SBI agriculture Gold Loan subsidy Process
Yes, SBI offers an interest subvention scheme for agriculture gold loans. Under this scheme, the borrower is eligible for a subsidy of up to 36% of the interest payable on the loan. The interest subvention is available for loans that are sanctioned between 01.01.2023 and 31.12.2024. The eligibility criteria for the scheme are as follows:
- The borrower must be a farmer and must have a valid Kisan Credit Card (KCC) account.
- The loan amount must be used for agricultural purposes.
- The loan amount must not exceed Rs. 3 lakh.
The following table shows the interest subvention rates for SBI agriculture gold loans:
| Borrower Category | Interest Subvention Rate |
|---|---|
| Small and marginal farmers | 25% |
| Women farmers | 33.33% |
| SC/ST farmers | 40% |
The interest subvention is available for a period of up to 3 years. The effective interest rate on the loan will be reduced by the amount of the subsidy. For example, if the interest rate on the loan is 9% and the borrower is eligible for a subsidy of 36%, the effective interest rate will be 5.4%.
To apply for the interest subvention scheme, the borrower must submit an application to the nearest SBI branch. The application form can be downloaded from the SBI website. The following documents must be submitted along with the application form:
- KCC account statement
- Loan agreement
- Identity proof
- Address proof
The interest subvention scheme is a great way to reduce the cost of borrowing for agricultural purposes. If you are a farmer and are considering taking out a gold loan, you should check if you are eligible for the scheme.
Here are some additional details about the SBI agriculture gold loan subsidy scheme:
- The subsidy is available to both individual and joint borrowers.
- The loan amount can be used for a variety of agricultural purposes, such as purchase of seeds, fertilizers, pesticides, and farm equipment.
- The loan can be repaid in monthly installments over a period of up to 3 years.
If you are interested in applying for the SBI agriculture gold loan subsidy scheme, you can visit the nearest SBI branch or contact the bank’s customer care helpline.
