Bank Of Baroda Purchase Of Agriculture Land Loan
Purpose of Purchase Of Agriculture Land Loan
To finance the farmers to purchase, develop and cultivate agricultural and fallow/waste land
Eligibility for Purchase Of Agriculture Land Loan
Small and Marginal farmers i.e. those who would own maximum of non irrigated or irrigated land as stipulated by NABARD. Share croppers and Tenant farmers may also apply.
Documents Required for Purchase Of Agriculture Land Loan
Following basic documents are required for getting Purchase Of Agriculture Land Loan from Bank Of Baroda:
- Valid Identity Proof (any one): Voter ID Card, Aadhaar Card, Ration Card, PAN Card, Passport, Driving License
- Valid Address Proof (any one): Lease deed, Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
- Land ownership/cultivation proof as specified by the lender
- Any other documents as mandated by the lender
Features and Benefits of Purchase Of Agriculture Land 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 Purchase Of Agriculture Land 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 Purchase Of Agriculture Land Loan
8.75% to 10.90%
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 Purchase Of Agriculture Land Loan
- Upto Rs. 3 lakh : NIL
- Above Rs. 3 lakh to Rs. 100 lakh: 1% of the limit sanctioned
Other Fees & Charges for Purchase Of Agriculture Land 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 Purchase Of Agriculture Land 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 Purchase Of Agriculture Land 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 Purchase Of Agriculture Land Loan?
There are following steps through which you can apply for Purchase Of Agriculture Land 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.