If you are looking for a farm loan but don’t know where to go and how to apply then don’t worry, today we will tell you about one such bank that offers different types of farm loans as per your needs.
One of the leading private banks in India, HDFC Bank Kisan Gold Card offers Farm Loans, Tractor Loans, Small Business Farm Loans, Horticulture Loans, Poultry Farming Loans etc. Currently, HDFC has a banking network of 6,499 branches and 18,868 ATMs across the country.
HDFC Farm Loans
HDFC Bank provides loans to Agricultural Traders, Arathias, Food Processing Firms, Agricultural Exporters etc. as per their business needs. If you want to avail this loan facility then read the details given below.
Features of HDFC Small Agribusiness Loan
Secured loans depending on your eligibility and requirements.
Type of Facility – Working Capital (It is both Funded and Non-Funded – Cash Credit, Overdraft (ODAP), Working Capital Demand Loan, Term Loan, EPC, Bank Guarantee and Letter of Credit, etc.)
Funds are given to individuals, sole proprietorships, partnership firms, Pvt. Ltd. Institutions, Limited Companies, etc.
Provides acceptable collateral – residential/commercial or industrial property/cash and liquid collateral.
Tenor or time frame – 12 months with annual renewal.
Provides attractive interest rate.
Convenient facilities like net banking, mobile banking and phone banking.
Who can apply for HDFC Small Agri-Business Loan?
Arathias / Agricultural Commodity Commission Agents, Pesticide Distributors / Fertilizer Distributors, Distributors / Large Traders (Retailers / Wholesalers) dealing in Agricultural Commodities Food Processors / Agricultural Commodity Processors / Agricultural Input Manufacturers / Farmer Producers / All other export activities.
If you take loan or credit from HDFC you will get;
Quick Loan – HDFC loan sanction and disbursement is fast with easy enrollment and doorstep service.
Competitive pricing – HDFC loan rates and charges are very attractive.
Transparency – There is complete transparency in the loan process and there are no hidden charges.
Eligibility for HDFC Small Agri Business Loan
Business Vintage – Five years (min three years at same location)
Tangible Net Worth and Profit After Tax – Positive for at least two to three financial years
Account behavior – It is calculated on the basis of check returns, over-drawings, utilization of limits, churn and interest service etc.
Application form (Deed of Partnership or MOA & AOA/COI) with KYC documents
Documents relating to assets and income (adv. balance sheet, ITR for last three years)
Last six months bank statement.
STOCK AND ACCEPTANCE STATEMENT.
Proof of business registration and repayment record of any existing loan.
Project Reports for Term Loans.
Values of stock, debtors and debtors on letterhead for the last six months.
Address Proof – You can submit Voter ID Card / Telephone Bill / Bank Passbook / Electricity Bill / Passport / Ration Card / Aadhaar Card.
Photo ID/Signature Proof – Voter ID/ PAN Card/Bank Passbook/Driving License.
All documents must be self-attested by the applicant.
Interest rate, fees and charges
Type of fee
Minimum 1 percent of sanctioned limit amount + applicable taxes.
Renewal cases without enhancement – Minimum 0.50 percent of the revised limit amount + applicable taxes.
Overdue/delayed/default of any amount due will be charged at 18 percent pa
Average utilization > 60 percent – zero charges
Average consumption < 60 percent - 0.50 percent pa (plus taxes) 60 percent on difference between actual consumption and average quarterly consumption.
Fees will be charged on quarterly basis
Applicable to CC/OD facility only.
Stamp duty and other statutory charges
It depends on the state laws
It should be noted that applicable service tax and other government taxes, levies etc. will be levied on charges and fees as per prevailing rate.
How to Apply for HDFC Small Agri Business Loan
You can apply for HDFC Farm Loan online and offline.
Click to apply
First Published Date: 24 Nov 2022, 04:44 IST