Financing Pumpset - Agri & Rural
Loans For Financing Pump set
Purpose of Loan
Purchase of irrigation pump set /oil engine along with accessories.
Features
- Eligibility : Individual farmers, companies /partnership firms /JLGs/SHGs of farmers. Minimum economic holding acreage: 1.25 acre owned land. However, loans can be considered even if the benefitting area is less than 1.25 acres provided the farmer is able to sell surplus water or viability of the project is ensured.
- Type of Facility :Agriculture Term Loan
- Quantum of Loan: The amount of loan differs from activity to activity. For composite minor irrigation, full economically viable package to be given. In case of Drip irrigation, it depends upon the various factors, mainly crop spacing and water requirement of crops.
- Margin: 15% to25% of the project cost
- Interest Rate:Interest rates are linked to One Year MCLR rate + spread. Spread is determined by Bank from time to time. At present interest rate is One Year MCLR +3.50%
- Processing Charges:1.40% of the loan amount + GST
Repayment
- Negotiated Repayment. Repayable in 9 years or 18 half yearly instalments including grace/gestation period.
- >First installment will be due on harvesting / marketing of first post development crop.
Security
- Primary: Hypothecation of movable assets created
- Collateral: Up to 1.60 Lakh NIL More than Mortgage / charge on land.
Documents Required
- Duly filled in application form
- Identity proof- Voter ID card/PAN card/Passport/ Aadhaar card/Driving License etc.
- Address proof: Voter ID card/Passport/Aadhaar card/Driving license etc.
- Proof of agricultural land/ cultivation.
Last Updated On : Thursday, 08-04-2021
Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above
Farm Mechanization Loan
Limited Time Offers - Unlimited Joy
Criteria
- Features
- Eligibility
- Terms and Conditions
Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above