Sharda Gramin Bank – Minor Irrigation Loan Scheme

By | March 29, 2011

Purpose: This loan finances minor irrigation schemes of farmer individually or as a group.


Eligibility: Farmers having agricultural land and are part holders of land can avail this loan. The loan could also be granted in joint names where land is owned jointly.


Quantum of Loan: The maximum amount that is granted as loan is fixed based on the unit cost of the project.

Rate of Interest: The rate of interest for loans up to Rs. 5, 000/- is 9.75% per annum (This is a fixed rate). For Loans above Rs. 50,000/- up to Rs. 2 lakhs, the rate of interest is 2% below PLR. In case of loans of Rs. 2 lakhs to Rs. 5 lakhs, the rate of interest is 0.5% below PLR. Similarly, in case of loans above Rs. 5 lakh also the rate of interest is 0.5% below PLR.

Margin: There is no margin for loans of value up to Rs. 50, 000/-.

Repayment: The period for the repayment of the loan is 5 to 15 years.


Security: No primary security is required for loans of up to Rs. 50,000/-. In case of loans above Rs. 50,000/-, collateral security is required in the form of simple land mortgage.

Processing Charges: There are processing fees for the loan as per the norms of the bank.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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