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ARUNACHAL PRADESH STATE CO-OPERATIVE APEX BANK LTD

(Sponsored by Government of Arunachal Pradesh)

Head Office :: D-Sector, Naharlagun, District : Papum Pare, Arunachal Pradesh - 791 110

NSTFDC     CMFMP     Micro Finance SHG

APEX KISAN CREDIT CARD (KCC) SCHEME

The Arunachal Pradesh State Cooperative Apex Bank Ltd; has launched a hassle free New KCC Scheme for the farmers to promote the agricultural sector in the state. The salient features of the scheme are as under

PURPOSE
Loans to farmers for agriculture purpose which includes cost of production, maintenance of agricultural assets, consumption loan.

ELLIGIBILITY
Individual farmers including tenants, oral lessees or share croppers. The Apex KCC can be issued through Credit Cooperative Societies, Farmers Clubs and Self Help Groups (SHG).

CREDIT LIMIT
The Maximum Limit of the Card is Rs.3.00 Lakhs only based on the Land Holdings, Scale of finance Unit Cost and past performance of individual farmer.

VALIDITY OF CARD
The Card is for a period of 5 Years subject to Annual Review by the bank to decide continuity, enhancement and eligibility for Interest Subventions.

RATE OF INTEREST
As per Govt. of India directive, the effective Rate of Interest is 7% p.a. of which 3% will be subsidized by Govt. of India and 4% by Govt. of Arunachal pradesh against the timely repayment of the loan making it 0% which will be re-imbursed at the end of the year depending upon the repayment position of individual farmer. However, interest subvention will not be available to those farmers who defaults in loan repayment and becomes overdue and the amount will be recovered @11% p.a. interest including penal interest.

REPAYMENT
The Credit Limit has to be repaid every after harvesting of the crop and fresh drawals can be made for next crop without going through further processing of loan application for a period of 5 years.  The limit can be used as many times as possible like cash credit accounts.

PROCESSING FEES:  
0.5% of the loan amount will be charge as processing fee.

SECURITY

  • No Co-lateral Security is required for limits upto Rs. 1,00,000/- however, the standing crops and/or asset created will remain hypothecated to bank. However Security is necessary for the loans above Rs. 1,00,000/- .
  • A suitable third party guarantee would be obtained against the credit limit.

The terms and conditions mentioned above are only illustrative. The Bank may ask for any additional documents/ information depending on the history and track records of applicant with the Bank.