The SBI Agri Credit Scheme provides short-term production credit to farmers at 1.25% interest; control benefits, eligibility
Working in agriculture is dangerous. Making money in farming requires a huge investment. Farmers and agribusinesses sometimes need credit to continue the farming process until the crops are sold in the market. Banks provide loans to farmers and people involved in related industries such as dairy, poultry, fish, pig, sheep, etc., to meet their production needs.
The SBI Agri Smart Loan Scheme is one such program that helps farmers and agribusinesses in raising short-term production loans. The program provides financing to farmers who work in agriculture, grow their own property or rent, or participate in agricultural production. The program also provides loans to business owners and farmers who need investment financing to purchase agricultural equipment, develop land, irrigate gardens, transport agricultural products, etc.
“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. On availing low-interest rates, quick loan disbursal, etc,” SBI wrote on Twitter, sharing an infographic of the map.
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
The scheme pays an annual rate of MCLR + 1.25% for an interest rate.
SBI Agri Gold Loan Eligibility:
All farmers, farm owners and Agri-entrepreneurs will be eligible to participate in the programme.
It is also available to farmers, tenant farmers and tenant farmers.
Anyone involved in agriculture or related activities who wants to recover loans received from non-institutional lenders, as well as those whose operations are approved by the RBI to be classified as agriculture, are eligible.
Benefits of SBI Agri Gold Loan:
Compared to other banks, it offers low-interest rates.
Credit is distributed instantly, and the service is very fast.
There is no obligation for borrowers to pay off the loan early.
The payment period is one year.
In addition, there are no additional fees.
Features of SBI Agri Gold Loan:
People can pledge gold coins as security.
From the date of payment of the loan, its term is 12 months.