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Advance against tangible security to individuals engaged in Agriculture and allied activities
Advance against tangible security to individuals engaged in Agriculture and allied activities
Purpose of Loans:
Business Expenses –To carry out business, purchase of raw materials, payment of creditors etc.
Eligibility:
Individuals engaged in Agriculture and allied activities i.e. dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture
Advance against LIC- The Life insurance Policy( LIP) should be in force for a minimum period of 3 years and should be assignable
Advance against NSC/ KVP - NSC/ KVP should be minimum 1 year old
Limits of Loans:
No limit
Margin:
NSC/ KVP : 10%-15% of the face value
LIP : 10% of surrender value
Basis of Advance:
NSC
: 90 % of Face Value if residual maturity period is less than 3 years.
85 % of Face Value if residual maturity period is more than 3 years
LIP
: 90% of surrender value
Repayment Period:
5 years in case of TL OR date of maturity whichever is earlier
Rate of interest (Floating):
PLR -4.25 : 10.15% p.a
Present PLR @14.25% p.a
Security:
In case of LIP, the terms and conditions of the Policy should state that Policy can be assigned / Loan can be availed against the Policy.
Processing Fees:
Nil
Shareholding:
2.5% of sanctioned amount maximum Rs 25,000/-
Documents Required:
Prescribed loan application form
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