Kisan Dost Aabiari Scheme
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Purpose:
Provision of financial facility to the farmers for installation of Tube well, turbines etc.
Eligibility:
Resident Self Cultivator having Agriculture Land minimum 5 acres and maximum 50
acres.
Amount:
Maximum Rs 500,000/-.
Equity:
20% of the cost of project will be paid by the borrower.
Security:
1. Lease Assets i.e. Engine, Tube well and other related implements (The
vendor will issue receipt in the name of Bank).
2. Charge on Agriculture Land through Agri. Pass Book.
3. One personal guarantee of reputable person acceptable to Bank.
4. Two written satisfactory market checking reports.
Margin on Collateral Security:
50% Margin on Agri land assessed by Surveyor.
25% margin Agri land as per value in revenue record.
The maximum amount of Finance will be allowed upto 75% of the Oast Bai Value of land (Oast Bai is verified by Revenue Officer)
Insurance:
The Lessee will arrange comprehensive insurance of implements/assets. Life
assurance of lessee under the Bank’s charge.
Mark-up:
18% Per Annum
Repayment:
10 equal half yearly installments (within five years).