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  • Agriculture Loan Interest rates

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    Agriculture Loan Interest rates

    Rate of Interest on Agriculture Loan

    These are loans meant for a wide range of agricultural and farming purposes are available to citizens of India. Farmers are supposed to apply for loans to buy supplies for the cultivation of food grain crops along with other purposes such as horticulture, animal husbandry, aquaculture, and floriculture and sericulture businesses. As well as farmers can also avail special loans to finance the purchase of agricultural machinery including tractors, harvesters and trucks. Others purchases for which agricultural loans can be taken include construction of biogas plants and irrigation systems along with agricultural land through special types of agricultural finance. Loan rates for agriculture are however based on several factors.

    Why Are Agriculture Loans Important

    As on 2015, agriculture is still the principal source of livelihood for more than half the population of India or are related to agriculture as most of the Indian rural side is still dependent on agriculture as a profession. This is also because this industry provides the maximum amount of wage goods required by non-agriculture sectors and most of the raw materials for the industries sector. The Central Government, State Governments and the farming community have succeeded in achieving record production of 244.78 million tonnes of food grains during 2010-11 but it may still not be enough for the community to enhance their standard of living. There is an immense requirement of financial aid necessary for agriculture in India.

    Types of Agriculture Loans

    There are various banks around the country that aid farmers across their designated regions when it comes to agriculture finance, available in exclusive government recognised banks to maintain maximum transparency in loan handling as well as to ensure that farmers do not have to deal with paying extra for taking loans from a repetitive bank.

    State Bank Agriculture Loans

    The bank has the largest network in the country, with a branch functioning with all facilities in the most rural parts of the country. These schemes include Crop Loans, Produce Marketing Loan Scheme, Loan Against Warehouse Receipts, Kisan Credit Card Scheme, agricultural term loans, Land Development Scheme, Farm Mechanisation Scheme, Financing Of Combine Harvesters, Minor Irrigation Scheme, Kisan Gold Card Scheme, Land Purchase Scheme, Dairy Plus Scheme, Krishi Plus Scheme, Arthias Plus Scheme, Broiler Plus Scheme, Finance To Horticulture, Lead Bank Scheme and Agri Business Heads Scheme. The Bank also provides Microfinance through Self Help Groups along with loans through 30 regional rural banks.

    Nationalised Bank Agriculture Loans

    Nationalised banks that provide agricultural loans include Punjab National Bank, Union Bank of India, UCO Bank, Vijaya Bank, United Bank of India, Syndicate Bank, Oriental Bank of Commerce, Dena Bank, Allahabad Bank, Andhra Bank, Bank of Baroda and Indian Bank only to name a few. In fact most nationalised banks have facilities for farmers to make the most of low Agriculture Loan interest rates.

    Co Operative Agricultural Bank Agriculture Loans/ NABARD

    Is responsible for refinance disbursement to commercial banks, State cooperative banks, State cooperatives, rural development banks, Regional Rural Banks (RRBs) and other eligible financial institutions. It also sanctions money through its Rural Infrastructure Development Fund for projects covering irrigation, rural roads and bridges, health and education, soil conservation and drinking water schemes. NABARD also offers a Kisan Credit Card Scheme and crop loans under the Rashtriya Krishi Bima Yojana.

    Agriculture Loan Interest Rates

    Agriculture loan rates, generally start from 8% and above but they come with special waivers as well as benefits which may reduce the agricultural interest rates to the bare minimum. Also there are variety of payment options that are often flexible and spread a long tenure for a comfortable loan repayment.

