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How can SahiBandhu Gold Loan help farmers in the Rabi season?
A successful crop and a good harvest is every farmer’s need and dream. Thus, the Rabi season is a crucial time as it is during this time that the farmers purchase seeds and other items before the actual planting begins which results in a lot of expenses that they might not be able to afford. This is where SahiBandhu Gold Loans come to the rescue! Since gold loan is secured, its interest rate is often lower than that of many other loans. SahiBandhu gold loans give farmers easy access to financing so they may pay for expenditures like purchasing land, equipment, seeds, and livestock farming.
What are the eligibility criteria to avail SahiBandhu Gold Loan?
- Anyone who is an Indian citizen or resident.
- Anyone between 18 and 70 can pledge as collateral.
- Anyone who owns even a single piece of jewelry with a minimum of 15 grams can get a gold loan.
- Anyone who possesses even a single piece of jewelry weighing at least 15 grams is eligible to apply for a gold loan.
- Any individual who owns gold jewelry with a purity of a minimum of 18 carats or more.
What is the documentation required to avail a gold loan for agriculture?
- Passport size photograph
- KYC Documents of the applicant: Passport, Voter’s ID card, PAN card, Aadhaar card, Driving License, Utility Bills (Water and Electricity).
Why SahiBandhu?
Provide door-to-door service: It is possible to have a one-of-a-kind, flawless service at your doorstep, saving you time and from having to move around with your gold jewelry. The authorized representative you choose will process the loan in the comfort of your home.
Instant Loans: The procedures involved in taking a Gold Loan are relatively faster and easier quickly when compared to other loans. When you fill out the information on the SahiBandhu website, an officer will visit your home. Upon completion of the documentation, he will appraise the gold. After the documents have been checked, the gold will be sealed in a tamper-proof bag, and the loan amount will be disbursed. Afterwards, the gold will be deposited safely in a nearby bank.
Less Documentation: Processing gold loans is easy when compared to other loans. It doesn’t require tons of documentation.
Affordability: With gold loans, you can borrow for up to 12 months at an affordable interest rate (starting at 8.5%).
Flexible Repayment Options: You will get three repayment options that help you repay the loan more easily. The three modes are:
- SahiMax: In this mode of repayment, you only must repay the monthly interest and the principal amount at the time of the loan closure.
- SahiDelight: It is a single repayment which means you must pay interest and principal amount at loan closure. This is a single repayment mode, that is, you must pay the interest and the principal amount at the time of the loan closure.
- SahiFlexi: It is an overdraft of gold which means you must pay monthly interest as per usage. With this kind of repayment, which is like a gold overdraft, you are required to pay usage-based monthly interest.
Why Should You Choose SahiBandhu Gold Loan Over Any Other Loan?
| Basis | Other Loan | SahiBandhu Gold Loan |
|---|---|---|
| Security | Unsecured | Secured |
| Interest Rate | High-Interest Rate | Low-Interest Rate |
| Documentation | PAN Card, Identity proof, Address proof, income proof, bank statement, and employment details are required. | Required only KYC documents like address proof. |
| Processing Speed | Takes longer to process as there are so many documents involved. | Takes only a few minutes to complete the process. |
| Services | Provides an online service where you can upload all the documents. | Provides doorstep service so you won’t have to leave the comfort of your home. |
Farmers should consider gold loans as their best option as these loans have low interest rates, easy processing, and minimal documentation. Since the loan is secured by gold, you don’t need to worry about your credit score. Additionally, it allows you to use the un-utilized gold lying around your house when you need funds. A gold loan not only makes more sense than personal loans or credit card debts, but it also is less expensive and easily accessible.
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