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. A] i) Cash Credit for Crop Production- in the form of MKCC
  2. ii) Cash credit for allied activities
  3. B] Term loans
EligibilityAny person engaged in agriculture or allied activities. The applicant should satisfy the KYC guidelines
Amount
  1. A] i) MKCC against Gold- As per Scale of Finance of crops
  2. ii) CC for allied activities- As per actual credit requirement
  3. B] Agricultural Term Loan- As per actual credit requirement
  4. 2. 75% of market value of gold (for MKCC) & 60% of market value of gold (for TL)
  5. 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
  6. 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
  7. 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.
MarginMinimum 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.
SecurityPledge of Gold jewelry/ ornaments. Bank shall not grant any advance against bullion/ primary gold.
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
  1. Loan application ie Form No. -138, & Enclosure –B2
  2. Revenue records - 8A, 7/12