Fishery Development Loan Scheme


Fishery Development Loan Scheme

Beneficiery Indiviual enterpreneurs, farmers, producers compnaies, partnership firms,corporation, NGOs,SHGs, JLGs and cooperatives.
Purpose Construction of new fish pond/renovation of exiting fish pond etc.
Loan Limit Maximum amount upto Rs.10.00 lacs.
Rate of interest 10.25%
Margin 15%
Repayment Maximum 7 Years in including grace periods of 2 years.
Collateral security Time pronote, hypothecation of the animals to be financed by the bank, guarantee of two perons having sufficient net worth and should be nominal member of the bank. Mortgage of the landed property whose value should not be less than 150% of the loan amount.
Procedure The applicant shall submit the proposal through District Fish Farmers. The branch manager after appraisal the loan case as per norms and if found feasible and viable shall recommened/sanction the loan as per delegated sanctioning powers. The branch manager got neccessary documents executed from the borrowers. After execution of the documents the manager shall get the margin money deposited from the applicant in his savings bank account. The manager shall disburse the loan in the form of Draft/ Pay order/ Cheque in favour of third party from whom the borrower have to purchase animals by  debiting the loan account for the loan and savings bank account for the margin money.
Insurance The live stock financed under the scheme shalll be fully insured and should be clearly mentioned in the insurance policy that the live stock is hypothecated with the financed bank.
area of operation Loan shall be advanced in the area operation in the kapurthala district.
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