Meghalaya Rural Bank Agricultural Cash Credit Loan
Purpose of Agricultural Cash Credit Loan
Cultivation of short-term crops (Short Term Seasonal Agricultural Operations) and meeting contingency expenses subject to 20% of the peak credit limit.
Eligibility for Agricultural Cash Credit Loan
All farmers, individuals (singly or jointly), tenant farmers, oral lessees, share croppers, SHGs and Joint Liability Groups. The age of the applicant must be between 21 years and 65 years.
Documents Required for Agricultural Cash Credit Loan
Following basic documents are required for getting Agricultural Cash Credit Loan from Meghalaya Rural Bank:
- 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 Agricultural Cash Credit Loan
Quick Processing
After you submit the loan application along with required documents, Meghalaya Rural 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
Meghalaya Rural Bank offers Agricultural Cash Credit 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 Agricultural Cash Credit Loan
7% to 13.50%
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 Agricultural Cash Credit 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 Agricultural Cash Credit 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 Agricultural Cash Credit 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 Meghalaya Rural Bank Agricultural Cash Credit 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 Meghalaya Rural Bank Agricultural Cash Credit Loan?
There are following steps through which you can apply for Agricultural Cash Credit Loan and avail it easily:
(1) Visiting nearest branch of Meghalaya Rural Bank
You can search for and visit your nearest branch of Meghalaya Rural 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, Meghalaya Rural Bank will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by Meghalaya Rural 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.