The agricultural population is made up of a large portion of the youth, who are committed to the development of the country, reducing migration to big cities for employment, and improving their living standards by increasing business. Launched a new scheme called “Loan Scheme”, under which young people can start a business related to agriculture and get employment in their area. Terms and Conditions
Scope Loans can be availed under this scheme from all the branches of Agricultural Development Bank Limited across the country.
Eligibility All young people between the ages of 6 and 7 who want to improve their standard of living through agribusiness can benefit from this scheme.
Required Documents
- 0puterized Identity Card
- Loan case file/booklet
- Agricultural Passbook / Individual Collection
- Two pictures
Under the loan limit scheme, the maximum amount of loan per person will be Rs. 200,000 while under personal guarantee it will be Rs. 5,000 per person.
Borrower's contribution The borrower has to deposit 10% of the approved loan as his share in the bank.
Existing bank charges as per loan expenses
Guarantees / Security Owned and occupied agricultural lands and other acceptable guarantees can be offered for obtaining a loan. In addition, all young aspirants who have no guarantee in their name can offer their parents 'and other family members' land or any other security that is not acceptable to the bank in exchange for the loan. In addition, young people can also benefit from this scheme under a personal guarantee.
Debt Collection Scheme Under this scheme, the loan will be collected in six installments over a period of five years.
Rate Markup Markup will be charged in this scheme as per the prevailing rate of ongoing development loans of the bank.
The Bank's Mobile Credit Officer (MCO) will be fully responsible for verifying the correct and timely use of loans. In addition, the branch manager, zonal manager (recovery), and the relevant departments of the audit team and head office will also check these loans.