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Akshay Krishi

    Purpose :
  • A unique Scheme to provide adequate and timely credit support under a single window to the farmers for their cultivation and other needs.
  • Facility :
  • Crop loan Component: Cash Credit
  • Allied activities component: Cash Credit - Working capital for activities allied to agriculture
  • Term loan Component : To meet Capital requirements
  • All Farmers – Individuals/ Joint borrowers who are owner cultivators.
  • Owner cultivator cultivating leased land along with self cultivated land.
  • Tenant Farmers, Oral Lessees & Share Croppers.
  • SHGs or Joint Liability Groups of Farmers including tenant farmers, share croppers etc
    Crop Loan Component :
  • The First year limit consists of Production credit + 30% for Contigency+30% for Domestic Expenses.
  • The Limit for subsequent years are arrived by adding 10% of the limit towards cost escalation/ increase in Scale of Finance upto 5th year.
  • Working capital for activities allied to agriculture:
  • 30% of the 1st year limit.
  • Term Loan :
  • Term loan limit shall be restricted to seven times of annual surplus generated from present/proposed farm operations as well as allied activities OR 50% of the value of land.
  • Term Loan -Maximum limit Rs.10 lakh under Akshay Krishi Kisan Card Scheme.
  • Margin :
  • For Crop loan Component: Nil
  • For Term Loan Limit under Akshay Krishi Kisan Credit Card scheme where the limit is arrived on the basis of 50 % of the value of land ( fixed by appropriate authority in the blocks/circles/districts of the state )- Margin-Nil
  • In all other cases of loan above Rs 1,00,000/- Margin-15%
  • Interest :
  • On Debit balances: On Debit balances: As applicable to agricultural advances. Interest subvention announced by Central Government and/or State Government from time to time is also available to crop loan borrowers. (click here for Rate of Interest)
  • On Credit Balances in AKCC a/cs : The interest as applicable to S/B account (presently 4%) shall be paid on Credit balance on daily basis.
  • For loans up to Rs. 1,00,000.00 – Hypothecation of crops/movable assets.
  • For loans above Rs. 1,00,000.00 – Hypothecation of crops/movable assets.
    AND
    Mortgage/Charge Creation of land as per Agricultural Credit Operation Act of the states concerned.
    OR
    Charge/lien over liquid securities in the form of Fixed Deposit/NSC/KVP etc. and gold, providing full cover to the limit granted.
    OR
    Guarantee from two persons of adequate means and repute – acceptable to the Bank.
  • Above Rs.4 Lac – (depending on the Course / Institutes) security varies from third party guarantee, co-obligation of parents, full collateral security
Insurance :
  • Specified crops grown in notified areas will be covered under NCIP (National Crop Insurance Programme), Modified National Agriculture Insurance Scheme/(MNAIS)/ Weather Based Crop Insurance Scheme(WBCIS) /Coconut Palm Insurance Scheme (CPIS) as operated by concerned State Government.
  • Personal Accident Insurance Scheme (PAIS) is also available.
  • Optional Health Insurance for famer customers is available.
  • Crop loan limit is sanctioned for a period of 5 years, subject to renewal of the limit each year.
  • The Term loan component under the scheme is designed to meet the capital expenditure where the asset life is such that repayment is ensured within 9 years.