Bank of Baroda Agriculture Gold Loan Features & Benefits
Bank of Baroda Agriculture Gold Loan Today | Bank of Baroda Agriculture Gold Loan rate Today is ₹ 3,800 to ₹ 4,350 |
Loan Amount | Any amount from Rs.1,000 to Rs.10 crore* |
Interest Rate | 7.00% onwards (p.a.) |
Repayment Options | Lumpsum, EMI, as per the lender |
Gold Items accepted | Gold ornaments verified for quality and quantity |
Tenure | Starting from 1 month to 36 months |
Processing Fee | Nil-1% of the loan amount |
On September 17, 2018, the Indian government announced Bank of Baroda, Vijaya Bank, and Dena Bank to become India’s second-largest lenders. With a combined business of Rs14.82 trillion (short scale), the merger is its first three-way consolidation of banks, making it the country’s third-largest bank behind State Bank of India (SBI) and Private Bank. On July 20, 1908, the bank was created in the Princely State of Baroda, Gujarat, by Maharaja Sayajirao Gaekwad III, Maharaja of Baroda.
On July 19, 1969, the Indian government nationalised the bank and 13 other major commercial banks in the country; the bank was declared a profit-making public sector entity.
Bank of Baroda Agriculture Gold Loan is a loan specially designed to help the farmers of our country provide them with the fund to undertake the expenses of growing and harvesting crops on their land and improve their yield by employing new and more efficient machinery with the secured funds.
Bank of Baroda Agriculture Gold Loan Calculator
Like all gold loans, the Bank of Baroda Agriculture Gold Loan also requires recipients to pay EMIs monthly or at a selected time interval. Therefore, employing an online EMI Calculator before applying for the loan is a reasonable and healthy step to under all the expenses linked to the loan. Some of the concerns of an EMI calculator are as follows:
- Bank of Baroda Agriculture Gold Loan is a secured loan made by banks and non-bank financial companies (NBFCs) against the applicant’s own gold, which is maintained as collateral or security with the lender.
- Financial organisations provide gold loans by using the borrower’s own gold jewellery, coins, or ornaments as collateral or security, which is returned to the borrower upon timely and complete repayment of the loan. A loan secured by gold jewellery is often issued for short to medium-term periods.
- To apply for this loan with one of India’s main banks, an individual must own gold and be at least 18 years old, with a maximum age of 70 years.
- Most banks and non-banking financial companies (NBFCs) provide gold loans at reasonable interest rates in India, with low EMIs and flexible repayment choices.
Bank of Baroda Agriculture Gold Loan Eligibility
Type of Requirments | Needs |
Basic requirements | The applicant must comply with the lender’s KYC requirements. |
Age requirements | The minimum age is 18, and the maximum age is 65. |
Special requirements | Applicants are active in agricultural or associated activities |
Legal requirements | Applicants involved in activities categorised as agricultural by the GOI/RBI. |
Documents Required for Bank of Baroda Agriculture Gold Loan
Kind of Applicants | Documentation |
Documentation requirement for Salaried/Self Employed/Professionals |
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Bank of Baroda Agriculture Gold Loan Rate Per Gram by Gold Purity
Bank of Baroda Agriculture Gold Loan is a specialised program run usually by governmental and private banks alike. India is an agriculture intensive country as agriculture is being practised by a major part of the population since ancient times.
Agriculture gold loans issued by banking institutions start at a rate of 7.00 per cent per year and go up from there. Interest rates for agriculture gold loans and eligibility, repayment terms, and fees and penalties will vary from bank to bank.
The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.
Gold Purity
Gold Rate Per Gram- Average Of Past 30 Days
Highest Gold Loan Per Gram
Lowest Gold Loan Per Gram
22 carat
₹ 4,620
₹ 4,999
₹ 4,956
20 carat
₹ 3,939
₹ 4,178
₹ 3,795
18 carat
₹ 3,545
₹ 3,784
₹ 3,460
Bank of Baroda Agriculture Gold Loan Interest Rates Per Gram
The value of gold loan rate of interested provided to the customers under Bank of Baroda Agriculture Gold Loan is represented as under:
Updated - Gold Loan Per Gram Rate w.e.f Dec 14 2024
Gold Weight
Gold Purity
24 CaratGold Purity
22 CaratGold Purity
20 CaratGold Purity
18 Carat
1 gram
4621
4290
3900
3510
10 gram
46210
42900
39000
35100
20 gram
93600
85800
78000
70200
30 gram
140400
128700
117000
105300
40 gram
187200
171600
156000
140400
50 gram
234000
214500
195000
175500
100 gram
468000
429000
390000
351000
200 gram
936000
858000
780000
702000
300 gram
1404000
1287000
1170000
1053000
400 gram
1872000
1716000
1560000
1404000
500 gram
2340000
2145000
1950000
1755000
Historical Gold Loan Rates Per Gram
India’s colonial past and the richness of natural resources have made our country’s land grow all kinds of plants and vegetation. Different parts have their independent geographical features that support and boost different varieties of crops and plants.
Even though farming is a significant occupation in the country, it is mostly subsistence farming by virtue.
The country’s commercial farming is not practised with the use of modern technology at a sufficient scale. Various gold loans focused on agriculture like the Bank of Baroda Agriculture Gold Loan are present in the market to remedy this.
