Banking & Credit ::State Bank of India
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6. Kisan Gold Card Scheme (KGC)
Purpose
KGC is a general-purpose loan meant for meeting credit needs of farmers for productive and consumption purposes. Consumption loans to meet domestic expenses like Children’s education, marriage, medical expenses etc will be included to the extent of 20% of the limit.
Eligibility
Farmers with excellent repayment record for at least past 2 years, new farmers with sizeable deposits with our branches for 2 years, .good borrowers with other banks,Farmers who have closed accounts are eligible for this loan.
Loan amount
Loan amount is fixed on the basis of Five times the annual farm income or 50% of the value of land (to be) mortgaged as collateral security, whichever is less, with a maximum of Rs. 10 lacs
Documents you need to provide:
Land records, other than that is already given to the bank, encumbrance certificates,if required .
Security
(a) Upto Rs 50000/ Hypothecation of assets created.
(b) Above Rs 50000 to Rs 100000 - Hypothecation of assets and mortgage of land Or Third party guarantee
(c) Above Rs 100000 - Hypothecation of assets and mortgage/ Charge over land or any other tangible security
| Source: http://www.statebankofindia.com/portal/agri |
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