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Re: Bank Of India KCC
Kisan Credit Card Scheme of Bank Of India aims at providing need based and timely credit support to the farmers for their cultivation needs as well as non-farm activities and cost effective manner. Kisan Credit Card Scheme Eligibility - Branches may issue Kisan Credit Cards to the farmers who are otherwise eligible for sanction of short term credit for crop production, allied activities and other non-farm activities. The farmers should come from the operational area of the Branch. Issue of cards- The farmers under the scheme will be issued a credit card-cum-passbook incorporating the name, address, particulars of land holding, borrowing limit / sub-limits, validity period, etc. to facilitate recording of the transactions on an on-going basis. The passbook, among others, would provide for a passport size photograph of the beneficiary. The beneficiary farmer should produce the passbook while operating the account. Technical Feasibility- Suitability of soil, climate and availability of adequate irrigation facilities. Suitability of the produce for storage. Suitability of the storage unit Quantum of Finance and margin For production / short term purposes - Loan amount will depend upon the type of crop, area under cultivation and scale of finance. Short term working capital - For ancillary activities and minor investment of medium term nature Short term credit for consumption / domestic needs to the extent of upto 25 percent of gross estimated income of the farmer and maximum Rs.50,000/= Finance against storage receipts / produce marketing may be considered maximum upto 50 percent of the price of the produce prevailing at the time of storage / sanction of loan. Limits / advances upto Rs.10 lakhs per farmer can be extended for a maximum period of 12 months. However, the amount of finance to the extent of net of loan may be made available to the farmer. Security - Upto Rs.50,000/= : D. P. Note Hypothecation of standing crops Above Rs.50,000/= : D. P. Note Hypothecation of standing crops Mortgage of land / Collateral security Common Documents: (a) Demand Promissory Note. (b) Deed of Composite Hypothecation Agreement (CHA-1). (c) Letter of Authority (AG-15). (d) Charge on land as per Agricultural Credit Act or Equitable mortgage or Legal Mortgage of land (CHA-4). (e) Letter of Pledge (OD-159). (f) Pledge of Storage Receipt duly discharged. (g) Undertaking to repay the advance within 12 months or on sale of produce. (h) Bank’s lien to be notified to the storage unit. (i) Undertaking from the godown / cold storage owners not to deliver the goods without production of the pledged storage receipt. (j) L-515. (k) L-516 (if required). Customer service: 1800 22 0229 |
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