Mortgage loan scheme for traders of Agricultural Produce

To provide hassle free working capital finance to registered members/merchants/traders dealing with trade of fruits/vegetables/cereals & other agricultural produce.

All merchants who are customers of the branch with satisfactory track record of one year and are members of the recognised Association of concerned Mandi/ Registered Commission- Forwarding Agents.
New connections and takeovers can also be accommodated under the scheme subject to condition that the borrower is member of recognised Fruit Association of concerned Mandi/ Registered Commission- Forwarding Agents.

40% of projected sales turnover or 70% of forced sale value of the property whichever is lower.
Sales turnover shall be supported with audited balance sheet for units having turnover of more than Rs.60.00 lacs& tax return/acknowledgements and turnover through account.
For units having sales turnover of less than Rs.60.00 lacs CA Certified Balance Sheets shall be obtained and the turnover through the account should be at least 50% of the sales turnover reflected in the balance sheet.
Annual sale projections with growth rate of maximum 25% over the achieved turnover in the last financial year shall be accepted for the assessment of limit

Primary
- Hypothecation of stocks and /or
- Hypothecation of book debts / receivables.
Collateral
- Mortgage of unencumbered immovable property i.e. Land, house/flat, commercial or industrial property with clear marketable title in the name and possession of either borrower/proprietor/partner/director or their family members.
- The property on the first power of attorney can be accepted as security subject to condition that intending mortgagor are first attorney holders and the chain of title in their favour is complete with all requisite municipal taxes paid and the properties are clearly identified. This concession shall be restricted to members of Association only.