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Brackish Water Shrimp Farm

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Brackish Water Shrimp Farm

Learn more about our new Brackish Water Shrimp Farm Loan scheme for Shrimp Trade (Agri Loan Category). This new scheme is formulated to finance the financial needs in the shrimp farming business.

Purpose
Investment Cost:
Construction of nursery and Grow- out or Rearing Ponds.
Construction of inlets and outlets.
Purchase and installation of electric motors / or engines / generators.
Purchase of aerators, nets and other accessories.
Construction of supervisory / labour quarters, laboratories, feed godown / store room, water tower etc. wherever necessary.
Operational Cost:
Preparation of Ponds and stocking.
Purchase of prawn seeds, fertilizers, prawn feed, fuel etc.
Establishment expenses including labour wages watch and ward, power, harvesting and marketing expenses.
The operative cost required for the first crop can be Capitablished and given as a Composite loan.
Eligibility
The applicant should be a) Farmer and Farmer groups engaged in Agriculture and / or Allied Activities or other Individuals. b) Loans to corporate farmers, farmers' producer organizations/companies of individual farmers, partnership firms and co-operatives of farmers directly engaged in Agriculture or activities allied to Agriculture and / or Allied Activities.
Quantum of Loan
Maximum loan amount under this scheme is upto Rs. 2500 Lakhs.
Margin
Rs. 1 Lakhs - Nil. Above that for small / marginal farmers - 15% of project cost and for others - 25% of project cost.
Security
Primary Security: i) Hypothecation of seeds, feeds to be purchased. ii) Hypothecation of equipments.
In the case of owned lands - Primary Security:
Equitable Mortgage of land for establishing Brackish Water Shrimp Farming whose value should be equivalent to 150 % of the loan amount (Post Development Value).
Owned Lands - Collateral Security:
If the post development value of the mortgage properties (primary securities) is less than 150 % of the loan amount, the shortfall can be compensated by obtaining collateral securities such as house property or commercial property / approved plots / other approved securities, financial securities like term deposits, LIC policies, NSC, etc. equivalent to the shortfall value to cover 150% of the loan amount by tangible securities.
In the case of Leased lands - Collateral Security:
Collateral securities such as house property / commercial property / approved plots / other approved securities, financial securities like Term deposits, LIC policies, NSC etc equivalent to the value to cover 150 % of the loan amount.
Rate of Interest
Penal Interest
Up to Rs. 25,000 /- : Nil
Beyond that - Penal Interest 2.00% p.a. to be charged over and above the applicable rate of Interest or such rates prescribed by Bank from time to time on overdue amount.
Processing Charges
0.25% of the loan amount without any maximum cap plus taxes as applicable.
Documentation Charges
Upto Rs. 25 Lakhs - Nil. Above Rs. 25 Lakhs Upto Rs. 100 Lakhs - Rs. 5,000. Above Rs. 100 Lakhs - Rs. 10,000.
Prepayment Charges
i) Prepayment Penalty in the case of takeover of credit limits by another bank.
In the case of Term Loan - a) Prepayment penalty of 2.00% of the outstanding amount plus taxes at the time of takeover by another bank is to be levied. b) No Prepayment charges to be levied if the Term Loan is sanctioned to individuals at Floating Interest Rate.
In the case of Working Capital limits - a) In all cases Prepayment penalty of 1% of the limit plus taxes to be levied at the time of takeover by another bank.
ii) No pre-payment charges shall be levied where the credit limits are closed by the borrower from own source of funds.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Goods & Service Tax on All Service Charges extra wherever applicable.