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PURPOSE
For purchase of wide range of Agricultural/Horticultural implements/machinery including Power Tillers, Reapers, Weeders, Harvesters, Rice Transplanters, Pump Sets, Sprayers, Threshers, Tractors, Load Carriers, Wheel Carts, Three wheeler Load Carriers, One Ton Load Carriers etc. The list is indicative and not exhaustive. It can include all types of implements/equipments, machinery utilized by the farmers for farm mechanization purposes.
ELIGIBILITY
1. For financing Tractors/Harvesters/Reapers/Four Wheeler Load Carriers
Farmers/Employees owning minimum Irrigated cultivable agri land holding of 4 kanals or more for cultivation of crops including vegetables, floriculture, horticulture, cereals, pulses, fruit, medicinal and aromatic plants, etc.
OR
Non-Irrigated cultivable agri land holding of 8 kanals or more for cultivation of crops including vegetables, floriculture, horticulture, cereals, pulses, fruit, medicinal and aromatic plants, etc.
2.For financing Power Tillers, weeders, Rice transplanters, Pump Sets, Sprayers, Threshers, Three Wheeler Load Carriers etc.
Farmers/ Employees with minimum cultivated agri land holding of half an acre i.e. “4 kanals” for cultivation of crops including vegetables, floriculture, horticulture etc. The maximum amount of loan to the farmers having 4 kanals of land shall not exceed Rs 7.00lacs.
3. For financing pump sets, sprayers, grass cutter, baskets & receptacles, ladder, trays handcarts etc.
Farmers/Employees owning minimum apple cultivated land of 2 kanals. The maximum amount of loan to the farmers having 2 kanals of land shall not exceed Rs2.00lacs.
MAXIMUM PERMISSIBLE FINANCE
1.General Category Borrowers Maximum Loan Amount Rs.15.00 lacs.
2. Central/state Government Employees and employees of Public Sector Undertakings, Autonomous Bodies & Institutions. 48 months gross salary or Rs15.00 lacs whichever is lower. Gross deduction from salary including installments of the proposed loan not to exceed 60% of gross income.
MARGIN
10 % of Invoice value across all categories.
RATE OF INTEREST (SUBJECT TO CHANGE)
1 Year MCLR + 0.25% (Floating) present effective 9.05% with reset clause of one year.
REPAYMENT
Term Loan shall be repaid in maximum 7 years in 84 equated monthly installments with moratorium period up to three months from the date of first disbursement of the facility. Thus maximum door to door tenor of loan shall be 7 years and 03 months. In case of Central/state Government Employees and employees of Public Sector Undertakings, Autonomous Bodies & Institutions repayment to be fixed in such a way that the facility is adjusted one month before attaining age of superannuation or 07 years and three months from date of first disbursement whichever is earlier. However if the employees provide the collateral security as applicable to General category farmers, the repayment may be fixed as per cash flows without linking the same with age of superannuation.
The post J&K Bank Kissan Dost Finance Scheme Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
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