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About Agricultural Loans

Perceiving the significance of the agricultural division in the advancement of the country, we have facilitated to meet the credit prerequisites of the area. Agricultural loan shapes a vital piece of the need segment loaning of the Bank. Bank offers loan facitlites for segments like plantation, agriculture, land advancement, water system, ranch automation, development of rustic godowns, cold stockpiles and poly house/nursery, exactness cultivating, horticulture, creature farming, poultry, fishery among others. This administration is stretched out through rustic, semi-urban and urban parts of the Bank.

The range is large and varied, and tailored for all segments of customers from individuals to corporate. Lending to Priority Sectors of the economy is a very important of our advances portfolio.

Agricultural loans are any loans that are benefited by a rancher to support occasional agricultural tasks or related exercises like creature cultivating, pisci-culture or buy of land or agricultural devices. While occasional agricultural tasks routine exercises like incorporate getting ready and furrowing land for sowing, weeding, and transplantation where important, purchasing information sources, for example, manures, seeds, bug sprays and so forth and connecting with labour for developing and reaping the harvests.

Moreover obtaining of land, or buying of agricultural devices, stockpiling of produce and transport additionally are incorporated under domain of agricultural loans.

The agricultural approach of the Government of India likewise visualizes generous credit stream to increment agricultural generation and profitability. Banks give agricultural term loans to ranchers for speculation purposes and Short Term Loans for generation purposes. There is a need to back ranchers for acquiring land not exclusively to grow their exercises yet additionally to make existing little and minimal units monetarily feasible, broaden their present exercises and to bring neglected terrains and waste grounds under development.

In India, agribusiness has been set apart as need segment since ranchers comprise a huge piece of the populace. Thus farming area meets all requirements for need part loaning at lower financing costs by banks. In India, the greater part of the business banks, community social orders and provincial banks give agricultural loans to ranchers.

 

 

Features

All loans are not created equal, Loans has become a great option for people to use.

Faster Loan

Cochin Financial Services helps you to get the loan faster than any other consultants! Starting from document prepartion, our main motto is to get you the money!

Choose amount

All charges are communicated up front in writing along with the loan quotation, and let us know how much money you want and we set strategy accordingly.

Enjoy the best rates

Our loan rates and charges are very attractive. We always get you loan for the best interest rates in the market. Its upto us to get you a hassle free loan.

Decide your tenure

As our loan rates and charges are very attractive, we help the clients to workout on tenure which never become a burden for them. We works for you.

 

Loan Eligibility

Farmers, Dairy Owners, Horticulturists, and any Orchard owners are eligible to apply for an Agriculture Loan. Most lenders prefer the age of the applicant to be within 24 to 65 years of age. However, there are few banks who offer loans to applicants are 18 years of age. The eligibility differs from one bank to another.

Eligibility Criteria for Loan Against Agricultural Land

  • Farmers, Dairy Owners, Horticulturists, and any Orchard owners are eligible to apply for an Agriculture Loan.
  • Most lenders prefer the age of the applicant to be within 24 to 65 years of age. However, there are few banks who offer loans to applicants are 18 years of age. The eligibility differs from one bank to another.
  • If the land is owned by two people, co-applicant is mandatory.
  • A agricultural land is pledged as a collateral. The borrower should have clear titles to the land to be eligible to apply for a Loan Against Agricultural Land.
  • Usually, lenders prefer borrowers to have residence stability of 2 years.
  • Most banks offer loans based on the size of the land pledged. They usually mention the minimum acres of land a farmer should have to apply for a loan.

 

 

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Your bank will assess your repayment capacity while deciding the home loan eligibility. Repayment capacity is based on your monthly disposable / surplus income, (which in turn is based on factors such as total monthly income / surplus less monthly expenses) and other factors like spouse’s income, assets, liabilities, stability of income etc. The main concern of the bank is to make sure that you comfortably repay the loan on time and ensure end use. The higher the monthly disposable income, higher will be the amount you will be eligible for loan. Typically a bank assumes that about 55-60 % of your monthly disposable / surplus income is available for repayment of loan. However, some banks calculate the income available for EMI payments based on an individual’s gross income and not on his disposable income.

The amount of the loan depends on the tenure of the loan and the rate of interest also as these variables determine your monthly outgo / outflow which in turn depends on your disposable income.

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You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest. Repayment by way of EMI starts from the month following the month in which you take full disbursement.

The longer the tenure of the loan, the lesser will be your monthly EMI outflow. Shorter tenures mean greater EMI burden, but your loan is repaid faster. If you have a short-term cash flow mismatch, your bank may increase the tenure of the loan, and your EMI burden comes down. But longer tenures mean payment of larger interest towards the loan and make it more expensive.

Yes, most banks allow you to repay the loan ahead of schedule by making lump sum payments. However, many banks charge early repayment penalties up to 2-3% of the principal amount outstanding. Prepayment penalty may vary according to the reasons and source of funds – if you obtain a loan from another bank for pre-payment the charges are usually higher than when you pay from your own sources. However, you may credit more than your EMI amount into your loan account on a periodic basis and bring down your interest burden as and when funds are available with you. Most banks do not charge a pre-payment penalty if you deposit more than your EMI payable on a periodic basis. Please check such stipulations while availing the loan.

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Now apply for a Loan online, All you need to do is provide your details below application form.



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