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 through SBI Agricultural Loan.
💥 Features of SBI Agriculture Loan💥
☛ Low-interest rates
☛ No intermediaries
☛ No hidden cost
☛ Quick loan sanction and disbursement
SBI is the pioneer and the market leader in the field of Agricultural loans. 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 loans 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 an electronic Rupay Card, through which the farmer can draw the cash from ATMs, buy things like composts, and many more as per their requirement.
SBI has structured its items by centering on 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 loans 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 an agricultural loan from SBI with easy process.
💥Kisan Credit Card Scheme (KCC)
SBI offers loans 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 the 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 customers get the interest at their savings account, against their balanced amount in the KCC account.
- The borrowers get an 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 2020:
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 for an agricultural loan of SBI:
- Application form
- Identity card
- Address Proof
These are the general documents that 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 an 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 an Agricultural loan by SBI online at Afinoz.com.
- Fill the blog form or email us at email@example.com.
- You can check your eligibility and provisional EMI for SBI individual credit utilizing our utility apparatuses like the 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 cashback on your disbursed loan amount.
In addition to SBI, the nationalized banks that offer agricultural loans include Union Bank of India, UCO Bank, Punjab National Bank, Vijaya Bank, United Bank of India, Dena Bank, Syndicate Bank, Oriental bank of Commerce, Bank of Baroda, Indian Bank, and Dena Bank to name few. Agricultural Loan starts from 7-8% but special waivers, as well as benefits, make it more affordable.
So, 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!