How to avail SBI agriculture gold loan via YONO? Know interest rate, benefits, eligibility and more

SBI Agriculture Gold Loan: Here is an important update from the State Bank of India (SBI) for the farmers. The largest public sector lender in the country is offering SBI's Agri gold loan. The interested individuals can avail the loan through SBI's YONO app. In case of any queries and details, the interested individuals can login to the official website of SBI at sbi.co.in.

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Recently, SBI has tweeted from its official Twitter handle about the Agri Gold loan. The tweet said, "Avail SBI's Agri gold loan at lowest interest rate through YONO."

Avail SBI's Agri gold loan at lowest interest rate through YONO. #SBIAgriGoldLoan #SBI #AzadiKaAmritMahotsavWithSBI pic.twitter.com/jawDwSzWsH

— State Bank of India (@TheOfficialSBI) December 21, 2021

Benefits
The several benefits of the above-mentioned loan are as follows:

1) SBI's Agri Gold loan offers a low interest of 7 per cent

2) Another benefit is the quick sanction of the loan

3) The interested individuals can apply through YONO for fast processing

4) There is also the benefit of easy repayment

Type of facility
Now, the interested individuals must be aware of the type of facility and quantum of the loan. As per the official SBI website, there is no loan available on gold bars. However, up to 50 gm of bank gold coins are allowed. The quantum of the loan is on the basis of the advance value of gold ornaments per gram of different levels of purity (24/22/20/18 carats).

The purpose of the loan is to meet the short-term production/investment credit needs of the following categories:
1) The farmers, engaged in agriculture, cultivating own and /or leased land or engaged in the cultivation of crops

2) Farmers in allied activities like Dairy, Poultry, Fisheries, Piggery, Sheep, etc.
entrepreneurs and farmers, who need investment credit for acquiring farm machinery, undertaking land development, irrigation, horticulture, transportation of Agri produce, etc.

3) All other farming activities which are permitted to be classified under agriculture as per RBI/GoI/NABARD guidelines

Who can avail?
The loan facility is available for the following categories:

1) All farmers: Individuals who are owner cultivators, Agri entrepreneurs

2) Tenant farmers, Oral lessees & Sharecroppers

3) Any person engaged in any agriculture or allied activities and wants to repay loans availed from non-institutional lenders as well as persons engaged in activities permitted by RBI to be classified under agriculture. A self-declaration has to be obtained from the applicant that he/she is engaged in agriculture and allied activities and that the loan availed against the pledge of Gold ornaments is for repayment of higher interest rate loans availed from non-institutional lenders.

4) Evidence of landholding record and Agri activities. (above Rs 2 lakh)

It must be noted that the loan can be availed through the SBI YONO app.