The KBL Agri Gold Loan Scheme is also known as the Karnataka Bank Gold Loan Scheme. It is specific and is created to meet the expenditure which is agricultural in nature. Hindu Undivided Families (HUFs), corporates and farmers can avail of the facility. Peasants can apply for this scheme in association with someone or individually. You can apply for gold loan in Karnataka bank at loanbaba.com.
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The bank accepts all the jewellery and ornaments made of gold for granting loan against gold. Minted gold metallic money sold in banks is readily accepted. Gild coin’s mass exceeding from fifty grams per borrower is prohibited.
Rupees three lakh (maximum) is lent to candidates borrowing for agricultural subvention. For agricultural production purposes rupees twenty five lakh (maximum) is given to each account and rupees one lakh (maximum) is given to each borrower.
The principal amount of the credit must be returned before or on the date of maturity. The interest may be paid on the due date or on yearly basis.
An interest rate of eighteen percent (Goods and Services Tax) will be added to all banking commodities and services starting from first of July, 2017.
The gold promised to bank as for credit money serves as collateral security. Crops and property are to be hypothecated as primary guarantee.
For Agricultural subvention and production the scheme offers loan in exchange of gold as security. According to the instructions of the central government of India, agricultural subvention is carried out in semi urban as well as the rural bank branches.
Seven percent p.a. is the discounted rate of interest for loan for agricultural subvention against gold.
For both agricultural subvention and production the bank provides, highest loan tenure is one year on gold loans.