Agri Land Development Loan
Finance for developing cultivable lands through land & soil reclamation, irrigation facilities, watersheds and farm pond, poly/greenhouses, fencing, roads and equipment for farm activities, and allied processing units.
Features & benefits
- For developing the cultivable lands by way of land & soil reclamation, creation of irrigation facilities, development of watersheds and farm pond, construction of poly/greenhouses, fencing, formation of roads and purchase of equipment such as sprayers, weeders and others for farm activities, establishment of plant tissue culture lab, biotechnology lab, fruit & vegetables, seed, Dairy/poultry/fish processing units.
- Tenor: 3 to 7 years – NEMI excluding Holiday/Moratorium period. Holiday period - Maximum of 6 months to 2 years.
Charges and Limits
| Age | Minimum – 21 years; Maximum – 75 years at end of loan tenure. |
| Limit | Minimum – Rs. 0.25 lakhs; Maximum – No maximum limit. Assesment (As per project cost and applicant margin as per Credit Policy.) |
| Margin | Minimum 20% |
| Tenor | 3 to 7 years (NEMI) excluding holiday/moratorium period. |
| Holiday / Moratorium | Maximum of 6 months to 2 years. |
| Repayment | Based on the nature of activity. |
| Eligibility | Individual farmers, group of individuals, SHGs, JLG, group of farmers, HUF, proprietorship concern of farmers, registered partnership firms, LLPs (poultry), registered companies, societies, NGOs who are experienced/trained in land development activities. |
| Security Coverage | > 100% |
Interest Rate
| Particulars | ROI (Floating) p.a. |
|---|---|
| Interest Rate* | 1 Yr MCLR + 0.90% (irrespective of the sanctioned loan amount) |
*Rate of Interest will be changed from time to time as per bank’s policy.
