Union Bank Of India Purchase Of Land For Agricultural Loan

Purpose of Purchase Of Land For Agricultural Loan

For providing term loan to small marginal farmers including share croppers /tenant cultivators to purchase agricultural land and wasteland production

Eligibility for Purchase Of Land For Agricultural Loan

  • Small and marginal farmers, who would own maximum of 5 acres of non-irrigated land or 2.5 acres of irrigated land including the land to be purchased
  • Entrepreneurs with agricultural background are also eligible (Provided State laws permit purchase of agriculture lands by non-agriculturists)
  • Share' croppers / tenant farmers cultivating upto 2.5 acres of irrigated land or 5 acres of unirrigated land as the case may be
  • The total land holding of the borrower after the purchase of the .land under the scheme should not exceed 2.5 acres of irrigated land or 5 acres of non-irrigated land or equivalent

Documents Required for Purchase Of Land For Agricultural Loan

  1. Copies of land records regarding land owned and to be purchased, certified by the concerned Revenue authorities
  2. No due certificate from Co-operative Credit Society / Commodity Boards Financial Institutions
  3. Documents of title and other relevant documents

Features and Benefits of Purchase Of Land For Agricultural Loan

Quick Processing

After you submit the loan application along with required documents, Union Bank Of India 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

Union Bank Of India offers Purchase Of Land For Agricultural 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 Purchase Of Land For Agricultural Loan

8.50% to 11.05%
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 Purchase Of Land For Agricultural Loan

Up to Rs.25000: Nil and in other cases: will be at the discretion of the bank

Other Fees & Charges for Purchase Of Land For Agricultural 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 Purchase Of Land For Agricultural 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 Union Bank Of India Purchase Of Land For Agricultural 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 Union Bank Of India Purchase Of Land For Agricultural Loan?

There are following steps through which you can apply for Purchase Of Land For Agricultural Loan and avail it easily:

(1) Visiting nearest branch of Union Bank Of India

You can search for and visit your nearest branch of Union Bank Of India .

(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, Union Bank Of India will verify your application.

(8) Approval of Loan

If all the things are found correct, your loan application will be approved by Union Bank Of India 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.