Scheme for Debt Swapping of borrowers

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Scheme for Debt Swapping of borrowers

Purpose :

To extend finance to farmers for paying off loans taken from non-institutional lenders (e.g. money lenders, etc.) and to enable such farmers in distress, meet their crop production needs.

Features

  • Type of Facility: Term Loan
  • Quantum of Loan:
    • Minimum: Rs 5,000/-
    • Maximum: Rs 1,00,000/-
    The quantum of loan granted shall be 100% if the debt is on account of cultivation or agri activity, with amaximum of Rs. 1,00,000/. Additionally, loan for crop production will be sanctioned under Kisan credit card.
  • Repayment: The loan will be repayable in half yearly instalments in 3 to 5 years.
  • Security: All the existing security available with the bank will be extended to cover the loan under the proposed scheme also.
    • Primary: Charge over assets and documents pledged/ mortgaged with the moneylenders, non-institutional lender, etc. after the dues of the money lenders / non-institutional lenders are cleared.
    • Collateral: Collateral security by mortgage / charge on agriculture property shall be taken for this loan, if the total loan exceeds ₹ 1.60 lakh.

Eligibility Criteria

  • All existing farmer borrowers as well as other farmers in the operational area of the branch.

Documents Required

  • Application form.
  • Stamped, notarized Affidavit, as per Bank format
  • A letter from the lender confirming the facts in the Affidavit, if available.
  • Any other document as per sanction.

As applicable to Direct Agriculture advance.

For detailed and updated information, please contact our nearest Branch.


Last Updated On : Tuesday, 11-04-2023

Interest Rates

8.40%* p.a.

w.e.f. 01.09.2023

*T&C Apply.

 

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