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The Agri Gold Loan Scheme offered by the State Bank of India (SBI) can be beneficial to farmers and entrepreneurs as it provides loans at a very low interest rate. This plan has various benefits like it has no hidden charges and no penalty for loan prepayment.
The service by SBI provides instant loan disbursal. The borrower will be charged an interest rate of Marginal Lending Rate (MCLR) + 1.25 percent in the scheme. Processing/verification charges are zero for borrowed amounts up to Rs 25,000. For a loan of Rs 25,000 up to Rs 2 lakh, the borrower will be charged Rs 500 + GST. For an amount above Rs 2 lakh, the borrower will be charged 0.3 percent of the credit limit plus GST.
The scheme helps in providing short-term production credit. Plans for irrigation, horticulture, acquisition of agricultural machinery, implementation of land improvements, transportation of products, etc. To know more details about the scheme, borrowers should visit their nearest SBI branch.
The scheme helps in providing short-term production credit. Plans for irrigation, horticulture, acquisition of agricultural machinery, implementation of land improvements, transportation of products, etc. To know more details about the scheme, borrowers should visit their nearest SBI branch.
Features of SBI Agri Gold Loan scheme:
- It is a calendar year from the date of payment of the loan.
- Borrowers can borrow gold for security.
Permission to plan:
- All farmers, agricultural entrepreneurs and farm owners can avail the benefits of this scheme.
- The plan is also available to tenants, tenant farmers, and sharecroppers.
- Those who are engaged in any agricultural or allied activity and want to recover loans given by non-institutional lenders are also eligible. Those engaged in activities permitted by the Reserve Bank of India (RBI) can also benefit from this scheme.
The applicant must submit a self-declaration showing that he is engaged in agriculture and allied activities, and that the loan received against the pledge of gold ornaments is to repay high interest loans taken from non-institutions. lender
Required documents
- Two pictures of the borrower
- Use it
- KYC documents
- For loans above Rs 2 lakh, proof of land holding or allied activities is required.
- Any other documents according to the sentence.
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