Inland Fisheries Farm

get loan for your composite fish farming business
Inland Fisheries Farm

Fish and Fish Products have a huge demand in India. Fish is one of the favourite items in the food menu of almost 60 % of Indians. So market demand is always high for fish and fish related products in India. The main source of Fish is from the sea but the global Fish harvest from the sea is decreasing rapidly.

Purpose
Financial assistance can be extended for following purpose
i) Construction of Fish Ponds by converting lands not suitable for cultivation or those under cultivation which are poorly yielding.
ii) Development of Marshy lands and other areas for Fish Farming.
iii) Deepening / Widening and depleting of existing Ponds.
iv) Purchase of nets and other accessories.
v) Working Capital expenses for purchase of Fingerlings (young ones), manures, feed and labour inputs.
vi) Establishment of nurseries for raising of Fingerlings.
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. 1000 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 Fingerlings, 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.
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.