Bank Of Baroda Construction Of Farm Buildings Loan
Purpose of Construction Of Farm Buildings Loan
For construction of farm structures such as bullock shed, implement shed, tractor and truck shed, farm store, godowns and farm silos, dutch barn, water trough for farm animals, threshing yard, gur making shed and fencing. For construction of Farm house cum dwelling unit.
Eligibility for Construction Of Farm Buildings Loan
All individuals engaged in cultivation of crop as owners of land or as permanent tenants or as lease holders (for reasonably long period) and have adequate productive utility of proposed construction. For construction of Farm house cum dwelling unit: all farmers having own land having sufficient income to repay the installments
Documents Required for Construction Of Farm Buildings Loan
Depending up on the cost of project and subject to assessment as per BKCC
Features and Benefits of Construction Of Farm Buildings Loan
Quick Processing
After you submit the loan application along with required documents, Bank Of Baroda will verify your application. If all the things are found correct, your loan application will be approved by the bank and you will be informed about the same. The loan amount will be released soon after the approval.
Minimal Documentation
For applying for agriculture loan, applicants are required to submit very limited documentation such as an identity proof, address proof, photograph, land ownership proof, etc. These documents are very easily available with the applicants. They need to enclosed the same with the loan application form.
Attractive Interest Rate
Bank Of Baroda offers Construction Of Farm Buildings Loan at very attractive and competitive interest rate starting from 8.80% p.a. Being the interest rate on lower side, the overall cost of your loan will also be lower.
Interest Rate for Construction Of Farm Buildings Loan
8.75%
Disclaimer: Agriculture Loan interest rates keep on changing. You are advised to check the interest rates with banks before making any decision. Source: Bank Websites
Processing Fees of Construction Of Farm Buildings Loan
- Upto Rs. 3 lakh : NIL
- Above Rs. 3 lakh to Rs. 100 lakh: 1% of the limit sanctioned
Other Fees & Charges for Construction Of Farm Buildings Loan
- Outstation Cheque Charges: N.A.
- Late Payment Penalty: 2% per month on overdue amount
- Charges on Part Disbursement: Nil
- EMI Cycle Change Charges: Rs 500
- Cheque Swapping Charges: Rs 500
- Legal, valuation and vetting charges: At actuals
- Stamp Duty and other statutory charges: At actuals as per applicable laws of the State
Repayment Tenure of Construction Of Farm Buildings Loan
The repayment tenure differs from lender to lender. In case of cash credit, it is usually less than 1 year and for long term loans, it varies from 3 to 9 years. There are various flexible loan repayment options available to repay the loan such as monthly, half yearly and yearly instalments, you can select any of them based on your income and repayment capacity.
Why Select Bank Of Baroda Construction Of Farm Buildings Loan?
- Dedicated customer support & service
- Wide network of branches across India
- Multiple loan repayment options
- Attractive & competitive interest rates
- Project assessment capability is available
How to Apply for Bank Of Baroda Construction Of Farm Buildings Loan?
There are following steps through which you can apply for Construction Of Farm Buildings Loan and avail it easily:
(1) Visiting nearest branch of Bank Of Baroda
You can search for and visit your nearest branch of Bank Of Baroda .
(2) Meet the Authorised Official
Meet the official authorised for handling agriculture loan related matters in order to get the advice on your eligibility, documents required, interest rate and can take their help in the loan application process.
(3) Obtain Loan Application Form
Obtain the loan application form from the branch.
(4) Fill up Loan Application Form
Fill up the form properly. Mention the details required in the form. Fill up the form in "Capital Letters". In case of any query in filling up the form, discuss with the official.
(5) Attach Required Documents
Attach a copy of the required documents such as Valid Identity Proof, Valid Address Proof, Land ownership/cultivation proof, etc. with the loan application form.
(6) Submit Loan Application Form along with Required Documents
Submit the loan application form along with required documents to the branch and ask for its acknowledgement.
(7) Processing of Loan Application
After you submit the loan application along with required documents, Bank Of Baroda will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by Bank Of Baroda and you will be informed about the same.
(9) Disbursement of Loan
The loan amount will be credited to your bank account soon after the approval.