Hii Buddy , My Father want to Apply for Get Agriculture Loan from Union Bank of India , For it Here will you please Give me Details of Union Mortgage Scheme For Farmers ?

Friend as you said your Father want to Get Agriculture Loan from Union Bank of India , Here I am Providing Agricultural Loans Under Union Bank of India Mortgage Scheme Details :

The Main Reasons behind Providing Union Mortgage Scheme for Farmers are:

To meet the production, investment and consumption needs of the farmer, i.e. cultivation of crop, purchase of farm equipments, etc., allied activities and consumption needs like marriage, medical treatment, education, etc.


Eligibility:-

Progressive, literate and illiterate farmers who are owners, Cultivators, Tenants, Lessee Farmers with Recorded Occupancy Rights or Farmers with ancestral/perpetual rights.

Oral Tenants can be Eligible for Loans .
if landowners agree to become co-borrowers. Loan can be availed jointly if property is in the name of some one else.

Quantum of loan:-

Loan amount will be fixed on the basis of 5 times of annual farm income or 50% of the value of land mortgaged, whichever is less, subject to maximum limit Rs.10.00 lakh.


Farmers can avail finance for educational needs of his ward up to 50% of the sanctioned amount - maximum Rs. 2.50 lakh (whichever is lower) within the overall sanctioned limit.

For other Consumption Purposes, loan will be restricted to 20% of the sanctioned amount or Rs.50, 000/- whichever is lower.

Margin:

In other cases, 5% to 15% margin to be brought by the borrower depending upon purpose.

Repayment:-

The Mortgage Loan limit will be valid for a period of 3 years and can be renewed Thereafter.


Agricultural Loans Rate of Interest And Processing Charges Under Union Bank of India Mortgage Scheme