PM – KUSUM Scheme (COMPONENT B and C)

Agri & RuralCrop LoanGold LoanFarm mechanization Loan
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PM – KUSUM Scheme (COMPONENT B and C)

Purpose

Component (B)

  • Installation of 17.50 Lakh Stand-alone Solar Agriculture Pumps and will be implemented in full-fledged manner with total Central Government support of Rs.19,036.50 crores.

Component (C)

  • Solarisation of 10 Lakh Grid Connected Agriculture Pumps and on pilot mode for one lakh grid connected agriculture pumps. It should be scaled up with necessary modifications based on the learning from the pilot phase.

Features

  • Type of Facility: Agricultural Term Loan
  • Margin: Farmer contribution:10% of benchmark cost of pump.
  • Quantum of Loan:
    • Minimum loan: No ceiling
    • Maximum loan: No ceiling
    Central Financial Assistance (CFA):
    State Government: 30%
    Farmer contribution: 40%
    (Bank finance: 30% and farmer initial payment of 10%).
    Subsidy for North Eastern States, Sikkim, J & K, HP, Uttarakhand, Lakshadweep and A & N Islands: Central Financial Assistance (CF):
    State Government: 30%
    Farmer contribution: 20%
    (Bank finance: 30% and farmer initial payment of 10%).
  • Security: As per Bank’s extant guidelines.
  • Repayment: Maximum of 120 months including moratorium.
  • Interest rate : - 1-Year MCLR + 350 bps.
  • Upfront- fee: 1.40% of the loan + GST.
  • Subsidy:
    • Back ended credit linked subsidy.
    • Subsidy is deposited in the form of TDR with Zero interest rate and kept with the branch.
    • Lock in period for subsidy is three (3) years.
  • Portal : https://pmkusum.mnre.gov.in
  • FAQs : For more details, please visit nearest SBI Branch.

Who are eligible?

  • Farmers - Individuals/ joint borrowers who are owner cultivators.
  • Preference should be given to farmers using Micro irrigation systems or covered under Micro Irrigation Schemes or who opt for Micro irrigation systems.

Document Required

  • Application Form
  • Two Passport Size Photographs.
  • ID proof such as Driving License/ Aadhar Card/ Voter Identity Card/ Passport.
  • Address Proof such as voter ID card, Driving License, Aadhar Card, etc.
  • Proof of land holding duly certified by the revenue authorities
  • Cropping pattern (Crops grown) with acreage.
  • MNRE approved benchmark cost of pump set not exceeding 7.5 HP.
  • Documentation should be taken for the net of margin including capital subsidy as subsidy is back ended.
  • Any other document as per sanction.

Last Updated On : Monday, 18-07-2022

Interest Rates

8.50%* p.a.

w.e.f. 17.05.2023

*T&C Apply.

 

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