What is an agri gold loan and who is eligible for that?

Agri gold loan is a loan against gold jewellery designed to meet the urgent financial needs of farmers and those engaged in agriculture and allied activities like animal husbandry, dairy, fisheries etc. It offers a convenient way to get credit by pledging household gold ornaments as collateral.

How it works:

• Farmer pledges their gold jewellery with a financial institution as security for the loan.
• The loan amount sanctioned is based on the quantity and purity of gold pledged. 
• Farmer can get up to 75% of gold's market value as the loan amount in their account. 

Eligibility criteria:

• The applicant's age should be typically between 18-75 years.
• Ownership of agricultural land may be required by some loan providers but is not mandatory.
• The gold jewellery should be ideally between 18-24 carats purity and a minimum quantity may be specified by the loan provider. Lower-purity gold may not be accepted.
• Only Indian citizens can avail of agri gold loans.
• Submission of Know Your Customer (KYC) documents like Aadhaar, PAN card, and address proof is a must.
• A good credit history and repayment track record may be required in some cases.
• Overall eligibility norms regarding age, land holding status, gold purity, documents required etc. vary as per each loan provider’s policies.

Interested applicants must check the specific eligibility criteria and documents required by their chosen financial institution before applying for the agri gold loan. Meeting the lending institution’s eligibility norms is key to getting quick approval."