Good news for farmers! SBI to provide Agri gold loan at very low interest rate; Check the benefits, features, other details | Personal Finance News | Rare Techy

New Delhi: Farming is a risky profession. It requires a lot of investment before profit. Farmers and agribusinesses need credit from time to time to support the farming process until the crops are sold in the market. The bank provides loans to farmers and those involved in allied activities such as Dairy, Poultry, Fishing, Pigs, Sheep, etc. to meet production needs.

READ ALSO | Twitter 2.0 will soon bring encrypted DMs, long-form tweets to the platform, Elon Musk confirms

SBI Agri Smart Loan Scheme is one of them which helps farmers and agribusiness to avail short-term production credit. The scheme provides credit to farmers, who are engaged in agriculture, cultivating their land either on lease or engaged in field cultivation. In addition, the scheme provides loans to entrepreneurs and farmers, who need investment credit to acquire agricultural machinery, carry out land improvements, irrigation, horticulture, transport of Agricultural Product, etc.

One-stop solution to meet your business needs! With a #SBI Agri Gold Loan, make your farming dreams come true. Visit your nearest SBI branch today.
Learn about taking advantage of low-interest rates, instant cash payments, and more here: https://t.co/xAMW2GBxxh#AmritMahotsav pic.twitter.com/1ZrjU9tCQe— State Bank of India (@TheOfficialSBI) November 25, 2022

READ ALSO | Government invites proposals for Budget 2023-24; Citizens can send their ideas until December 10

The scheme carries an interest rate of MCLR + 1.25% per annum. Borrowers should visit the nearest branch to get more information about it.

Sharing an info graphic of the map on its official Twitter handle, SBI wrote, “One-stop solution to meet your business needs! Make your farming dreams come true with #SBI Agri Gold Loan. Visit your nearest SBI branch today Learn about taking advantage of low-interest rates, instant cash payments, and more.

Benefits of SBI Agri Gold Loan

1. It has low interest rates compared to other banks.
2. The service is very fast with instant payment of the loan.
3. Borrowers do not need to pay a penalty for prepayment of the loan.
4. It has a 1 year grace period.
5. Moreover, there are no hidden fees.

What is authority?

1. The program will be available to all farmers, people who own farms, or Agri entrepreneurs.
2. It is also open to tenant farmers, tenant farmers and sharecroppers.
3. Any person engaged in any agriculture or allied activities and wants to recover loans due from non-institutional lenders as well as persons engaged in activities permitted by RBI to be classified under agriculture. A self-declaration should be obtained from the applicant that he is engaged in Agri and cooperative activities and that the loan received against the pledge of Gold ornaments is for repayment of high interest loans received from non-institutional lenders.

What are the features of the map?

1. For safety, one can promise gold ornaments.
2. It has a term of 12 months from the date of payment of the loan.