    Agriculture Loan Interest rates Reviews

    • ICICI Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with this loan and the loan amount which they had provided had been satisfactory as well. The interest rate with them has been quite good compared with the market rate. The whole process had been pretty smooth and easy where it has taken very less time in getting the loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The services I received from this on line tool was good, they have many options to choose the financial product from their website, it was good and hassle free, I received good customer service who helped me and assisted me in processing my application and documents, I was quite happy with the services they have provided.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 19, 2018
    • IndusInd Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from IndusInd bank, the services were quite good, I got good assistance in processing my loan application, but however the loan process was delayed a bit with documentation other than that there is no issue. Even the rate of interest was good enough.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 19, 2018
    • IndusInd Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from IndusInd bank, everything was OK, except the rate of interest they have charged which I believe is a bit high as compared to others. They have charged me around 15.5 % for loan amount of Rs. 5,00,000 for 4 years. Rest assured I received the amount on time everything was smooth I am happy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Tata capital Personal Loan
      "Average"
      0.5 3.5/5 "Pretty good"
      My experience of personal loan with Tata Capital has been some what OK as I received the loan amount on time and I was aware about the rate of interest they have charged, however there was no annual fees but there was an insurance fee that they have charged which I came to know in mid process I was not quite happy about that.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Standard Chartered Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is around 11.49% for the personal loan with the Standard Chartered bank. Customer service is good too with the Standard Chartered bank. Everything is better one with them till now. All of the aspects are better one with the Standard chartered bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the February onward. I would like to say that the customer service is good one and the response is also good too. I am happy with the Bankbazaar.com till now.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Interest rate is around 17.5% for the personal loan with the HDFC bank. I would like to say that the response is good one for me with them and the processing charges are on higher end like its around 7000 Rupees.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Wonderful"
      0.5 4.5/5 "Excellent!"
      I am using Bankbazaar.com from the last three years of time. All of the financial products, I used to get it through them. Everything is an excellent one for me with them as such. I have never faced any such issues with them till now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is around 11% for the personal loan with the HDFC bank. I would like to say that the processing charges are on higher end. Apart from that everything is good one with the HDFC bank for the personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good "
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the last two months of time. I would like to say that the customer service is good one with the Bankbazaar.com. I am really happy with the Bankbazaar.com till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • ICICI Bank Personal Loan
      "Okay"
      0.5 4.0/5 "Great!"
      10.99% is the rate of interest for the personal loan with the ICICI bank. I would like to say that the response is good one with the ICICI bank. Everything is better one for me with the ICICI bank, also am really happy with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I am using Bankbazaar.com from the last one year of time. I would like to say that the customer service is good one with them and the online portal is easy to access. Everything is better one for me with the Bankbazaar.com.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      Customer service is good one with the HDFC bank for the personal loan. I would like to say that the rate of interest is higher than, which they have promised. Everything is better one with the HDFC bank for the personal loan with them.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is super and I came to know about it through online search. I would like to say that the customer service is good one with the Bankbazaar.com. Everything is better one for me with the Bankbazaar.com as such.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Rate of interest is around 18.7% for the personal loan with the HDFC bank. I would like to say that the response is good one with the HDFC bank. I am happy with the HDFC bank as such, also I dont have any issues with them till now.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jun 19, 2018
    • YES Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Its instant loan approval process which i took from Yes bank for personal loan . The approval was so quick as the amount reflected in my bank account in just 3 days The rate of interest is promising one . They gave tenure period of 2 years There is some processing fees as it is high . Overall their service and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience with them so far. The process in getting the loan has been very good and simple. It has taken almost 15 days in getting the loan amount and the loan amount had been satisfactory. But the interest rate has been a little high compared with the other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Fullerton Personal Loan
      "Average"
      0.5 2.0/5 "Expected more"
      Customer service is good one for me with the Fullerton for the personal loan. Rate of interest is around 18% but they have committed me as it should be around 14%. I would like to say within fifteen days of time, the loan amount got disbursed.
      Was this review helpful? 0
      , guntur
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is nice and I have not experienced with them as much. Online portal of the Bankbazaar.com is good. I would like to say that the mobile application is good one with the Bankbazaar.com. In a nutshell, I am very much impressed with the service rendered by bankbazaar.com.
      Was this review helpful? 0
      , karimnagar
      Reviewed on Jun 19, 2018
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