Mahabank Gold Loan Scheme - Agriculture

Mahabank Gold Loan Scheme - Agriculture
PurposeTo 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
  1. i) Cash Credit for Crop Production- in the form of MKCC
    ii) Cash credit for allied activities
  2. Term loans
EligibilityAny 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.6945 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.7380 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
MarginMinimum 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%
SecurityPledge 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 , KYC Documents, 7/12 Extract

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