SBI Kisan Samriddhi Rin: Get Up to Rs 50 Crore Agri Loan For an Easy Farming Operation
The "Kisan Samriddhi Rin" is set to empower farmers and agricultural businesses with the financial resources needed to implement sustainable and modern farming methods.
In an effort to support and promote progressive and scientific farming practices, the State Bank of India (SBI) has introduced a new financial solution known as "Kisan Samriddhi Rin."
The "Kisan Samriddhi Rin" is designed to provide farmers, corporate entities, agricultural firms, and large-scale farmers access to timely and adequate cash credit facilities for end-to-end farming operations. The aim is to facilitate the adoption of modern agricultural techniques, ensuring increased productivity and sustainable farming practices.
Key Features of SBI's "Kisan Samriddhi Rin":
* Type of Facility: Agriculture cash credit.
* Loan Amount: The loan amount provided under this scheme ranges from a minimum of ₹5.00 lakhs to a maximum of ₹50.00 Crores. The loan quantum is determined based on the realistic cost of end-to-end farming for any crop.
* Repayment Period: The repayment period is customized to align with the anticipated harvesting and marketing period for the crops for which the loan has been granted.
Primary Security: Hypothecation of crops grown and assets created with the bank's finance.
Collateral Security: Collateral security in the form of a mortgage (Equitable Mortgage/Registered Mortgage) of immovable property or agricultural land is required for the aggregate loan limit. Additionally, collateral security in the form of SARFAESI compliant immovable property (Land & Building) and/or liquid securities like NSC (Face value) or Term Deposit (Face value) of a bank or other acceptable liquid securities must be provided, totaling at least 25% of the loan limit.
Eligibility Criteria for "Kisan Samriddhi Rin":
* Farmers engaged in progressive or scientific farming practices.
* Minimum landholding of at least 4 acres or farmers actively engaged in scientific farming methods.
* Credit score of 650 and above.
* Age Criteria: Minimum 18 years, maximum 70 years, with a co-borrower required if the applicant is above 60 years of age.
* For corporate entities, a minimum of two years of profit, as per audited/actual/projected balance sheets, is mandatory.
Required Documents for Application:
* KYC documents.
* Loan application.
* Land ownership proof or registered lease document for lease cultivators.
* Any additional documents as per the sanction requirements.
The "Kisan Samriddhi Rin" is set to empower farmers and agricultural businesses with the financial resources needed to implement sustainable and modern farming methods. It represents a significant step forward in supporting the agricultural sector and ensuring food security for the nation.
SBI's commitment to agricultural development is evident through initiatives like "Kisan Samriddhi Rin," which will undoubtedly contribute to the growth and prosperity of the farming community in India.
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