Purpose:
Provision of financial facility to the farmers for development of their non productive lands into productive ones by conductive on farm works of Land leveling, laser leveling, and land improvement, clearance of jungle and land reclamation.
Eligibility:
Resident Self Cultivator having Agriculture Land minimum 5 acres and maximum 50
acres.
Amount:
Maximum Rs.500,000/-.
Equity:
Borrower will pay 20% cost of the project.
Security:
1. Charge on Agriculture Land through Agri. Pass Book.
2. One personal guarantee of reputable person. Two written satisfactory market
checking reports.
Margin on Collateral Security:
50% Margin on Agri land assessed by Surveyor.
25% 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:
Life assurance of lessee under the Bank’s charge.
Mark-up:
18% Per Annum
Repayment:
10 equal half yearly installments (within five years).