Has anyone availed agri loans from any of national banks for deepening wells, setting up drip/sprinkler or any other irrigation, buying new motor pumps and machines, or buying horticulture saplings.
Can you please share the information about
1)documents required for applying for such loans
2)interest rates
3)is there any maximum cap for the loan amount
4)what is the maximum tenure
5)frequency for repayment (monthly/quaterly)
6)i know SBI, Indian banks provide such loans. Any other banks? What about Nabard?
Also what if there are subsidies for irrigation. Can i get the loan first and once received the subsidy can repay the loan?
All the nationalised Banks are providing loans for minor irrigation purposes under land development Loans.
Depending upon the loan amount they will ask for the security. If the loan amount is very less they
will not ask for security.
For irrigation purpose the loan amount will be more than a lakh. Hence you need to give them your land as the security. The land ownership should be with the loanee. You need to provide the LSR report of the land from the panel lawer of the Bank with which you propose to avail the loan.
The rate of interest will be as per Banking guidelies as on the date of availing the loan.
Maximum repayment will be 10 years. You will also get the repayment holiday ,
Instalments would be paid on half yearly intervals.
Now in Tamil Nadu the Govt has announced 90% subsidy on micro irrigation