24. Scheme for Financing Seed Processors
Purpose
To extend financial assistance to the seed processors against their receivables due to them from the seed growers.
Eligibility: Seed processors / units
• Enjoying good reputation & credit worthiness.
• Holding a valid license from the concerned State Department of Industries for Installation of Seed Processing Plant.
• Having valid certificate from Seed Certification Department.
• Doing business for the last 3 years.
• Having receivables from the farmers.
• Who have posted profits during the past two years of operation are eligible to avail credit limits under the scheme.
Loan amount
60 % of the value of the receivables. Minimum Rs 2.00 lacs. No upper limit
Security
(1) Assignment/hypothecation of receivables from the farmers.
(2) Equitable mortgage of residential/ commercial property worth 1.5 times of the limit sanctioned belonging to either the applicant or the guarantor.
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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