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sib.txt
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sib.txt
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South Indian Bank
Target Group : Individuals and / or jointly with spouse / parents or joint Property owners.
Net worth by way of landed property should be at least twice the loan amount.
Purpose : Any agricultural / allied activity.
Eligibility : Based on unit cost of NABARD / scale of finance of the Agrl. /
allied activity undertaken by the borrower.
Quantum of loan : Term Loan – Minimum Rs. 1.00 lac
Maximum Rs.25.00 lacs
Rate of Interest : Click here to view the latest Rate of Interest
Repayment capacity : 75% of the annual income certified by the Br.Manager will be treated as the annual repayment capacity of the borrower.
Security
Primary : Hypothecation of crops / assets created.
Collateral : Please contact the nearby branch.
: Hypothecation of crops / assets created.
Repayment period : Up to 7 years in monthly / quarterly / half yearly instalments.
Disbursement : Loan proceeds to be credited to the SB/CD account of the borrower.
Foreclosure penalty : 2% of the outstanding amount / DP at the time of closure, whichever is higher.
Other terms & conditions :
Spouse to join documents, in case of married persons.
Declaration from the borrower to the effect that loan will be utilised for Agricultural / Allied activities.
Loan should not be granted to liquidate any existing liabilities other than agricultural loans.
Flexibility up to 25% of the unit cost / scale of finance permitted to arrive at quantum of loan.
Processing charges : 0.25% for loans up to & including Rs.10.00 lacs
Upfront charges : 0.50% for loans above Rs.10.00 lacs.
Category of loan : Priority Sector – Agriculture
The scheme details are furnished in brief only. For more details please contact any of the branches.
*All loans are granted at the discretion of the Bank and conditions as stipulated by the Bank