State Bank Of India Multipurpose Gold Loan Loan
Purpose of Multipurpose Gold Loan Loan
To offer loan facility to farmers against collateral security pledge of their gold ornaments
Eligibility for Multipurpose Gold Loan Loan
Any person engaged in agriculture activities
Documents Required for Multipurpose Gold Loan Loan
- Duly filled in application form
- 2 latest passport size photographs
- Identity proof (any one): Voter ID card, PAN card, Passport, Aadhaar card, Driving Licence, etc
- Address proof (any one): Voter ID card, Passport, Aadhaar card, Driving Licence etc
- Proof of agricultural land, cultivation
Features and Benefits of Multipurpose Gold Loan Loan
Quick Processing
After you submit the loan application along with required documents, State Bank Of India will verify your application. If all the things are found correct, your loan application will be approved by the bank and you will be informed about the same. The loan amount will be released soon after the approval.
Minimal Documentation
For applying for agriculture loan, applicants are required to submit very limited documentation such as an identity proof, address proof, photograph, land ownership proof, etc. These documents are very easily available with the applicants. They need to enclosed the same with the loan application form.
Attractive Interest Rate
State Bank Of India offers Multipurpose Gold Loan Loan at very attractive and competitive interest rate starting from 8.80% p.a. Being the interest rate on lower side, the overall cost of your loan will also be lower.
Interest Rate for Multipurpose Gold Loan Loan
9.65%
Disclaimer: Agriculture Loan interest rates keep on changing. You are advised to check the interest rates with banks before making any decision. Source: Bank Websites
Processing Fees of Multipurpose Gold Loan Loan
- Upto Rs.25,000 : NIL
- Above Rs.25,000 to up to Rs.2.00 lakhs: Rs.500 + GST
- Above Rs.2.00 lakhs : 0.30% of loan limit + GST
Other Fees & Charges for Multipurpose Gold Loan Loan
- Outstation Cheque Charges: N.A.
- Late Payment Penalty: 2% per month on overdue amount
- Charges on Part Disbursement: Nil
- EMI Cycle Change Charges: Rs 500
- Cheque Swapping Charges: Rs 500
- Legal, valuation and vetting charges: At actuals
- Stamp Duty and other statutory charges: At actuals as per applicable laws of the State
Repayment Tenure of Multipurpose Gold Loan Loan
The repayment tenure differs from lender to lender. In case of cash credit, it is usually less than 1 year and for long term loans, it varies from 3 to 9 years. There are various flexible loan repayment options available to repay the loan such as monthly, half yearly and yearly instalments, you can select any of them based on your income and repayment capacity.
Why Select State Bank Of India Multipurpose Gold Loan Loan?
- Dedicated customer support & service
- Wide network of branches across India
- Multiple loan repayment options
- Attractive & competitive interest rates
- Project assessment capability is available
How to Apply for State Bank Of India Multipurpose Gold Loan Loan?
There are following steps through which you can apply for Multipurpose Gold Loan Loan and avail it easily:
(1) Visiting nearest branch of State Bank Of India
You can search for and visit your nearest branch of State Bank Of India .
(2) Meet the Authorised Official
Meet the official authorised for handling agriculture loan related matters in order to get the advice on your eligibility, documents required, interest rate and can take their help in the loan application process.
(3) Obtain Loan Application Form
Obtain the loan application form from the branch.
(4) Fill up Loan Application Form
Fill up the form properly. Mention the details required in the form. Fill up the form in "Capital Letters". In case of any query in filling up the form, discuss with the official.
(5) Attach Required Documents
Attach a copy of the required documents such as Valid Identity Proof, Valid Address Proof, Land ownership/cultivation proof, etc. with the loan application form.
(6) Submit Loan Application Form along with Required Documents
Submit the loan application form along with required documents to the branch and ask for its acknowledgement.
(7) Processing of Loan Application
After you submit the loan application along with required documents, State Bank Of India will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by State Bank Of India and you will be informed about the same.
(9) Disbursement of Loan
The loan amount will be credited to your bank account soon after the approval.