Kerala Gramin Bank Agriculutre Over Draft Loan
Purpose of Agriculutre Over Draft Loan
- Working capital requirements - for allied activities, farm machinery / equipment maintenance
- Repairs and Replacements of Machinery, Farm Animals, Repairs / Improvements of Land Development works, other works of Developmental nature
- Working capital requirements for Non-farm sector activities
- Other consumption needs of farmers
- Will not be granted for crop cultivation expenses as existing Kisan Credit Card facility is available for such requirements
Eligibility for Agriculutre Over Draft Loan
- Individual farmers/joint borrowers, partnership firms, private limited companies and public limited companies who are primarily owner cultivators and / or engaged in allied activities, non-farm activities
- Should have at least one year satisfactory repayment record
- Finance is based on income generation and repayment capacity
- Should not be a defaulter to any of the financial institutions
Documents Required for Agriculutre Over Draft Loan
- Land Tax Paid Receipt
- Possession Certificate
- Title deeds
- Any other documents as required by the bank
Features and Benefits of Agriculutre Over Draft Loan
Quick Processing
After you submit the loan application along with required documents, Kerala Gramin Bank 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
Kerala Gramin Bank offers Agriculutre Over Draft 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 Agriculutre Over Draft Loan
12.10%
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 Agriculutre Over Draft 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 Agriculutre Over Draft 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 Agriculutre Over Draft 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 Kerala Gramin Bank Agriculutre Over Draft 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 Kerala Gramin Bank Agriculutre Over Draft Loan?
There are following steps through which you can apply for Agriculutre Over Draft Loan and avail it easily:
(1) Visiting nearest branch of Kerala Gramin Bank
You can search for and visit your nearest branch of Kerala Gramin Bank .
(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, Kerala Gramin Bank will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by Kerala Gramin Bank 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.