Mahabank Gold Loan Scheme - Agriculture Click here for Digital Gold Loan

Bank of Maharashtra offers the Mahabank Gold Loan Scheme – Agriculture, a tailored financial solution designed to assist farmers in meeting their agricultural and allied financial requirements. This scheme enables farmers to leverage their gold assets to access timely credit for crop production, allied activities, and investment purposes.

Purpose

The primary objective of this scheme is to provide farmers with quick and hassle-free credit by pledging gold ornaments. The funds can be utilized for:​

  • Crop production and related expenses
  • Allied agricultural activities
  • Investment in agricultural infrastructure​

ParticularsDetails
PurposeTo enable farmer to quickly meet their agricultural credit needs i.e both crop production / cash credit for allied agricultural activities & investment credit
Type of Loan
    • Cash Credit for Crop Production- in the form of MKCC
    • Cash credit for allied activities
  2. Term loans
EligibilityAny person engaged in agriculture or allied activities. The applicant should satisfy the KYC guidelines
Amount
    • MKCC against Gold- As per Scale of Finance of crops
    • Agri Cash Credit against Gold - As per actual credit requirement
  2. Agricultural Term Loan- As per actual credit requirement

Quantum decided on following basis:

  • Agri Cash Credit against Gold : - Scale of finance Rs.10038 per gram or 80% of the Market value of the net weight of gold ornaments whichever is less.
  • Agricultural Term Loan- Scale of finance Rs.10665 per gram or 85% of the Market value of the net weight of gold ornaments whichever is less.
  • Maximum permissible limit for MKCC is Rs3.00 Lakh
Maximum permissible limit under the scheme is Rs.100.00 Lakh* (T&C Applied) per borrower
MarginMinimum 20 %  for MKCC & Agri Cash Credit against Gold & 15 % for Agri. Term Loan against Gold
Rate of Interest
  • MKCC: 7% p.a. (fixed) upto Rs 3.00 lakh under interest subvention scheme upto one year.
  • Cash credit for allied activities: @ 1 Month MCLR + 0.05% = 8.20% +0.05 = 8.25%
  • Term Loans: @ 1 Month MCLR + 0.05% = 8.20% +0.05 = 8.25%
SecurityPledge of Gold jewelry/ ornaments. Bank shall not grant any advance against bullion/ primary gold.
Processing charges
  • Up to Rs.3.00 lakh - NIL
  • Above Rs.3.00 lakh to Rs. 5.00 lakh - Rs. 500
  • Above Rs. 5.00 Lakh to Rs. 10.00 lakh – Rs.1000
  • Above Rs.10.00 lakh to Rs.20.00 lakh - Rs.1500
  • Above Rs.20.00 lakh- Rs. 2000
Repayment
  • MKCC against Gold- As per MKCC scheme guidelines
  • CC allied activities- Annual review
  • TL- Within 60 months depending upon the purpose
Documents & Papers requirement 

      Loan application , KYC Documents, 7/12 Extract

Application Process

To apply for the Kisan Gold loan, visit the nearest Bank of Maharashtra branch or apply online through the official website. The bank ensures a streamlined process for farmers to apply for a gold loan on agricultural land with minimal documentation and quick disbursal.​

The agriculture gold loan scheme by Bank of Maharashtra stands as a reliable financial support system for farmers, offering flexibility, competitive interest rates, and a straightforward application process. By providing loan against agriculture land, the bank empowers farmers to meet their financial needs efficiently.