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Allahabad
Bank
Kisan Shakti Yojana Scheme
for Farm Investment Credits and Perrsonal/Domestic
Loans
A new scheme designed & launched by the Bank
on 24.04.2004 (Bank’s 140th Establishment
Day), envisages to provide farm investment credits
as well as personal/domestic loans including repayment
of debt to money lenders. The details are as under:
Eligibility :
All existing Kisan Credit Card holders and all
other farmers who are eligible for Kisan Credit
Cards.
Loan Limit :
The permissible loan limit will be 50% of the
value of land OR 5 times of net Farm Income whichever
is lower, LESS outstanding amount, if any, in
Agril. Term Loan account(s) subject to maximum
Rs.5.00 lacs.Maximum 50% of the loan limit may
be utilised for personal/domestic purposes.
Issuance of Card :
After fixation of the loan limit, a “Kisan
Credit – cum – Kisan Shakti Card”
along with a loan pass book is issued to the borrowers.
Margin : No margin is required.
Rate of interest :
| Upto Rs.50,000/- |
8.50% (fixed) |
| Above Rs.50,000/- &
upto Rs.2.00 lacs |
1% below PLR (i.e 10.00%
p.a) |
| Above Rs.2.00lacs &
upto Rs.5.00lacs |
0.25% below PLR (i.e
10.75% p.a) |
6. Security :
- For aggregate limit under Kisan Credit Card,
Kisan Shakti Yojana & existing Agril. Term
Loan upto Rs.50,000/-: Hypothecation of farm
as well as household assets to be purchased
out of the loan amount.
- For aggregate limit under Kisan Credit Card,
Kisan Shakti Yojana & existing Agril. Term
Loan above Rs.50,000/-:
- Hypothecation of farm as well as household
assets to be purchased out of the loan amount.
- Creation of charge/Mortgage of lands.
Repayment : 7 years.
Mode of Disbursement :
Loan amount is credited to Savings Bank account
of the borrower maintained with the financing
branch. A maximum period of one year will be allowed
to the borrowers to avail the sanctioned loan
under the scheme.
Restoration of Term Loan limit :
The borrowers under the scheme are allowed to
deposit surplus fund in the loan accounts and
to draw funds within the sanctioned limit to meet
their urgent requirements after adjustment of
loan instalment(s) & interest due, if any,
upto the date of drawing.
Special features of the scheme :
- Farmers are free to utilize the loan under
the scheme at their own choice/ options/discretion.
- No margin is required.
- Granting of loan under the scheme is simple
and hassle free.
- 50% of the loan amount may be utilized for
personal/domestic purposes including repayment
of debt to money lenders.
- Facility of restoration of Term Loan limit
is available on advance repayment of loans.
For further details, please visit our nearest
Branch
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