Loan Against Agriculture Land Comes With Cheap Interest Rate
Loan against agricultural land is also called as agri Loan Or crop Loan.
Loan against agricultural land (crop loan) is the cheapest loan available in the market. But, this facility is available only at rural banks.
Below are the some of the points you must consider before applying for loan against agricultural land:
- Land must be under agricultural category. It should not be under residential, commercial, or SEZ. No matter how much big area it is.
- The person, under whose name land belongs to as per the land documents, is eligible to take the loan.
- While applying for loan, one must submit original agriculture land documents.
- Rate of interest is 3% per annum. Some states in India offer loan with no interest subjected to that, maximum loan amount is less than rupees 1,00,000.
- You can avail loan in the nearest Grameena banks only. Such as, Deccan grameena bank, Nagarjuna grameena bank, etc.
- Usually, banks will give maximum of rupees 20,000 per acre. For example, if you have 5 acres of land, you will be eligible to take loan maximum of rupees 1 lakh only.
- People who own less than or equal to 5 acres of land have more benefits than the rest of the people.
- Loan amount will be disbursed within 2 working days after you apply.
It’s better to have debt card from the same bank. It will be easy to withdraw loan amount without the need of visiting the bank.
It’s always good if you can take internet banking facility from the same bank. Whenever loan amount gets credited to your account, you can immediately transfer to your other preferred bank if wish to. Otherwise, you need keep on inquiring in the bank to know the status, and you must go to bank to withdraw your loan amount. This is a difficult task if you are not staying in the same village/town.
For more details, please contact your nearest grameena bank.