Union Bank of India Agriculture Loan

Can you provide me the Toll free number of Union Bank of India as I want to take Agriculture Loan from there and so want to know the details regarding Loan? Also provide me the details of the Agriculture Loan in Union Bank of India?

Hello friend what is eligibility to apply for agriculture loan in Union Bank of India, provide me details for this?

[Quick Sam]

As you ask for the eligibility to apply for agriculture loan in Union Bank of India so I am providing the details here……


Eligibility
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.

Progressive, literate and illiterate farmers who are owners, cultivators, tenants, lessee farmers with recorded occupancy rights or farmers with ancestral/perpetual rights.

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.

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.


Documents
D.P. Note

Simple Loan Agreement

Hypothecation of combine harvester/tractors/power tillers and other machinery

Hypothecation of Crop

Simple/Equitable Mortgage of the agricultural land/other land/building/farm house

The mortgage loan limit will be valid for a period of 3 years and can be renewed thereafter.