Personal Loan
Apply SBI Agricultural Loan: Have You Told Others Before This?
02 May 2019 3 min read
Personal Loan: Apply SBI Agricultural Loan: Have You Told Others Before This?

SBI Agricultural Loan: Have You Told Others Before This?

Farming contributes about 16% of our nation’s GDP. And still farmers are struggling. What is the need of the hour?


The Agriculture segment plays a crucial role in the Indian Economy. India exports a vast amount of agrarian materials like organic products, vegetables, pulses, tea, spices, and so on and the government is gaining great income from it.
So where is the challenge? The challenge lies in the plight of farmers. Once the farmer falls into the well of debt he can never come out of it. Thus along with his landed property he can pass his debt to the next generation as well.
Neither loan waiver is helping them out nor are the farmers getting bank loans. There is a silver lining behind every cloud. The entire nation is waiting for that silver cloud.  
We request #Influencers to help farmers and make them aware of the availability of credit.  

#Finance is needed for farmers not only for the production and marketing of crops but also to keep a stagnant agricultural economy alive. Indian farmers live struggling with their everyday life. Hence farmers need credit to run their life smoothly. Two primary sources from where farmer get the rural credit are private and institutional. Private credit includes lending the money from moneylenders, traders, relatives, trading agencies and many more. On the contrary, sources of institutional credit are rural co-operatives, commercial banks, notably the State Bank of India (SBI).

SBI is the pioneer and the market leader in the field of Agricultural loan. It has 16,000 plus branches which cover nearly 1.01 crore farmers. SBI Agricultural product covers the entire range of gamut of agricultural activities from Farm to Fork. SBI offers loan to farmers for crop production as KCC (Kisan credit card). The credit covers the yield generation costs, post-gather costs, contingencies, and so forth. Kisan Credit Card is accessible as electronic Rupay Card, through which the farmer can draw the cash from ATMs, buy things like composts and many more as per their requirement.

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SBI has structured its items by centering at the necessities of farmers. Its agribusiness banking products have the benefit of having low-interest rates. The bank straightforwardly manages farmers by avoiding the middlemen to offer the least expensive loan. SBI comprehends that a delay in giving timely finance can have drastic consequences for farmers – they may totally miss a yield sowing season. To maintain a strategic distance from this, it sanctions loan rapidly and offers loan disbursement in the most limited timeframe. Another remarkable element of State Bank of India's Agri- financing items is that there are no hidden expenses. The items are intended to be straightforward so farmers can comprehend the terms and conditions without any confusion. In this article, we will discuss how can you get SBI agriculture loan with easy process.

💥 Features of SBI Agriculture Loan

☛ Low interest rates

☛ No intermediaries

☛ No hidden cost

☛ Quick loan sanction and disbursement

💥Kisan Credit Card Scheme (KCC)

SBI offers loan to farmers for crop production as KCC (Kisan credit card). The credit covers the yield generation costs, machine cost, contingencies, and so forth.

 Eligibility:  All farmers, including tenant farmers, joint cultivator owners, self-help groups or joint liability groups, are eligible to get a loan under this scheme.

 Product Features:

At the point when farmers at first apply for KCC, the advance loan will be evaluated based on the expense of development, post-reap costs and other supporting costs for the first year. For the subsequent 5 years, the loan will be dispensed dependent on the expansion in the scale of finance. The repayment period on loan is fixed relying upon the expecting reaping period and advertising span after the loan has been sanctioned. The client does not have to vow any security for a loan up to Rs. 1 Lakh.
The KCC card provided by the SBI can be used for all the transactions. Along with this customer get the interest at their savings account, against their balanced amount in KCC account. The borrowers get interest subsidy for loans up to Rs. 3 Lakhs and an additional subsidy of 3% per annum for on-time repayments. The borrowers also get insurance coverage for notified crops and areas.

 SBI Agriculture Loan Interest rate of 2019:

Till one year or due date interest rate charged will be 7% per annum depending upon whichever date is earlier. On non-repayment, the interest charged will be compounded half yearly.

 Documents required:

  • Application form
  • Identity card
  • Address Proof

These are the general documents which are required by the bank however they can ask for some additional documents depending on the amount you are lending.

 APR Calculator :
APR calculator helps you in finding the effective percentage rate (APR) for a loan allowing you to specify interest rates are compounding and payment frequencies. SBI also offers an APR calculator on its official website to get the idea about the SBI agricultural loan. It helps you in understanding the real cost of the loan so that the customer does not have to face the problem in later days.
To calculate the percentage rate of the agricultural loan you need to enter the following details.

  • Loan amount
  • Rate of interest
  • Equated monthly installment amount
  • Number of months to repay the loan
  • Processing fees
  • Other charges (like valuation charge)

This information helps you in getting the exact idea about the agricultural loan However, you can tweak the conditions according to yourself in order to see whether you can afford the loan or not.
You can apply for Agricultural loan by SBI online at Afinoz.com. Fill the blog form or email us at info@afinoz.com. You can check your eligibility and provisional EMI for SBI individual credit utilizing our utility apparatuses like personal loan eligibility calculator and personal loan EMI calculator. We guarantee you of our best administrations with no problem and exertion at the snap of a catch from the comfort of your home or office. When you complete and present your SBI bank loan application through Afinoz.com, you can easily follow your advance application status on our site consistently, 24x7. And, on top of that, you can earn cash back on your disbursed loan amount. 
 Don’t’ worry. Just relax. If you have any questions regarding SBI Agricultural loan, feel free to connect with us. We value your requirements and are dedicated to helping you in the best possible manner. Cheers!😁

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