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Answer:
The loan offered by various lending institutions, including banks and government bodies to farmers, so that they can meet their short term and long term farm related expenses is called agricultural loan.Aug 21, 2020
Axis Bank: In line with government schemes and depends on the applicant’s profile
State Bank of India (SBI): 7.50% onwards
ICICI Bank: 9.60% onwards
Name of the Lender: Rate of Interest (p.a)
Agriculture loans in India are offered to farmers for various purposes, like farming and irrigation equipment purchases, crops for cultivation, and other agriculture-associated activities. Besides farmers, these loans are also available to individuals engaged in other agri-related sectors like animal husbandry, horticulture, apiculture, aquaculture, silk farming, and floriculture.
Agriculture loans are offered at lower interest rates compared to other loans available to individuals. The main objective of these loans is to provide a helping hand to farmers to meet their various cash needs.
Here, in this guide, let’s take a closer look at the types of agriculture loans in India, how to apply, benefits, FAQs, and more.
Explanation:
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