Bank of Maharashtra, popular for its loan schemes for various farmer requirements provides the Mahabank Kisan All Purpose Term Loan to help farmers become successful and double their income! If you or a farmer you know needs financial assistance to grow their farm, buy equipment or land need financial help then it is advised you go to the banks instead of going to loan sharks.
Here we have mentioned all the details of the loan scheme and a step-by-step guide to help you through the process.
What is the Purpose of the Loan?
The purpose of the Mahabank Kisan All Purpose Term Loan is to create a hassle-free single-term loan limit for farmers for all term loan requirements excluding development projects with long gestation periods of more than 3-4 years.
What are the Eligibility Criteria for the Loan Program?
The loanee should be:
An individual farmer or joint/ group of farmers- owner cultivators & JLGs/SHGs engaged in agriculture & allied activities.
How Much Amount is Provided Through This Loan?
The loan amount will be based on the investment plan given by the farmer to be undertaken in the next 2-3 years.
The plan can be a combination of investigation/ development activities relating to agriculture & allied activities.
It shall be subject to 5 times of Annual Income (Current pre-development stage) of the farmer including allied activities or 50% of the value of land mortgaged whichever is lower subject to a maximum of Rs 20 Lakh.
Details of Mahabank Kisan All Purpose Term Loan:
Margin:
Limit is up to Rs 1.60 Lakh- NIL
Limit above Rs 1.60 Lakh- 15% to 25% (Depending upon purpose and quantum of finance)
Rate of Interest:
The rate of interest of Mahabank Kisan All Purpose Term Loan is:
Up to Rs 10 Lakh: 1 Year MCLR + [email protected] % + 2%
Above Rs 10 Lakh: 1 Year MCLR + [email protected]% + 3%
Security:
Up to Rs 1.60 Lakh- Hypothecation of assets created out of bank finance
Above Rs 1.60 Lakh (aggregate limit)- Mortgage of land, the value thereof shall be at least 200% of the limit sanctioned.
Repayment: Repayable within 9 years maximum in suitable installments coinciding overall income generation of the farmer, without linking to individual projects.
Insurance: Assets created have to be insured for full value.
Other Terms & Conditions: The farmer should undertake to create/ complete the project within 15/30 days of availing the disbursement.
Documents Required for Mahabank Kisan All Purpose Term Loan:
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Loanees will need the following list of documents to avail of the loan:
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The loan Application form is Form No-138 and Enclosure- B2
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No dues certificates of the applicant from surrounding financial institutions including PACS
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Legal search from an advocate on Bank’s panel for loans above Rs 1.60 Lakh where the land is to be mortgaged
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Price quotations/ Plan estimates/ Permissions etc depending on the purpose of the loan
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Guarantee form F-138
How to Apply for Mahabank Kisan All Purpose Term Loan:
Visit the official Bank of Maharashtra website or click on this link to directly get to the loan application page.
Fill out the details required to register for the loan by selecting the Mahabank Kisan All Purpose Term Loan in the ‘Select Scheme’ section.
Then in the next section add your name, email, and mobile number.
Next, add the ITR filing category and Pin Code along with the branch closest to you.
Then you will need to provide the amount of loan you require and answer the captcha on the form.
Click on the consent form and then on the register now button to get registered for the loan.
To know more about the Mahabank Kisan All Purpose Term Loan, check out the official Bank of Maharashtra website.
