Maharashtra bank Kisan All Purpose Term Loan

 Maharashtra bank Kisan All Purpose Term Loan

Facility

Term Loan (TL)

Purpose

To create hassle free single term loan limit to farmer for all term loan requirements excluding development projects with long gestation periods (more than 3-4 years)

Eligibility

Individuals, Joint/ Group of farmers- owner cultivators & JLG’s/SHG’s engaged in agriculture & allied activities

Amount

 To be based on the investment plan given by the farmer to be undertaken in the next 2-3 years

 The plan can be a combination of investment/ development activities relating to agriculture & allied activities.

 It shall be subject to 5 times of Annual Income (Current pre development stage) of the farmer including allied activities or 50% of value of land mortgaged whichever is lower subject to Maximum of Rs 20.00 Lakh

Margin

 Small & Marginal Farmers: 5%

 Other Farmers:15%

Rate of Interest

ROI shall be as applicable to Agricultural advances

Security

 Up to Rs 1 lakh- Hypothecation of assets created out of bank finance

 Above 1 lakh (aggregate limit)- Mortgage of land, value thereof shall be at least 200% of limit sanctioned

Repayment

Repayable within 9 years maximum in suitable installments coinciding overall income generation of the farmer, without linking to individual projects.

Insurance

Asset created have to be insured for full value.

Other Terms & Conditions

The farmer should undertake to create/ complete the project within 15/30 days of availing the disbursement.

Paper requirement

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

 All 7/12, 8 A, 6 D extracts, Chatu Sima of the applicant

 No dues certificates of the applicant from surrounding financial institutions including PACS

 Legal search from advocate on Bank’s panel for loans above Rs.1.00 lakh where land is to be mortgaged

 Price quotations/ Plan estimates / Permissions etc. depending up on the purpose of loan

2. Guarantee form F-138

 All 7/12, 8 A & PACS dues certificate of the guarantors