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SBI Agri Loan Scheme offers short-term production credit to farmers with 1.25% interest; check benefits, eligibility

Reported By:DNA Web Team| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Nov 27, 2022, 01:42 PM IST

SBI Agri Loan Scheme offers short-term production credit to farmers with 1.25% interest; check benefits, eligibility

It’s risky to work in agriculture. Making money in farming requires a big investment. To sustain the farming process until the harvest is sold on the market, farmers and agricultural entrepreneurs occasionally require credit. Banks offer loans to farmers and people engaged in related industries, such as dairy, poultry, fishing, pig farming, sheep farming, etc., to meet their production needs.

SBI Agri Gold Loan scheme is one of the programs that aid farmers and agricultural entrepreneurs in meeting short-term production loans. The programme offers finance to farmers who are working in agriculture, growing their own or rented property, or involved in crop production. The programme also provides loans to business owners and farmers that require investment finance to buy farm equipment, develop land, irrigate gardens, transport agricultural products, etc.

“One-stop solution to achieve your business needs! With #SBI Agri Gold Loan, make your agricultural dreams come true. Visit your nearest SBI branch today. Learn about availing low-interest rates, instant loan amount disbursal, etc,” SBI wrote by sharing an infographic of the scheme on Twitter. 

One-stop solution to achieve your business needs! With #SBI Agri Gold Loan, make your agricultural dreams come true. Visit your nearest SBI branch today.
Learn about availing low-interest rates, instant loan amount disbursal, etc. here: https://t.co/xAMW2GBxxh#AmritMahotsav pic.twitter.com/1ZrjU9tCQe

— State Bank of India (@TheOfficialSBI) November 25, 2022

The scheme charges a one-year MCLR rate + 1.25% for an interest rate.

SBI Agri Gold Loan Eligibility:

All farmers, persons who are owner cultivators, and Agri entrepreneurs will be eligible to participate in the programme.

It also becomes available to sharecroppers, oral lessees, and tenant farmers.

Anyone involved in agriculture or related activities who wants to pay back loans obtained from non-institutional lenders, as well as those whose operations are approved by the RBI to be classed as agricultural, is eligible.

SBI Agri Gold Loan Benefits:

Compared to other banks, it offers low-interest rates.

The credit is disbursed right away, and the service is quite swift.

There are no fees associated with early credit payback for borrowers.

The repayment term is one year.

In addition, there are no additional fees.

SBI Agri Gold Loan Features:

One might promise gold jewellery as security.

From the loan’s disbursement date, it has a 12-month lifespan.

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