Bandhan Bank Agri Allied
Overview about Bandhan Bank Agri Allied
Agriculture and livestock activities under the farming sector are the areas that form the backbone of the economy of India and thus, require special attention. Bandhan Bank, with its network of over 2000 locations spread over 22 states in India, is committed to provide that much required attention to the farming community through its offerings. A relatively new bank that has its headquarters in Kolkata, Bandhan Bank started with a capital base of INR 2570 crore and hopes to attain a goal of INR 3052 crores in the near future. It’s Agri Allied scheme can aid anyone aiming to invest in quality livestock, plant or warehouse, by providing Term Loans and Working Capital Loans
to set up plants and farms.
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Purpose – What can a Bandhan Bank Agri allied be used for
The farming community is integral to the economy of India and to the physical well-being of every Indian who consumes the produce of this nation. Bandhan Bank Agri Allied is a feature which can be used by farmers to support their activities dealing with animal produce. It can be used to cover expenses related to production, contingencies and practically anything else which could prove to be a stumbling block pertaining to the care and growth of the livestock, poultry or riverine food. Designed to offer credit facilities to farmers, this offering covers animal produce processes and ancillary activities, giving farmers more opportunity to focus on their livelihood.
Eligibility Criteria for Bandhan Bank Agri Allied
Individuals seeking to avail the benefits of Bandhan Bank Agri Allied offering must be satisfying the following basic eligibility criteria
- Individual or Non-individual – Though the offering is aimed at farmers, anyone interested in availing credit for the purpose of agriculture and livestock is eligible. Non-individuals can be among proprietorship firms
- Age – In case of individuals, the minimum ag at entry should be 23 years and maximum age at maturity should be 60 years
- Business Age – The business should have been in existence for at least 2 years
- Security – Details of holdings need to provided, though the bank may or may not consider it as a security
Features and Benefits of Bandhan Bank Agri Allied
Some of the major features and benefits of this credit scheme are mentioned below.
- Multipurpose credit for agricultural needs – This credit can be used for any agriculture related necessity dealing with animal produce, it being a working capital credit as well as a term loan
- Loan amount – Based on individual farming needs and requirements, a maximum of INR 5 lakhs can be given as loan and it can be repaid within a period of 2 years to 3 years
- Margin – A margin of 20% is chargeable on this loan
- Competitive interest rate – The interest rate is linked to the bank’s base rate and can be somewhat higher than 12% per annum
- Ease of applicability in process – The procedure is quite simple and lucid, for availing credit. Farmers who operate quite far from the nearest bank branch can also be aided
Documents Required for Bandhan Bank Agri Allied
Individuals who wish to avail credit under this scheme are expected to furnish the following documents.
- Valid government approved ID card (Driving license, PAN card, Passport, etc.)
- Three passport size photographs of the Individual Borrower, Director(s) or Partners
- Two passport size photographs of the Guarantor, if any
- KYC documents and other constitutional documents
- Financial statement of the latest preceding two years
- Trade licence or any other regulatory license applicable to unit
- Statement of existing Bank account for last 6 months, if any
The bank can ask for additional documents as per its discretion, depending on the borrower and other conditions.
Note – The interest rate is subject to change at the discretion of Bandhan Bank without prior intimation and individuals should check it before applying.