The scheme is for Debt swapping of the FARMERS-“Rushikulya Mahajani Runomukto Jojana”. These loans will be classified as Direct Agricultural Loans- Term Loans. Apart form the Rushikulya Mahajani Runomukto Jojana the bank also offers two wheeler loans, home loan, personal loan, business loan agricultural loans etc.
Objective – The Scheme aims at rescuing the Farmers who have been under the clutches of the local money lenders / non-institutional lenders at usurious rates of interest, that finally leaving the Farming Community in distress resulting in debt of the Farmers.
Eligibility – All the existing farmers’ borrowers of the bank who have been regular in repaying the loans in the past, except on the occasions when they could not repay on account of factors beyond their control as drought / floods etc; Non-borrower farmers in the service area of the bank branch
For non-borrower, the eligible limit under RBKC (Kisan Card) should be assessed and a separate limit for repayment of Non-Institutional debts should be fixed as per the eligibility criteria.
Quantum Of Loan – 75 % of the RBKC limit already enjoyed by the farmer subject to a maximum of Rs. 25,000/- or 100 % of the non-Institutional debt on account of Agri. Activity, whichever is lower For existing borrower farmers.
Interest – As applicable to Agri Term Loan (in case RBKC is sanctioned, the applicable rate for Kisan Card scheme shall be charged)
Repayment – Term loan will be repayable in 5 yearly installments in with initial holiday / gestation of one year.