Kisan Dost Agree Finance Schemes
|
|
Purpose:
Provision of financial facility to farmers for purchase of inputs (Seed, fertilizers, pesticides, fungicides e.t.c).
Eligibility:
Resident Self Cultivator having Agriculture Land minimum 5 acres and maximum 50
acres. The applicant should not be defaulter of any other Bank and property should be
free from any encumbrances
Amount:
Maximum Rs.500,000/- according to per acre limit of the crop.
Security:
Charge on Agriculture Land through Agri. Pass Book.
OR
Registered / Equitable mortgage of Urban property assessed by PBA’s approved
surveyor and cleared by Bank’s legal counsel.
OR
Liquid security in the shape Bank’s Fixed Deposited Receipts/DSC/NSC or Regular
Income Certificates. One Personal guarantee of reputable person. ACOs along with
Regional Chief can waive this condition if they deem the borrower to be very credit
worthy. Two written satisfactory market checking reports.
Margin on Collateral Security:
50% Margin on Agri land or Urban property assessed by Surveyor.
25% margin on liquid security or 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:
Borrower will to arranged Crop Insurance and Life assurance by company on bank’s
panel.
Mark-up:
18% Per Annum
Repayment:
Principal Once in a year & Markup on half yearly basis.
Renewal:
Automatic renewal upon adjustment of entire principal with full markup within one
year.Fresh documents will be obtained after three years.