Mahabank Gold Loan Scheme - Agriculture

 

Mahabank Gold Loan Scheme - Agriculture

Purpose :

To enable farmer to quickly meet their agricultural credit needs i.e both crop production / cash credit for allied agricultural activities & investment credit

Type of Loan:

A] i) Cash Credit for Crop Production- in the form of MKCC ii) Cash credit for allied activities B] Term loans

Eligibility:

Any person engaged in agriculture or allied activities. The applicant should satisfy the KYC guidelines

 Amount :

A] i) MKCC against Gold- As per Scale of Finance of crops ii) CC for allied activities- As per actual credit requirement B] Agricultural Term Loan- As per actual credit requirement 2. 75% of market value of gold (for MKCC) & 60% of market value of gold (for TL) 3. Maximum permissible limit under the scheme is Rs3.00 Lakh (aggregate limit for MKCC+CC Allied +TL Agri) **Out of 1,2,3 above  whichever is lower

Margin

NIL

Rate of Interest

 MKCC: 7% p.a. (fixed) upto Rs 3.00 lakh under interest subvention scheme upto one year.

 Cash credit for allied activities: As applicable to agricultural advances.

 Term Loans: As applicable to agricultural advances.

Security

Pledge of Gold jewelry/ ornaments. Bank shall not grant any advance against bullion/ primary gold.

Repayment

 MKCC against Gold- As per MKCC scheme guidelines

 CC allied activities- Annual review

 TL- Within 60 months depending upon the purpose

Documents & Papers requirement

1. Loan application ie Form No. -138, & Enclosure –B2

2. Revenue records - 8A, 7/12