asset backed agri loan - Agri & Rural

Eligibility:

Individual farmers, Proprietary and Partnership Concerns, Corporate Farmers directly engaged in Agriculture, Allied and Ancillary activities.

Interest Subvention

No interest subvention is applicable under this product

Security:

• Primary Security: Hypothecation of assets created out of bank loan.
• Collateral Security: SARFAESI compliant immovable property in the form of Residential/Commercial land and/or building
  • The property belonging to the unit, its proprietor/partners/directors or their near relatives is eligible.
  • No second Charge or Pari-Passu charge will be extended to any other Bank or FI (exclusive charge of our Bank).
  • Property mortgaged needs to be within a radius of 25 km from the Branch wherein the loan is availed. (Controlling Authority may decide to go beyond 25 Km on a case-to-case basis. The reasons to be mentioned in the appraisal note).
  • Property that are not eligible under the product are
    • Property in the name of Minor
    • Industrial property both Leasehold & freehold
    • Leasehold property
    • Properties covered under social infrastructure such as schools/colleges, hospitals, orphanage/old age homes etc.
    • SEZ property
    • Property under Power of Attorney
• Property should be SARFAESI Act compliant. CERSAI verification registration shall also be made on the proposed collateral security.

Insurance

• The assets purchased out of Bank finance and identified as insurable, should be insured Comprehensively.
• The building obtained as Collateral shall be insured.

FAQs

For more details, please visit nearest SBI Branch.