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SANGAM KISAN CREDIT CARD YOJANA |
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Purpose:
This scheme is popularily known as Green Card scheme among the Farmers & provides hassle free loan to the Farmers on the cheapest interest for their main activity i.e. Crop Production & also to meet out their personal & consumption needs to some extent.
Eligibility:
All categories of farmers, who are permanently residing within the radius of 10 Kms of the branch and owning any size of Agricultural land, according the land ceiling act approved by the state Government, are elligible to avail loan under this scheme. The share croppers, Oral lessess & tenant farmers may also be covered under the scheme with certain restrictions.
Fixation of loan limit:
Total loan requirement for the crop production is arrived on the basis of agricultural land available for crop production, cropping pattern, proposed by the farmers & the existing scale of finance for the proposed crops. 20% of the total requirement for crop production, arrived in the aforesaind manner, may be sanctioned for the personal/consumption needs of the applicant farmers.
Loan limit determined on the above pattern is sanctioned for the period of three years. However, renewal/review of the loan account is done annually.
Nature:
This account is cash credit in nature & farmers can make transactions in the account as per their convenience.
Repayment :
The aggregate credit in the account during the 12 month period should at least be equal to the maximum outstanding in the account and no drawl in the account shall remain outstanding for more than 12 months.
Security:
Loan upto Rs.50000/- is available only against hypothecation of crops & creation of charge on the agricultural land, proposed for loan, is required in addition, if loan amounts exceeds Rs.50000/-.
Rate of interest:
Interest only @7.00% p.a. is charged for the loan limits upto Rs.3.00 Lakh & @ PLR i.e.11.50% p.a. for loans above Rs.3.00Lakh. |
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