Purpose/
Objective

Loans to following purposes;

• Tissue Culture
• Floriculture
• Poly House/Green House
• Mushroom Cultivation
• Other Hi-tech agricultural projects

Eligibility

• The beneficiaries under the project could be qualified professional entrepreneurs, SHG/JLG/sole proprietary concerns/ partnership firms/public and private limited companies/co-operatives with domain knowledge of the hi-tech project to be undertaken.
• Borrower should have own land of 3 acres or in case the land is on lease, the lease agreement should be for a period, atleast 2 years more than the period of repayment.

Nature of Facility

• Term Loan facility till setting up of unit and Working Capital facility later on for running of the unit.

Margin

• Minimum 25% of the Loan amount.

Quantum of loan

• The loans will be Project Based Loan & wherever NABARD unit cost is available, should be followed, subject to economical viability of the project.

Repayment period

The repayment period will be 7 years with maximum Moratorium of 24 months.

Security

• Primary Security: Hypothecation of asset purchased/created out of Bank Finance.

• Collateral Security: Mortgage of Land /building /NSC/FDR etc of value equal to 100 % of the Loan amount.
• Personal Guarantees of partners/ promoters / directors/ /owners of mortgaged property to be obtained irrespective of minimum net-worth.

Forms & Documents

• Appropriate DPN note, Hypothecation agreement, Deed of Guarantee, Letter of continuity, Mortgage deed,  Declaration /undertaking for Agriculture advance-AD-01,Letter of general lien and setoff, Undertaking from borrower/Guarantor for disclosure to CIBIL, and any other document stipulated in sanction