Mahabank Gold Loan Scheme - Agriculture
Mahabank Gold Loan Scheme - Agriculture |
---|
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
|
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: - Scale of finance Rs.3500 per gram for MKCC/Agri CC against Gold or Rs.3270 per gram for ATL Against Gold against of 22 carat gold or 75% of market value of gold (for MKCC / Agri Cash Credit) & 70% of market value of gold (for TL) whichever is lower.
- Maximum permissible limit for MKCC is Rs3.00 Lakh
Maximum permissible limit under the scheme is Rs.25.00 Lakh per borrower |
Margin | Minimum 25 % of market value of Gold (for MKCC & Agri Cash Credit against Gold) & Minimum 30 % of market value of Gold (For 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: @ 1 (Month) MCLR i.e. 7.00% + 0.20% i.e. 7.20% p.a.
- Term Loans: 1 (Month) MCLR i.e. 7.00% + 0.20% i.e. 7.20% p.a.
|
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
|
Repayment | - MKCC against Gold- As per MKCC scheme guidelines
- CC allied activities- Annual review
- TL- Within 60 months depending upon the purpose
|
Documents & Papers requirement | - Loan application ie Form No. -138, & Enclosure –B2
|
Get A Call Back Apply Online