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|
- A] i) Cash Credit for Crop Production- in the form of MKCC
- ii) Cash credit for allied activities
- B] Term loans
|Eligibility||Any person engaged in agriculture or allied activities. The applicant should satisfy the KYC guidelines|
- A] i) MKCC against Gold- As per Scale of Finance of crops
- ii) CC for allied activities- As per actual credit requirement
- B] Agricultural Term Loan- As per actual credit requirement
- 2. 75% of market value of gold (for MKCC) & 60% of market value of gold (for TL)
- Rs. 3545/- per gram of 22 carat gold ornament Or 75% of the market value of the net weight of the Gold ornaments excluding stones attached to ornaments/ jewelry to be pledged, whichever is less
- 3. Maximum permissible limit under the scheme is Rs3.00 Lakh (aggregate limit for MKCC+CC Allied +TL Agri) **Out of above whichever is lower
- Maximum permissible limit for Agri Cash Credit Against Gold & Agri term loan against Gold is Rs. 20.00 Lakh **Out of above whichever is lower.
|Margin||Minimum 25 % of market value of Gold (for MKCC & Agri Cash Credit against Gold) & Minimum 40 % 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: As applicable to agricultural advances.
- Term Loans: As applicable to agricultural advances.
|Security||Pledge of Gold jewelry/ ornaments. Bank shall not grant any advance against bullion/ primary gold.|
- 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
- Revenue records - 8A, 7/12