KISAN SAMMAN LOAN
KISAN SAMMAN LOAN
“Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)” is a Central Sector Scheme launched on 24th February, 2019 to provide income support to all land holding farmers’ families in the country to supplement their financial needs. Under this scheme beneficiary farmers are being provided the financial benefit of Rs. 6,000/- per annum per family payable in 3 instalments.
Government of Karnataka has also joined to support financial benefit of Rs. 4,000/- per annum to such beneficiaries.
SUCO Bank is happy to become a part of this initiative by introducing a new loan scheme christened as “Kisan Samman Loan” to support the needy farmers during the time of Monsoon harvest season. This loan scheme is operative from 02.08.2021.
Salient Feature of the Loan Product
QUANTUM OF LOAN AMOUNT
RATE OF INTEREST
Rs. 250/- Per half yearly service charge excluding GST.
No collateral security is to be insisted. However 2 Co-obligants are to be taken. and one of them should be the PM – KISAN beneficiary. They have to produce 3 years RORs in their name.
CATEGORISATION OF LOANS
PURPOSE OF LOAN
SUBMISSION OF DOCUMENTS
Borrowers have to provide the following documents.
- Record of Rights (ROR – Pahani) for 3 years.
- KYC documents such as Adhar card and Voter ID card.
- Latest 3 Photos
a). Processing Charges and Share amount along with Share Fee etc. are to be collected from the borrower before the disbursement of loan and ensure that any charges should not be deducted out of loan proceeds.
b). Declaration form has to be obtained from the borrower stating that they understood the terms and conditions of the loan and this scheme is not a government sponsored scheme hence NOT eligible for any Government subsidy/waiver. Declaration format is also enclosed with this Circular.