This Table Contains the Average Annual Gold Rate from 1965 - 2022
Year
Price (24 karat per 10 grams)
Year
Price (24 karat per 10 grams)
2023
₹ 54,699
1994
₹ 4,598
2022
₹ 52,950
1993
₹ 4,140
2021
₹ 50,045
1992
₹ 4,334
2020
₹ 48,651
1991
₹ 3,466
2019
₹ 35,220
1990
₹ 3,200
2018
₹ 31,438
1989
₹ 3,140
2017
₹ 29,667
1988
₹ 3,130
2016
₹ 28,623
1987
₹ 2,570
2015
₹ 26,343
1986
₹ 2,140
2014
₹ 28,006
1985
₹ 2,130
2013
₹ 29,600
1984
₹ 1,970
2012
₹ 31,050
1983
₹ 1,800
2011
₹ 26,400
1982
₹ 1,645
2010
₹ 18,500
1981
₹ 1,800
2009
₹ 14,500
1980
₹ 1,330
2008
₹ 12,500
1979
₹ 937
2007
₹ 10,800
1978
₹ 685
2006
₹ 8,400
1977
₹ 486
2005
₹ 7,000
1976
₹ 432
2004
₹ 5,850
1975
₹ 540
2003
₹ 5,600
1974
₹ 506
2002
₹ 4,990
1973
₹ 279
2001
₹ 4,300
1972
₹ 202
2000
₹ 4,400
1971
₹ 193
1999
₹ 4,234
1970
₹ 184
1998
₹ 4,045
1969
₹ 176
1997
₹ 4,725
1968
₹ 162
1996
₹ 5,160
1967
₹ 103
1995
₹ 4,680
1966
₹ 84
1994
₹ 4,598
1965
₹ 72
Major Banks Agriculture Gold Loan Per Gram Rate Comparison
A large number of financial institutions in India are state-owned and supported due to the mixed economic system of India. A comparison of some banks, both public and private, are as under:
Feature
HDFC Bank
SBI
Interest Rate
9.90% onwards
7% onwards
12% onwards
Min Loan Amt
Metro : 25000, Non : 15000
25000
15000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
3 months to 24 months
9 months to 24 months
Processing Fee
0.25% to 1.50% of the Loan Amt
0.25% to 1.50%
Nil
Pre-closure Charges
2%, Nil foreclosure charges after 3 months
2%, Nil foreclosure charges after 9 months
Nil
Overdraft Facility
Yes
Yes
Yes
Pay Only Interest Facility
Yes
Yes
Yes
Gold Rate Per Gram
3066
3073
3073
Tips to Get The Highest Agriculture Gold Loan Amount from Bank of Baroda
Agriculture gold loans as a debt have certain advantages over common Gold Loans. These can be highlighted as under:
- Easy Loan Process: Simple and hassle-free loan application and distribution of funds.
- Low-Interest Rates: When compared to other types of loans, interest rates can be as low as 7%.
- Repayment Schedule that is Convenient: You have the option of paying the entire amount in one lump sum or through EMIs.
- Minimal Documentation: The documentation for a gold loan for agriculture is pretty straightforward.
- Security for collateral: Gold is stored securely in bank vaults and is returned to the consumer after the loan is repaid in full.
- Loan Renewal Option: Some banks also provide the option of renewing a loan.
Any agriculturist can get an agriculture gold loan from various loan providers in the market, but still, to get the best value and to protect themselves from fraud and other financial hassles, it is important that the applicants must keep an eye on these points:
- Loan amount: Because a gold loan is secured, the loan amount is based on the value of the gold you deposit as security. The Reserve Bank of India has prohibited banks and non-bank financial companies (NBFCs) from providing gold loans of more than 75% of the gold’s value.
- Interest rates: Because the lender’s risk assessment sets the interest rate for a gold loan, it can range from 9.24 per cent to 26 per cent per annum. Lenders use the LTV ratio, loan duration, loan amount, and other parameters to establish the interest rate on gold loans.
- Processing fees: Processing fees are the costs that lenders incur while processing your gold loan application. It usually ranges from 0% to 2% of the total loan amount. Some lenders also charge a flat fee. Check this fee before submitting your loan application since it might be a considerable sum in the event of a large-ticket loan.
- The time it takes for a loan to be disbursed: These loans require little paperwork and are usually disbursed within a few hours of submitting the loan application. This aspect makes a gold loan a wise option for dealing with financial difficulties.
- Duration and repayment of the loan: Gold loans are short-term loans with payback terms ranging from 7 days to 3 years and offer various repayment choices. Borrowers can opt to return the entire interest amount now and the principle component later after the loan term, in addition to the traditional EMI repayment method.
- Prepayment/foreclosure fees: Most lenders do not impose a fee if you early pay off your gold loan. However, specific lenders may charge up to 2.25 per cent of the outstanding amount if the loan is closed before the term is completed.
- Purity and value of gold pledged: One of the essential elements in determining the loan amount is the purity and kind of gold promised. Therefore, any gold adornment, jewellery, or coins may usually be used as collateral.
Bank of Baroda Agriculture Gold Loan FAQs
✅ What is the interest rate for Bank of Baroda agriculture gold loan?
Bank of Baroda Agricultural Gold Loans starts at an interest rate of 7% per annum. For the Bank of Baroda Agricultural Gold Loan, you need agricultural land and cultivation along with essential documents such as an Aadhaar Card/PAN Card.
✅ What is a Bank of Baroda Agri gold loan?
Bank of Baroda Agri Gold Loan is a loan against gold, particularly for farmers, available for agricultural purposes. The loan amount disbursed under the Bank of Baroda Agri gold loan can only be used for farming and allied activities. Therefore, one has to present the proof of agricultural land and cultivation and the basic documents required for the Bank of Baroda Agri Gold Loan.
✅ How to pay Bank of Baroda Agriculture Gold Loan Online?
You have an option to pay Bank of Baroda Agriculture online through online repayment applications.
Read More: Best Methods of Repaying Gold Loan