Mahabank Gold Loan Scheme - Agriculture

Mahabank Gold Loan Scheme - Agriculture
PurposeTo enable farmer to quickly meet their agricultural credit needs i.e both crop production / cash credit for allied agricultural activities & investment credit
Type of Loan
  1. i) Cash Credit for Crop Production- in the form of MKCC
    ii) Cash credit for allied activities
  2. Term loans
EligibilityAny person engaged in agriculture or allied activities. The applicant should satisfy the KYC guidelines
Amount

A]   i) MKCC against Gold- As per Scale of Finance of crops

      ii) Agri Cash Credit against Gold - As per actual credit    requirement

B]   Agricultural Term Loan- As per actual credit requirement

     Quantum decided on following basis:

  • Scale of finance Rs.3490 per gram for MKCC/Agri CC against Gold or Rs.2790 per gram for ATL Against Gold against of 22 carat gold or 75% of market value of gold (for MKCC / Agri Cash Credit) & 60% of market value of gold (for TL) whichever is lower.
  • Maximum permissible limit for MKCC is Rs3.00 Lakh   
Maximum permissible limit under the scheme is Rs.20.00 Lakh per borrower
MarginMinimum 25 % of market value of Gold (for MKCC & Agri Cash Credit against Gold) & Minimum 40 % of market value of Gold (For Term Loan against Gold)
Rate of Interest
  • MKCC: 7% p.a. (fixed) upto Rs 3.00 lakh under interest subvention scheme upto one year.
  • Cash credit for allied activities: 1 Year MCLR.
  • Term Loans: 1 Year MCLR.
SecurityPledge of Gold jewelry/ ornaments. Bank shall not grant any advance against bullion/ primary gold.
Repayment
  • MKCC against Gold- As per MKCC scheme guidelines
  • CC allied activities- Annual review
  • TL- Within 60 months depending upon the purpose
Documents & Papers requirement
  1. Loan application ie Form No. -138, & Enclosure –B2