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image  UNION MORTGAGE SCHEME FOR FARMERS

Features

The main reasons behind providing Union Mortgage Scheme for Farmers are:
  • To meet the production, investment and consumption needs of the farmer, i.e. cultivation of crop, purchase of farm equipments, etc., allied activities and consumption needs like marriage, medical treatment, education, etc.
  • To cover farmers having proven track record and also new farmers who are either not availing any loan or if availing finance from some other Bank, can be taken over if the repayment record is clean and their existing loan account is standard asset. Alternatively they can close their account with their existing Banks and switch over to us.
Eligibility:-
Progressive, literate and illiterate farmers who are owners, cultivators, tenants, lessee farmers with recorded occupancy rights or farmers with ancestral/perpetual rights. Oral tenants can be eligible for loans, if landowners agree to become co-borrowers. Loan can be availed jointly if property is in the name of some one else.
Quantum of loan:-
  • Loan amount will be fixed on the basis of 5 times of annual farm income or 50% of the value of land mortgaged, whichever is less, subject to maximum limit Rs.10.00 lakh.
  • Farmers can avail finance for educational needs of his ward up to 50% of the sanctioned amount   - maximum Rs. 2.50 lakh (whichever is lower) within the overall sanctioned limit.
  • For other consumption purposes, loan will be restricted to 20% of the sanctioned amount or Rs.50, 000/- whichever is lower.
Margin:-
As per the scale of finance for crop cultivation.

In other cases, 5% to 15% margin to be brought by the borrower depending upon purpose.

Rate of Interest And Processing charges:-
Please click here to know our latest interest rates
Repayment:-
The mortgage loan limit will be valid for a period of 3 years and can be renewed thereafter.

Forms & Documents

FAQs


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