Purpose
An instant credit for farming community to meet the emergent funds requirements for farm maintenance and other farm related activities due to COVID-19 pandemic.
Eligibility
Existing borrowers enjoying investment credit with satisfactory repayment track record.
Quantum of Loan
10% of Other Agriculture sanction limit i.e. Minimum Rs.10000/- and Maximum Rs.50000/- for existing regular Investment credit agriculture accounts
Nature of facility
Demand Loan
Rate of Interest
1 Year MCLR+SP i.e. 8.15+ 0.25= 8.40 % (at present)
Margin
Nil
Repayment Period
Half yearly / Yearly instalments depending upon the income generation and cropping pattern
Security
Hypothecation of assets created out of bank finance if any. - Existing security under Investment agriculture credit loan accounts to be extended.
- The existing norms of no collateral security up to Rs.1.60 lacs to be followed if the combined limit is within Rs.1.60 lacs.
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