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Purpose
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*To meet short term credit requirements for cultivation of crops.
*To provide Post-harvest expenses & Produce Marketing loans.
* To meet consumption requirement of farmers.
* To meet working capital requirement for maintenance of farm equipments and other assets and activities allied to agriculture like dairy, fisheries etc.
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Eligibility
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*All Farmers - Individuals / Joint borrowers who are owner cultivators, tenant farmers, oral lessees, share croppers and Self Help Groups or Joint Liability Groups of Farmers.
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Nature of facility
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*Short-term revolving credit
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Limit
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*For the first year,
limit will be fixed on the basis of
- Scale of finance for the crop, plus
- 10% of limit towards post harvest/household/consumption expenses plus
- 20% of limit towards repairs & maintenance, crop
insurance, Personal Accident Insurance & asset insurance.
- For second and subsequent years the limit will be arrived at by adding 10%
towards cost escalation over limit of the preceding year.
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Margin
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*Nil as it is inbuilt in the scale of finance.
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Security
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*Primary
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- Hypothecation of crops and assets created out of bank's finance.
* Collateral -
- No collateral for limit upto Rs 1.60
Lakh.(In tie ups-up to Rs.3.00 Lakh- No security required)
- For limits above Rs 1.60 Lakh, collateral security is required.
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Rate of Interest
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Limit
Upto Rs 3,00,000/- (Interest Subvention)
Above Rs 3.00 Lakh up to Rs 10.00 lacs
Above Rs 10.00 lakh upto Rs 100.0 lakh
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7%
*MCLR + 2.50%
*MCLR + 3.00%
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Processing Charges
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*Nil
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Documentation Charges
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*NIL
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Repayment
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*As per the anticipated harvesting and marketing of the crop.
*Limit will be valid for 5 years, subject to annual review.
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For further details, please contact our nearest branch.
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