Kotak Mahindra Bank Crop Loans Loan
Purpose of Crop Loans Loan
Crop Loan product caters to the working capital needs of farmers for meeting cost of cultivation , purchase of inputs , development of farm etc . Kisan Credit card as well as Medium Term Loan extended to borrowers for ancillary activities such as land development, repair & maintenance of farm assets, drip irrigation etc.
Eligibility for Crop Loans Loan
- All Farmers - Individuals / Joint borrowers who are owner cultivators
- Minimum age - 18 years & Maximum age - 75 years at the end of loan tenure
- For borrowers above the age of 60, co-borrower less than 60 years old is mandatory. Such a co-borrower show be legal heir/immediate family member
- Joint holding (single or multiple locations) upto 5 persons is permitted
Documents Required for Crop Loans Loan
- Duly filled in application form
- Identity proof- Voter ID card/PAN card/Passport/ Aadhaar card,/Driving License etc
- Address proof: Voter ID card/Passport/Aadhaar card/Driving license etc
- Land ownership records
- Records of crops grown
- Coloured passport size photograph
- Signature verification of applicants and guarantor
- Details of existing loans and repayment track records
- Any other document required by the bank
Features and Benefits of Crop Loans Loan
Quick Processing
After you submit the loan application along with required documents, Kotak Mahindra 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
Kotak Mahindra Bank offers Crop Loans 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 Crop Loans Loan
8.95% to 24.00%
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 Crop Loans Loan
2.00% of Sanctioned Limit
Other Fees & Charges for Crop Loans Loan
- Documentation charges: Rs 5000
- Dishonour of cheque charges: Rs. 1000/- per instance
- Foreclosure Charges for term loan: 3.00 % on outstanding balance
- Loan Cancellation charges: Rs. 2500/- per agreement
- Stamp Duty & other statutory charges: As per actuals; to be borne by the Borrower/ Security Provider
- Valuation charges: At actuals
- Credit Administration charges: 1.00 % of Sanctioned Limit
Repayment Tenure of Crop Loans Loan
- Documentation charges: Rs 5000
- Dishonour of cheque charges: Rs. 1000/- per instance
- Foreclosure Charges for term loan: 3.00 % on outstanding balance
- Loan Cancellation charges: Rs. 2500/- per agreement
- Stamp Duty & other statutory charges: As per actuals; to be borne by the Borrower/ Security Provider
- Valuation charges: At actuals
- Credit Administration charges: 1.00 % of Sanctioned Limit
Other Important Points related to Crop Loans Loan
- Documentation charges: Rs 5000
- Dishonour of cheque charges: Rs. 1000/- per instance
- Foreclosure Charges for term loan: 3.00 % on outstanding balance
- Loan Cancellation charges: Rs. 2500/- per agreement
- Stamp Duty & other statutory charges: As per actuals; to be borne by the Borrower/ Security Provider
- Valuation charges: At actuals
- Credit Administration charges: 1.00 % of Sanctioned Limit
Why Select Kotak Mahindra Bank Crop Loans 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 Kotak Mahindra Bank Crop Loans Loan?
There are following steps through which you can apply for Crop Loans Loan and avail it easily:
(1) Visiting nearest branch of Kotak Mahindra Bank
You can search for and visit your nearest branch of Kotak Mahindra 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, Kotak Mahindra Bank will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by Kotak Mahindra 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.