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25. Mortgage Loan to seed Procesing Units
Purpose
To Provide hassle free finance to Seed Processing Units who are willing to furnish mortgage of property of adequate value.
Eligibility
Existing customers.
New connections including takeovers.
First generation entrepreneurs as well as promoters of existing units.
Loan amount
65% of the realizable value of the property subject to a maximum of 40% of the projected annual turnover. Minimum loan amount will be Rs 5,00,000. Maximum will be Rs 1.00 crore.
Security
(1) Hypothecation of stocks and receivable
(2) Equitable Mortgage of land & building.
Repayment
Cash Credit renewable on an annual basis, on the basis of the level of activity and the entire loan is repayable on demand.
| Source: http://www.statebankofindia.com/portal/agri |
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