Whether you’re dealing with a debt or unplanned emergency expenses, turning to a Jewel Loan can help you meet your current financial needs. Unlike unsecured loans, this type of financing promises faster processing and relatively lower interest rates.
The Indian Overseas Bank Agricultural Jewel Loan is one of the best bets when diving into this type of financing program. Similar to all other jewel loans, this option lets you pledge your gold ornaments as collateral in exchange for a loan amount. Promising, isn’t it?
Here, we have prepared a brief guide on what you can expect from the Indian Overseas Bank Agricultural Jewel Loan. From its features and fees to the application process, here is a rundown of everything you need to know about this loan program.
Indian Overseas Bank Agricultural Jewel Loan – Features
Specifically designed for farmers who are in need of immediate access to funds for agricultural purposes, the Indian Overseas Bank Agricultural Jewel Loan works by letting individuals pledge their gold jewellery as collateral for a certain loan amount.
Under the said program, farmers who engage in agricultural activities can claim a loan amount of up to more than Rs.3 Lakhs, depending on their qualifications.
To help make the repayment more favourable, loan customers can repay the money they have borrowed within a period of one year.
Similar to all other gold loans, the ornaments that will be rendered by the borrowers to the bank will act as the collateral, which will be retained by the lender until the close of the loan program.
Indian Overseas Bank Agricultural Jewel Loan – How to Apply?
Impressed about the Indian Overseas Bank Agricultural Jewel Loan features? Fortunately, since the program works as a gold loan, its application process generally involves lenient eligibility criteria and minimal documentation compared to personal loans.
Specifically, in order to be eligible, one must only need to be a farmer who owns jewels and is engaging in agricultural activities.
Once you meet the criteria, you can proceed to the application process. To do so, you may simply visit the nearest Indian Overseas Bank in your area, ask for an application form, and apply over the counter.
You can also choose to check out Indian Overseas Bank’s website first before your branch visit to download the application form in advance.
To do so, from the site’s home page, simply click on the “Agri/Rural” option and select “Agricultural Loan Form” located under the title “Agricultural/Rural.”
From there, you will be presented with a list of downloadable forms. Simply download the form that applies to you and print it out to be answered later. Once you’re done, you can visit the nearest Indian Overseas Bank in your area.
Indian Overseas Bank Agricultural Jewel Loan – Fees and Charges
Another thing that makes Indian Overseas Bank Agricultural Jewel Loan a top choice for many farmers is its favourable fees and charges.
Specifically, as part of the program, the interest rate for the short-term production credit component of up to Rs.3.00 lakhs for one-year scores at 7% p.a., subject to availability of interest subvention from GOI.
Meanwhile, incentive subvention of 3% is also available for the short-term production credit up to Rs.3.00 lakhs, subject to prompt payment within the period of one year from date of Sanction/renewal.
Borrowers with loan amounts above Rs.3 Lakhs, on the other hand, will face one-year MCLR+2.50%.
Indian Overseas Bank Contact Information
Interested to know more about this loan option? Feel free to contact Indian Overseas Bank at 1800 425 4445 or visit them at their central office located at 763, Anna Salai, Chennai – 600 002.
The Bottom Line
Whether you need to consolidate your debt or respond to an urgent financial need, using your gold to avail of a loan can help you solve your financial woes.
Is the Indian Overseas Bank Agricultural Jewel Loan the right financing option for you? Contact the bank today!
Note: There are risks involved when applying for and using a loan. Consult the bank’s terms and conditions page for more information.