Kisan Gold Backed Farm Credit (IND KGFC) for Allied Activities
Kisan Gold Backed Farm Credit (IND KGFC) for Allied Activities
Features:
- Easy and hassle-free loan process.
- Convenient repayment schedules.
- Low interest rates
- Processing charges and Jewel appraiser charges apply.
- No hidden charges.
Purpose / Objective:
- To meet the short credit requirements for activities like: Inland fisheries, sheep/goat rearing, layer farming (12 months cash flow)
- Piggery, Rabbit rearing, Apiary, Sericulture, Marine fisheries, maintenance of farm implements like Tractor, mushroom cultivation, poultry broiler (6 months cash flow)
- Allied activities with monthly cash flow in established activities like Dairy
Eligibility:
- Limit based on activity & Scale of Finance (SOF) +20% of SOF towards household, consumption needs, repairs/maintenance of farm assets etc.
Security:
- Primary: Hypothecation book debts, stocks assets created out of loan
- Collateral: Pledge of Gold with minimum collateral coverage of 115% for Allied activity product repayable in 6 months and CCR 120 % for all the remaining allied activity products repayable in monthly / 12 months.
Quantum of Loan:
- Max limit: ₹ 50 lakhs (Aggregate)
Repayment Period:
- Running limit. Interest to be repaid as and when debited, renewable every Year / Half Year (based on activity). Can be renewed on specific request of customer on payment of interest.
Rate of Interest:
- MCLR (1 Year) + Spread 0.10%
Documents Required:
- Duly filled in application form.
- Up to ₹2.5 lakh declaration and for above ₹2.5 lakhs loan Proof of agriculture activity
- Identity proof- Voter ID card / PAN card / Passport / Aadhaar card,/Driving License etc.
- Address proof: Voter ID card / Passport / Aadhaar card / Driving license etc.
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