Jai Kisan Loan Scheme is a hassle frees multipurpose, Composite, Long Term Farm Credit Scheme for Agriculturists.
PURPOSE – To meet their credit requirement related to investment on farm development or contingencies, consumption & other pressing social obligations
ELIGIBILITY – All credit worthy farmers in the service area of the Bank as well as from the operational area of the Bank. Credit requirement should not be less than Rs.50000/-. Major portion of the credit facility shall be directly related to Farm Development.
QUANTUM OF LOAN – Quantum of loan is decided based value of property offered as security & Annual Income of the farmers. The maximum eligible amount shall be 50% of the value of property offered as security or 5 times of the annual income whichever is lower subject to maximum of Rs.7.50 lakh.
RATE OF INTEREST – For loans up toUp to 2 lakhs the rate of interest is 11.50% p.a. for loans above 2 lakhs the interest rate is 13.00% p.a.
PAYMENT – To be repaid within a maximum period of 7 years based on expected time of harvesting/marketing of farm produce. Repayment holiday of one year from the date of first disbursement may be considered.
SECURITY – Mortgage or charge creation on agricultural lands after ensuring clear title.