Mahabank Gold Loan Scheme - Agriculture
Mahabank Gold Loan Scheme - Agriculture |
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Purpose | To enable farmer to quickly meet their agricultural credit needs i.e both crop production / cash credit for allied agricultural activities & investment credit |
Type of Loan | - i) Cash Credit for Crop Production- in the form of MKCC
ii) Cash credit for allied activities - Term loans
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Eligibility | Any person engaged in agriculture or allied activities. The applicant should satisfy the KYC guidelines |
Amount | A] i) MKCC against Gold- As per Scale of Finance of crops ii) Agri Cash Credit against Gold - As per actual credit requirement B] Agricultural Term Loan- As per actual credit requirement Quantum decided on following basis: - Agri Cash Credit against Gold : - Scale of finance Rs.5655 per gram or 80% of the Market value of the net weight of gold ornaments whichever is less.
- Agricultural Term Loan- Scale of finance Rs.6010 per gram or 85% of the Market value of the net weight of gold ornaments whichever is less.
- Maximum permissible limit for MKCC is Rs3.00 Lakh
Maximum permissible limit under the scheme is Rs.100.00 Lakh* (T&C Applied) per borrower |
Margin | Minimum 20 % for MKCC & Agri Cash Credit against Gold & 15 % for Agri. Term Loan against Gold |
Rate of Interest | - MKCC: 7% p.a. (fixed) upto Rs 3.00 lakh under interest subvention scheme upto one year.
- Cash credit for allied activities: @ 3 Month MCLR + 0.05% = 8.60% +0.05 = 8.65%
- Term Loans: @ 3 Month MCLR + 0.05% = 8.60% +0.05 = 8.65%
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Security | Pledge of Gold jewelry/ ornaments. Bank shall not grant any advance against bullion/ primary gold. |
Processing charges | - Up to Rs.3.00 lakh - NIL
- Above Rs.3.00 lakh to Rs. 5.00 lakh - Rs. 500
- Above Rs. 5.00 Lakh to Rs. 10.00 lakh – Rs.1000
- Above Rs.10.00 lakh to Rs.20.00 lakh - Rs.1500
- Above Rs.20.00 lakh- Rs. 2000
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Repayment | - MKCC against Gold- As per MKCC scheme guidelines
- CC allied activities- Annual review
- TL- Within 60 months depending upon the purpose
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Documents & Papers requirement | Loan application , KYC Documents, 7/12 Extract |
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