Jewel Loans – Agri

Overview

The Jewel Loan product of LVB offers an easy and hassle-free option to farmers for funding farming and allied activities. These loans are available at all branches of LVB and enables farmers to unlock the value of their gold ornaments and avail of higher rates to fulfill their credit needs.

Features

  • Quick and hassle-free processing at our express jewel loan counters
  • Attractive interest rates
  • Convenient repayment options
  • Can be availed in the form of term loan / cash credit facility

Eligibility

  • Individual agriculturists engaged in farming and allied activities are eligile to avail these loans
  • Loan offered against pledge of gold ornaments owned by the farmer

Loan Value Offered

  • Up to 75% of the value of 22 ct. gold ornaments

Rate per Gram

  • Rs. 2,400/- w.e.f 02nd Augest 2019

Loan Quantum

  • Minimum - Rs.10,000/-
  • Maximum - Rs.20 lakhs
  • For loans under interest subvention scheme, maximum amount is Rs. 3 lakhs

Rate of Interest

  • Up to 6 months – 6 months MCLR + 0.10% (PER-09.95% p.a.)
  • 6 to 9 months & 9 to 12 months – 1 year MCLR + 0.10% (PER-10.05% p.a.)
  • Interest subvention scheme – 7% p.a.*
  • *Note :
    • Interest subvention will be available only for meeting expenses of short term crop production
    • Additional 3% subvention available if prompt repayment is made within the due date (Due date not to exceed one year)

Processing Charges

  • "For loans up to Rs.25,000/- – Bank charges - Nil; Appraisal commission - 0.20% of loan amount"
  • "For loans above Rs.25,000/- – Bank charges - 0.20% of loan amount subject to maximum of Rs.1,000/-; Appraisal commission - 0.20% of loan amount "

Documents Required

  • a) ID proof
  • b) Address proof
  • c) Two recent passport size photographs
  • d) Documents evidencing possession of agricultural land such as chitta, patta, adangal, etc.

  • Note: For existing customer of the bank, KYC documents and photographs not required
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