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Advance against tangible security to individuals engaged in Agriculture and allied activities

Purpose of Loans:

  1. Business Expenses –To carry out business, purchase of raw materials, payment of creditors etc.

Eligibility:

  1. Individuals engaged in Agriculture and allied activities i.e. dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture
  2. The Life insurance Policy( LIP) should be in force for a minimum period of 3 years and should be assignable
  3. Advance against NSC/ KVP - NSC/ KVP should be minimum 1 year old

Limits of Loans:

  1. No limit

Basis of Advance:

  1. NSC/KVP : 90 % of Face Value if residual maturity period is less than 3 years.
              85 % of Face Value if residual maturity period is more than 3 years
  2. LIP :  90% of surrender value

Repayment Period:

  1. 10 years in case of TL OR date of maturity whichever is earlier.
  2. OD facility subject to annual review or date of maturity whichever is earlier.

Rate of interest (Floating):

  1. Floating (PLR –6.35) = 9.25 %
  2. PLR @15.60% p.a. (w.e.f -20.06.2025)

Penal Charges:

  1. Penal charges in the range of 1% to 2% p.a. each, subject to maximum of 2% p.a. for non-compliance of terms and conditions of loan contract, till such time the same is complied with.

Security:

  1. In case of LIP, the terms and conditions of the Policy should state that Policy can be assigned / Loan can be availed against the Policy.
  2. KVP/NSC should be pledged/LIP should be assigned in Bank's Name.

Processing Fees:

  1. Nil

Shareholding:

  1. Upto 1 Cr - Rs. 1000/-
  2. Above 1 Cr - Rs.25000/-

Documents Required:

  1. Prescribed loan application form

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