<> Cent Agri Land Purchase Scheme | Central Bank of India

Cent Agri Land Purchase Scheme

Purpose

* To provide loan to purchase, develop and cultivate agricultural as well as fallow and waste land.

Eligibility

* Small and marginal farmers, share croppers / tenant farmers and Entrepreneurs with agricultural background.

Nature of facility

* Term Loan.

Quantum of Loan

* Area and value of land plus development cost less margin, subject to a maximum of Rs10.00 lac.

Margin

* 20% .

Security

* Primary :
- Charge on land purchased out of bank finance.
- Hypothecation of crops raised on the land.
* Collateral :

-No collateral uptoRs1.60 Lakh
- Charge on other land presently owned, if any.

Interest Rate

UptoRs3,00,000/-
Above Rs3.00 lakh to Rs10.00 lacs

MCLR + 1.35%
MCLR + 2.50%

Processing Charges

* UptoRs 3 Lakh/- : Nil .
* Above Rs 3 Lakh/-: 50% of 1.25% (i.e. 0.625%)

Repayment

* Within 7 to 10 years in half yearly/ yearly instalments .