Top 7 Banks Offering Easy Loans To Farmers


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Banks in India

Agricultural loans are loans given to farmers for a variety of purposes, such as the purchase of land, tools or machinery, crop insurance, farm maintenance, etc. A farmer may need financial support for many other things and keep all of these things in mind as many banks in India provide them with easy loan facility. Today in this article we are going to talk about the top seven banks that provide loans to farmers.

Banks in India grant loans to farmers

Here are some banks that offer easy loans to farmers. Know them in detail;

State Bank of India (SBI)

State Bank of India (SBI) is the pioneer and market leader in agricultural finance. It has an extensive network of 16,000 branches across India, which covers over 1.01 crore of farmers. Their services include the whole range of agriculture and related activities with some of the exclusive features such as:

The SBI Agri loan covers all agricultural activities from Farm to Fork. It offers loans for crop production in the form of ACC / KCC. The loan covers crop production costs, post-harvest expenses, emergencies, etc. Kisan Credit Card (KCC) is available in the form of an electronic Rupay card, thanks to which the farmer can withdraw money directly from ATMs, buy items like fertilizer through PoS. SBI also offers loans for the purchase of machinery such as tractors, tillers and combines, etc.

The bank provides loans for other agricultural activities or related activities like poultry, dairy and fishing, etc.

Click to apply for SBI loans

ICICI Bank

Thanks to the agricultural loan from ICICI Bank, farmers can buy farm animals or agricultural equipment. Farmers can repay these loans over a period of 3 to 4 years in installments – monthly / semi-annually / annually as they see fit. The ICICI loan is hassle-free as it requires easy documentation, offers convenient repayment options, and no additional fees. To qualify for this loan, the farmer must submit a general application form, KYC documents, land documents and post-dated checks.

In addition, ICICI Bank also provides Kisan Credit Card / Kisan Card (KCC) to farmers. Farmers can use this card at any ATM across the country. To qualify for KCC, you just need agricultural land and must be between the ages of 18 and 70.

Click to get ICICI loans

HDFC Bank

HDFC is India’s leading private sector bank, fully committed to ensuring that the benefits of a world-class bank reach all sectors and regions of the country, especially in rural areas and the agricultural sector. HDFC Bank grants the required agricultural loans of different durations to all creditworthy clients engaged in staple and cash crop agriculture, horticulture, plantations, poultry, animal husbandry, dairy production, seeds, warehousing, etc.

The bank also finances the provision of various agricultural inputs such as seeds, fertilizers, pesticides, micronutrients and micro-irrigation tools.

The bank has identified the storage, transportation, processing of food and other agricultural products as a preferred area and thus offers working capital and term loans of various maturities to appropriate processors, depending on their finances and the strength of the underlying products. The bank is rapidly increasing its rural presence in order to deliver these products efficiently to the doors of their valued customers, at reasonable prices.

Click to apply for HDFC agricultural loans

Axis Bank

For years, Axis Bank has been helping the agricultural community through its diversified financial products such as tractor loans, gold loans, Kisan credit card, warehouse receipt financing, loans for rural populations. , etc.

The Bank also offers a product called Contract farming, in which loan agreements are made between farmers and businesses. The amount is given by the lender immediately for the production and supply of the product and everything is managed by the Loan Code of Good Practice.

Axis Bank also offers a Fish farming loan – made to meet the timely and adequate loan requirements of farmers who are in the business of growing freshwater / brackish fish / shrimp.

Click to get Axis agri loans

National Bank of Punjab (PNB)

The Punjab National Bank offers many financial products related to the agricultural sector. For example, a person can borrow from the PNB to set up biogas units or small irrigation devices, develop wasteland, etc. Additionally, those who are interested in pursuing a career in beekeeping (beekeeping) can also contact the bank for financial support.

PNB also provides financing for the warehouse receipt as well as insurance coverage and monetary support to producers in the event of crop failure due to natural disasters, pests and diseases. The scheme is known as Pradhan Mantri Faisal Bima Yojana. This is all in addition to regular financial services offered to farmers like Kisan credit card, debt swap.

Allahabad Bank

Allahabad Bank is another nationalized bank in India which provides the Kisan Credit Card (KCC) as part of its Akshay Krishi’s diagram. The Akshay Krishi program is an exclusive program aimed at providing adequate and timely one-stop financial support to farmers. The facilities granted under this scheme are:

  • Harvest loan component – Cash credit

  • Related activities component – Cash credit – Working capital for activities related to agriculture

  • Term loan component – To meet capital requirements

His Potato Grower Credit Card Program is a one-stop-shop that provides adequate and timely one-stop credit support to farmers for their agriculture and other needs.

Bank Allahabad also provides loans for machinery such as tractors / tillers. Farmers permanently residing in the Bank’s branch control area and enjoying a good reputation in the local area are eligible for this loan.

Oriental Bank of Commerce (OBC)

Oriental Bank of Commerce provides Kisan Credit Card Oriented Green Card (OGS) to qualified farmers with the aim of meeting their working capital and agricultural production needs regarding all agricultural activities, consumption needs, repairs of equipment, etc. via credit card. The bank also offers term loans against the card to meet their investment needs. The oriented green card is given to farmers, cultivators and artisans engaged in agricultural and non-agricultural activities.

The other Agri banking products offered by OBC are:

  • Coconut Crop Funding Model Diagram

  • Advance against warehouse receipts to farmers

  • Purchase of land for agricultural purposes

  • Agricultural clinic and agricultural business centers

  • Financing diagram for the working capital requirement of cold stores

  • Funding scheme for lumber merchants and sawmills

  • Agricultural loan against gold jewelry collateral

  • Financing of two-wheelers / three-wheelers to farmers

  • Tractor Buying Diagram

Conclusion

In addition to the banks mentioned above, there are many other banks that also offer various types of agricultural loans to farmers, to help them increase their production as well as their income. Some of these banks are UCO Bank, Vijaya Bank, Syndicate Bank, United Bank of India, Indian Overseas Bank and Bank of Maharashtra etc. In addition, at present, many banks have merged, which could lead to changes in their lending policies. . Therefore, it is better to visit the nearest branch and get all the details.

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