Allahabad Bank : Akshay Krishi Kisan Credit Card Scheme

Name of the Organisation : Allahabad Bank (allahabadbank.com)
Type of Facility : Akshay Krishi Kisan Credit Card Scheme
Location : Kolkata

Website : https://www.allahabadbank.in/

Akshay Krishi Kisan Credit Card Scheme :
The Scheme aims at providing adequate and timely credit support under a single window to the farmers for their cultivation and other needs.

Target group :
All Farmers – Individuals/ Joint borrowers who are owner cultivators.
Owner cultivator cultivating leased land alongwith self cultivated land.
Tenant Farmers, Oral Lessees & Share Croppers.
SHGs or Joint Liability Groups of Farmers including tenant farmers, share croppers etc

Facility :
Crop Loan Component :
Cash Credit :
Allied activities component: Cash Credit – Working capital for activities allied to agriculture.

Term loan Component :
Credit Limit :
Crop Loan Component :
Crop loan component overall limit will be fixed for 5 year. The year wise drawing power limit allocation in the system will be done as under :
The first year limit for crop loan component, as is evident from the illustration, is exactly as per existing guidelines.
Once the first year limit of crop loan is arrived, 10% addition will be made manually for subsequent crops upto 5th year.
Drawing power for subsequent years shall be modified in the system at the time of renewal of the limit each year.

Working capital for activities allied to agriculture :
30% of Production credit limit of 1st year calculated on the basis of scale of finance

Term Loan :
The Term loan component under the scheme is designed to meet the finance for capital expenditure where the asset life is such that repayment is ensured within 9 years.
Term loan limit shall be restricted to seven times of annual surplus generated from present/proposed farm operations as well as allied activities OR 50% of the value of land.
Maximum limit Rs.10 lakh.

Margin :
Cash Credit/Term Loan :
For Cash Credit Component : Margin – Nil
For Term Loan Limit under Akshay Krishi Kisan Credit Card scheme arrived on the basis of 50% of the value of land (fixed by appropriate authority in the blocks/ circles/ districts of the state): Margin – Nil
In all other cases for loan above Rs. 1,00,000/- : Margin- 15%

Interest :
On Debit balances : As applicable for agricultural advances.
On Credit Balances in C/C a/c : The interest as applicable to S/B account (presently 4%) shall be paid on credit balances on daily product basis.

Security :
For loans up to Rs. 1,00,000.00 – Hypothecation of crops/movable assets. (ACH-1)
For loans above Rs. 1,00,000.00 – Hypothecation of crops/movable assets (ACH)

And :
Mortgage/Charge Creation of land as per Agricultural Credit Operation Act of the states concerned or
Charge/lien over liquid securities in the form of Fixed Deposit/NSC/KVP etc. and gold, providing full cover to the limit granted or
Guarantee from two persons of adequate means and repute – acceptable to the Bank.

Documentation :
The Scheme provides fixation of scale of finance for the first year and subsequent increase for every successive year. The document shall be executed for maximum limit fixed for the fifth year. There is no need of fresh document during the validity of the limit.

Classification :
Advances under the scheme will be classified under Direct agriculture within Priority Sector

Discretionary Authority :
As per existing norms applicable to agricultural advances.

Apply for Loan :
Contact the nearest Branch :
https://www.indianbank.in/
or
Apply Online :
https://www.allahabadbank.in/kccloan.asp

Contact us :
Allahabad Bank
Head Office
2, N. S. ROAD
Kolkata – 700 001