Agriculture Allied Loan

Vikas Bank offers a range of agriculture allied loans facility to meet the working capital activities for farming and allied activities.

Purpose

• To Store the Agricultural produce till gets good prices and to avoid distress sale

Eligibility

• Agriculturist
• Partnership Firm
• Proprietorship Firm

Repayment Period

• Half yearly and Yearly based on crop

Rate of Interest

• For Individual With Godown Receipt-14.25%
• For Individual Key loan (Private godown) 15.25%
• For Non-Individual with Godown receipt or key loan (Private Godown ) 15.25%

Penal Interest

• Any irregularity or default in repayment will attract penal interest of 3.00% p.a. over and above the above rate of interest on the balance outstanding.

Processing fees

• 0.65% for half year loan period
• 1.30% for one year loan period

Quantum Of Finance

• 70 % of crop Stock value

Interest Calcualtion Method

• Reduced Balance method

Security

• Hypothecation of Agriculture produce

Documentation

• Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
• Recent Passport size photograph
• Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
• Financial Statement of the borrower and co-obligants /guarantors.
• Detailed project Report.
• Godown Reciepts