State Bank of Bikaner and Jaipur Agriculture Gold Loan

State Bank of Bikaner and Jaipur Agriculture Gold Loan Features & Benefits

SBBJ (State Bank of Bikaner & Jaipur) was a significant Indian bank. It was a subsidiary of the State Bank of India before merging with it on March 31, 2017. SBBJ has 1,360 branches as of 2015, the majority of which were in the Indian state of Rajasthan. Its branch network outside of Rajasthan included all of India’s main business areas. In 1997, the bank began trading on the stock exchange with an IPO of 1,360,000 shares at a premium of Rs. 440 per share. The company’s net profit for the 2015-16 fiscal year was Rs. 8.5 billion.

State Bank of Bikaner and Jaipur Agriculture Gold Loan Calculator

The State Bank of Bikaner and Jaipur Agriculture Gold Loan allows farmers to get cash in exchange for insured gold, which they may use to help with agricultural planting and harvesting. However, it’s also critical to understand the loan’s terms, which can be done with the help of an online EMI calculator, which shows the monthly EMI charges for the required amount. Some of the factors that determine EMI estimations are as follows:

• The value of the jewellery you may put up as collateral with the bank determines the amount of a gold loan you may be qualified for. Banks typically provide a jewel loan per gramme of gold, which varies according to the purity of the gold and the amount of loan calculated as per the pre-set LTV ratio.
• On higher sums of money, banks provide lower interest rates. The State Bank of Bikaner and Jaipur offers loans ranging from Rs. 5,000 to Rs. 20 lakh.
• Customers who open accounts with the State Bank of Bikaner and Jaipur qualify for special rates, benefits, and fees. Customers who have paid their gold loans on time in the past are eligible for low-interest loans from the State Bank of Bikaner and Jaipur.
• Shorter-term gold loans have higher interest rates, whereas longer-term gold loans have lower interest rates. Six- to twelve-month gold loans are available from the State Banks of Bikaner and Jaipur.
• For gold jewellery, the Reserve Bank of India has set a maximum loan-to-value (LTV) ratio of 75 per cent. On the other side, the State Bank of Bikaner and Jaipur offers loans with lower LTVs. A lower LTV agriculture gold loan will have a lower interest rate than one with a higher LTV. Based on the net weight of gold in your jewellery, the State Bank of Bikaner and Jaipur provides a maximum LTV of 75%.
• One of the State Bank of Bikaner and Jaipur’s primary lending criterion is gold loans for agricultural uses, which are issued at low concessional rates from all institutions, including the State Bank of Bikaner and Jaipur.

State Bank of Bikaner and Jaipur Agriculture Gold Loan Eligibility

There are certain requirements that are required to be fulfilled to avail a agriculture gold loan:

• The applicant should have attained at least 18 years of age
• The individual should have his own gold ornaments or articles that can be pledged
• The gold to be pledged should be 18 carats or above
• The applicant should have a decent CIBIL score

Documents Required for State Bank of Bikaner and Jaipur Agriculture Gold Loan

State Bank of Bikaner and Jaipur Agriculture Gold Loan Rate Per Gram by Gold Purity

The State Bank of Bikaner and Jaipur (State Bank of Bikaner and Jaipur) is an Indian financial institution. Agriculture Gold Loans are a one-of-a-kind programme given by the State Bank of Bikaner and Jaipur to both public and private firms. Agriculture has been practised by the vast majority of India’s inhabitants from ancient times, making it a very agriculturally intensive country.

Agriculture gold bank loans carry an annual interest rate of 7%, which rises over time. Interest rates, as well as eligibility, repayment terms, fees, and penalties for agricultural gold loans, differ from one bank to the next.

The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.

• Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
• Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
• Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784

State Bank of Bikaner and Jaipur Agriculture Gold Loan Interest Rates Per Gram

The cost of borrowing gold loans from the State Bank of Bikaner and the Jaipur Agriculture Gold Loan is as follows:

Historical Gold Loan Rates Per Gram

Because of India’s imperial heritage and abundance of natural resources, our soil can sustain a wide variety of plants and flowers. Numerous geographical factors have an influence on the development and long-term survival of diverse crops and plants in different sections of the country.

Despite the fact that farming is the country’s most common activity, the bulk of it is done for profit.

Using current methods, commercial farming is not practised on a big enough scale in the country. The market provides a number of agriculture-specific gold loans, such as the State Bank of Bikaner and Jaipur Agriculture Gold Loan, to address this issue.

Major Banks Agriculture Gold Loan Per Gram Rate Comparison 

Tips to Get The Highest Agriculture Gold Loan Amount from State Bank of Bikaner and Jaipur 

Any farmer may acquire an agriculture gold loan from one of the many lenders on the market, but applicants must meet the following criteria to receive the best deal and avoid fraud and other financial problems.

• Because a gold loan is secured, the loan amount is determined by the value of the gold you put up as security. Banks and non-bank financial organisations (NBFCs) cannot lend more than 75% of the value of gold, according to the Reserve Bank of India.
• These loans are frequently given within a few hours of receiving the loan application since they need minimal paperwork. As a consequence, a gold loan may be a viable option for coping with financial difficulties.
• Gold loans are short-term loans with periods ranging from seven to three years and repayment options ranging from seven to three years. In addition to the usual EMI repayment option, borrowers can choose to return the whole interest amount now and the principal component later at the end of the loan period.
• The interest rate on a gold loan is determined by the lender’s risk assessment, which can range from 7.00 per cent to 12 per cent each year. The interest rate on gold loans is determined by the loan-to-value (LTV) ratio, loan period, loan amount, and other variables.
• Lenders will demand processing fees and expenditures once you’ve completed your gold loan application. It normally varies from 0% to 2% of the overall loan amount. A one-time fee may be charged by some lenders. This cost should be explored before filing your loan application since it may be taken into account if you are seeking a large-ticket loan.