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A Special Loan Scheme to Improve the Mechanization of Agriculture This concessionary loan scheme has been introduced to provide financial assistance for farmers and farmer cooperatives in order to encourage them to mechanize their agriculture activities.
Objectives of the Scheme
- To provide financial assistance for the farmers and farmer cooperatives to mechanize their agriculture activities.
- To encourage the farmers and farmer cooperatives to apply new advanced technology and modern agriculture practices.
- To provide opportunities for farmers to move from subsistent levels to commercial level agriculture.
Famers and farmer cooperatives who require funds to purchase machine which needed to mechanize their farming activities.
Nature of the security will be decided by the bank considering the risk element of the business.
Details of the Loan Scheme
|Purchase of machines for
mechanizing the cultivation
|Loan Amount||Maximum Rs.500,000/-|
|Period of Loan
|Maximum 5 yrs inclusive of grace period
Maximum 2 yrs for Working