form and inquire about the process from the bank executives.
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A farmer can also use the YONO app to apply for an SBI Gold loan.
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You can also apply online by visiting the official SBI website -https://sbi.co.in
(Also read- Top 7 Banks Providing Easy Loans to Farmers)
