Purpose – Loan is sanctioned for productive purpose (production and investment credit) related to agriculture and allied activities, Rural Housing related activities, and Consumption.
Eligibility – Only existing good agricultural land owner borrowers who have been continuously availing of any farm advance against mortgage of agriculture land and having no NPA record for last THREE years as on the date of application will be eligible. If the land mortgaged is in the name of more than one farmer then all will be eligible jointly.
Quantum of Loan – 5 times average annual (2 years) income from agriculture and allied activities of the borrower; or 50% of value of mortgage land. Maximum limit: Rs.10 lakh
Nature of maximum limit of Rs 10 lakh may be as under: Maximum Rs 5 lakh for cash credit limit for crop production, consumption needs (other than housing) & working capital for allied activities; Need based term loan within overall ceiling of Rs.10 lakh including cash credit limit mentioned above & loan maximum up to Rs.2 lakh for Rural Housing.
Maximum age limit – 60 years at the time of sanction of loan; Applicants above 60 years but maximum 65 years may be considered for sanction of loan if the entire legal heirs join as guarantors.
The bank offers home loan, business loan, personal loan, vehicle loan, agricultural loan etc.