Kotak Bank Crop Loan
Kotak Bank Crop Loan
In India, the Kotak Mahindra Bank (KMB) is one of the leading financial banking sectors which offers crop loan for the farmers. Under the Kotak Bank crop loan scheme, the farmers are provided with high-value loans for the cultivation of high-value crops. In this article, we look at the Kotak Bank Crop Loan in detail.
To know about the Agricultural Debt Waiver and Debt Relief Scheme
Features of Crop Loan
The below listed are the facilities offered to borrowers:
- The framers are provided with the facility of easy and quick loan sanctions with competitive interest rates.
- The loan can be used for multiple needs of crop production, farm mechanisation and consumption needs.
- This product provides flexibility to choose between cash credit and term loans.
- The farmers can also choose loan tenure based on financial requirements.
Kisan Credit Card
- Short term working capital limit is extended to borrowers towards the funding of agricultural input costs of cultivation, fertilisers, labour, farm maintenance and other investment needs.
- The amount of working capital limit is fixed basis scale of finance (SOF) of crops grown by the borrower on agricultural land
- Annual review of working capital limit
- Renewal of working capital limit is for 5 years
Agri Term Loan
- The Medium Term Loan extended to borrowers for ancillary activities such as land development, repair and maintenance of farm assets, drip irrigation etc.
- The Agri Term Loan is extended for fixed terms, of maximum five years.
Eligibility Criteria for Crop Loan
The below listed are the eligibility criteria to apply for the crop loan in Kotak Mahindra Bank:
- All Farmers Individuals or Joint borrowers who are the owner-cultivators are eligible to apply for the crop loan.
- The minimum age limit is 18 years, and the maximum age limit is 75 years at the end of the loan tenure.
- For the borrowers whose age is above 60 years, there should be a co-borrower with age less than 60 years. Such a co-borrower should be a legal heir or immediate family member
- Joint holding (single or multiple locations) up to 5 persons is permitted
Documents Required
The documents that have to be possessed by the applicant are given below:
- Application form (Duly filled)
- Identity Proof: PAN, Aadhar Card, Driving License, Voter Identity Card, etc.
- Address Proof: Aadhar, Valid Passport, Utility bill, Property tax bill, etc.
- Land ownership records
- Records of crops grown
- Coloured passport size photograph
- Signature verification of applicants and guarantor
- Details of existing loans and repayment track records
- Any other document required by the bank
Fees and Charges
- Processing Fees: Up to 2%
- Documentation Charges: Bank will charge as per guidelines of the respective state on Stamp Duty for the Loan agreement, mortgage documents & taxes
Application Procedure
To apply for the crop loan with the Kotak bank, the applicant can fill the form with necessary details on its official website. For offline, the applicant has to approach the nearest branch of the bank and have to fill up the crop loan application form along with mandatory documents. After the verification process done by the bank official, they proceed further.
