Agriculture Allied Loan :
Our Bank provides a variety of loans specifically tailored to support agriculture and allied activities. These loans are designed to meet the working capital needs for farming and related endeavours. Whether you're a farmer or involved in allied agricultural activities, we are here to support your financial needs.
Purpose :
To store agricultural produce until you get the best prices for it, and avoid selling it in a hurry at a lower price.
Eligibility :
- Agriculturist.
- Partnership Firm.
- Proprietorship Firm.
Repayment Period :
- Half-yearly or Yearly, based on crop variety.
Rate of Interest :
- For Individuals with warehouse receipt 14.25%.
- For Individual key loans (Private warehouse) 15.25%.
- For Non-Individual with warehouse receipt or key loan (Private warehouse ) 15.25%.
Shareholding :
- 2.5% of the loan amount as a regular shareholder.
Penal Charges :
- Any irregularity or default in repayment will attract penal charges of 3.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing Fees :
- 0.65% for a half-year loan period.
- 1.30% for a one-year loan period.
Quantum Of Finance :
- 60 - 70 % of crop stock value.
Interest Calculation Method :
Security :
- Hypothecation of agricultural produce.
Documentation :
- Proof of Identity (Passport / Voter's ID card / Driving License / PAN Card / Aadhar card).
- A recent passport-size photograph.
- Address Proof (Ration card, Tel / Electricity Bill / Lease agreement / Passport / Trade license / Sales Tax certificate / GST registration certificate).
- Financial Statement of the borrower and co-obligants.
- Go down receipts.
