Loan scheme for Polyhouse

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Loan scheme for Polyhouse

Loans for New High Tech Product: Poly House/Net House/Green House Cultivation

Purpose of Loan

  • Term loan to meet the cost of construction of house and purchase of machinery/equipment needed. Project cost will be based on the rates prescribed by NHB/ other approved agency from time to time.
  • AACC/KCC (separately) to meet the cultivation of flowers and vegetables.

Features

  • Type of Facility : Agriculture Term Loan
  • Quantum of Loan :
    • Project cost minus margin
    • ATL : 85% of the project cost
    • ACC : 100% of Scale of Finance
  • Margin :
    • ATL : 15% of the project cost
    • ACC : As per Scale of Finance for crops to be grown
  • Interest Rate : Crop loans/ Production loans up to Rs.3.00 lacs will be charged at 7% p.a. (fixed) as per GOI guidelines where subvention is available else 2% above base rate.
    • For Agri term loans, MCLR + 3.60 % .
  • Insurance :Insurance of assets purchased /created out of Bank’s finance for full market value.

Eligibility

  • Entities having land ownership in their name or leasehold basis for a remaining lease period of 15 years.
  • Individual/ group of progressive farmers/ Producer companies/ JLGs/SHGs engaged in agriculture having assured irrigation facilities.
  • They should be reasonably skilled to undertake this activity or have skilled manpower.
  • The location of the farm should be conducive for marketing of the produce.
  • They should have some tie-up arrangement for marketing of the produce.

Security

  • Primary : Hypothecation of crops and polyhouse including all machinery /equipment & other assets created out of Bank’s finance.
  • Collateral : Mortgage of land /charge on land or liquid collaterals.

Repayment

  • Negotiated repayment. Repayable in 72 months including gestation period of 3-12 months. During the gestation period, only interest charged need to be serviced. As the net house requires replacement of the net after 4 years, repayment schedule may suitably be adjusted to take care of replacement cost of nets. The repayment schedule should coincide with the harvest of crops to be grown under the net house.

Documents Required

  • Duly filled in application form
  • Identity proof- Voter ID card/PAN card/Passport/ Aadhaar card/Driving License etc.
  • Address proof: Voter ID card/Passport/Aadhaar card/Driving license etc.
  • Proof of agricultural land/ cultivation.

Last Updated On : Tuesday, 11-04-2023

Interest Rates

8.40%* p.a.

w.e.f. 01.09.2023

*T&C Apply.

 

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