Madhyanchal Gramin Bank Loan Against Warehouse Receipt Loan
Purpose of Loan Against Warehouse Receipt Loan
Purchase of Raw materials for Food & Agro Processing Industries during harvesting season when commodity prices are low.
Eligibility for Loan Against Warehouse Receipt Loan
Persons trading in agricultural commodity. Pledge of warehouse Receipts of approved warehouse
Documents Required for Loan Against Warehouse Receipt Loan
Photograph, proof of address, proof of identity, pledge agreement, declaration by borrowers and letter of continuity once obtained valid for 3 years. Warehouse receipt endorsed in favour of Bank
Features and Benefits of Loan Against Warehouse Receipt Loan
- Access to adequate and timely credit to farmers
- Full year's credit requirement of the borrower taken care of.
- Minimum paper work and simplification of documentation for drawal of funds from the bank.
- Flexibility to draw cash and buy inputs.
Interest Rate for Loan Against Warehouse Receipt Loan
10.50%
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 Loan Against Warehouse Receipt 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 Loan Against Warehouse Receipt 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 Loan Against Warehouse Receipt 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 Madhyanchal Gramin Bank Loan Against Warehouse Receipt 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 Madhyanchal Gramin Bank Loan Against Warehouse Receipt Loan?
There are following steps through which you can apply for Loan Against Warehouse Receipt Loan and avail it easily:
(1) Visiting nearest branch of Madhyanchal Gramin Bank
You can search for and visit your nearest branch of Madhyanchal 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, Madhyanchal Gramin Bank will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by Madhyanchal 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.