Bank Of Maharashtra Mahabank Gold Loan Scheme Agriculture Loan
Purpose of Mahabank Gold Loan Scheme Agriculture Loan
Eligibility for Mahabank Gold Loan Scheme Agriculture Loan
Following eligibility criterion is required for availing Mahabank Gold Loan Scheme Agriculture Loan from Bank Of Maharashtra:
- Age of the applicant should be between 18 and 70 years.
- Applicant should own an agricultural land
Documents Required for Mahabank Gold Loan Scheme Agriculture Loan
Following basic documents are required for getting Mahabank Gold Loan Scheme Agriculture Loan from Bank Of Maharashtra:
- 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 Mahabank Gold Loan Scheme Agriculture Loan
Quick Processing
After you submit the loan application along with required documents, Bank Of Maharashtra 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 Maharashtra offers Mahabank Gold Loan Scheme Agriculture 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.
Higher Loan Amount
Bank Of Maharashtra provides higher loan amount under Mahabank Gold Loan Scheme Agriculture which can be utilized by the farmers to meet their farm related financing needs very easily.
Interest Rate for Mahabank Gold Loan Scheme Agriculture Loan
The interest rate on Mahabank Gold Loan Scheme Agriculture Loan ranges from 8.00% to 12.50%. These rates also differ from lender to lender. Some of other significant factors in determination of interest rate are value of agriculture land owned by the applicant, income of the applicant, repayment capacity, type of loan applied for and past credit history of the applicant.
Interest rate, prevailing from time to time, will be applicable for the loans financed under the scheme. As the interest rates are subject to change. Hence, you should visit the nearest branch to know latest Interest Rates.
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 Mahabank Gold Loan Scheme Agriculture Loan
Processing fee is a one-time charge to be paid by the borrower to the bank. It is charged to cover the costs incurred by the lender to process the loan. As it is not deductible from the loan amount, borrower is required to pay it separately while finally applying for loan. You need to contact the nearest branch to know latest processing fee.
Other Fees & Charges for Mahabank Gold Loan Scheme Agriculture 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 Mahabank Gold Loan Scheme Agriculture 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 Maharashtra Mahabank Gold Loan Scheme Agriculture 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 Maharashtra Mahabank Gold Loan Scheme Agriculture Loan?
There are following steps through which you can apply for Mahabank Gold Loan Scheme Agriculture Loan and avail it easily:
(1) Visiting nearest branch of Bank Of Maharashtra
You can search for and visit your nearest branch of Bank Of Maharashtra .
(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 Maharashtra will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by Bank Of Maharashtra 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.
Agriculture Organizations in India and in the World
| Name of Organization | Headquarters | Purpose |
|---|---|---|
| Indian Council of Agricultural Research (ICAR) | India | ICAR is not only responsible for the farmers, but are also responsible for the citizens of this country as a whole |
| Food and Agriculture Organization (FAO) | Rome, Italy | It leads international efforts to defeat hunger and improve nutrition and food security. |
| International Food Policy Research Institute | USA | To improve food security, reduce poverty and improve environmental sustainability under global change. |
| International Water Management Institute | Sri Lanka | To focus on the sustainable use of water and land resources in developing countries. |
| SAARC Agriculture Centre (SAC) | Dhaka, Bangladesh | To strengthen agricultural research and accelerate technology transfer through establishing regional networks on agricultural and allied disciplines |
| Central Agricultural University(CAU) | India | To impart education in different branches of agriculture and allied science. |
| World Agroforestry Centre (ICRAF) | Nairobi, Kenya | To work towards mitigating tropical deforestation, land depletion and rural poverty through improved agroforestry systems. |