Rastriya Banijya Bank (RBB) has launched a new agricultural loan product namely ‘Kisan Saral Karja’. Under this loan product, farmers will be able to get a loan of up to ten lakh, within which they can also avail the facility of “Kisan Credit Card” worth rupees one lakh.
Farmers in the age group of 18 to 65 years engaged in any agricultural business or legally registered firms or companies can apply for this loan. The loan can be both term and working capital financing and provided for a maximum period of 10 years including the grace period. The bank will lend up to 70% of the net trading assets.
The interest rate will be determined by adding a premium of 0.5% to the base rate.
The agricultural project operated by the customer will serve as the collateral. RBB will also accept house/land as collateral if required.
‘Kisan Saral Karja’ will be available from all branches of the bank across the country. The bank is currently operating 294 branches in 77 districts of the country.
Just a week ago, the RBB launched a province-specific agricultural loan product ‘One Province, One Special Programme’. Based on the specific agricultural produce of each province, the bank had launched a plan to provide loans of up to 500 million rupees.
