Pros and Cons of the IndusInd Bank Indus Kisan Agriculture Loan

Farmers and farming communities remain central to the world’s economic development today. Because of this, gaining access to agriculture loans and packages such as the IndusInd Bank Indus Kisan Agriculture Loan is essential. Apart from furthering technologies and advancements in the field through this funding, this type of financial aid also empowers farmers in their respective industries.

As a loan and card rolled into one, the IndusInd Bank Indus Kisan Agriculture loan provides a number of benefits for borrowers. One of the main privileges of this loan is the variety of loans to choose from as well as the needs it meets. Through this initiative, farmers like you can maintain your agricultural practices without any problems.

Do you want to learn more about this loan and what it has to offer? To learn about the finer details and how you can apply, continue reading. We will tell you everything you need to know about this offer.

IndusInd Bank Indus Kisan Agriculture Loan

Advantages of the IndusInd Bank Indus Kisan Agriculture Loan

Powered by RuPay, the IndusInd Bank Indus Kisan Agriculture Loan has two broad categories to choose from, namely funding for agricultural activities such as crop production. The other category includes purchasing equipment or agri-allied activities that are geared towards investments and capital in different fishing, dairy, and poultry industries.

Besides these, the offer also provides users with the chance to gain access to both short-term and long-term loans, depending on their needs or their required assets.

Issued as a card, farmers can easily and directly withdraw approved funding through their card via ATM at numerous IndusInd Bank branches nationwide or other ATMs where RuPay is accepted. Also acting as a credit and debit card of sorts, account holders may also pay for transactions in shops and other establishments.

Cons of the IndusInd Bank Indus Kisan Agriculture Loan

While this farm loan offers numerous benefits, it also comes with some downsides. For example, individuals over the age of 70 interested in acquiring the loan will need a co-borrower to shoulder the expenses. However, this ruling ensures that the loan will be paid back to the bank in a timely manner.

The withdrawal limit may also be seen as a drawback at only Rs 25,000 per day at ATMs and Rs 50,000 at point of sale terminals. Despite this small inconvenience, the accessibility of funds which may be directly obtained via debit cards at ATMs and input retailer shops may outweigh this concern.

Getting the IndusInd Bank Indus Kisan Agriculture Loan

Applying for this agriculture loan may be done by visiting a nearby branch. A Relationship Manager for Agribusiness will help and guide you through your application.

Keep in mind that interested applicants will only be entertained if they are Indian residents who are 18 to 70 years of age. Again, should applicants be 70 years old or older, they are required to have a co-borrower to sign the loan.

More than the age requirement, the bank also requires borrowers to be engaged or associated with the agricultural or agri-allied sector. This means you should have a business in the field or have investments in the industry. In line with this, the bank requires applicants to have their farms or agricultural-related businesses to be within 50 kilometers from the borrower’s place of residence.

Rates and Fees

The fees you will accrue with this loan depend on the amount that you take out.

Yearly Maintenance Charge

Up to Rs. 10 Lakhs – Rs. 800 + GST
More than Rs. 10 Lakhs but less than Rs. 25 Lakhs – Rs. 1,500 + GST
More than Rs. 25 Lakhs but less than Rs. 100 Lakhs – Rs. 2,500 + GST
More than Rs. 100 Lakhs – Rs. 5,000 + GST
Processing Fee – 1% of the amount loan plus taxes
Penal Interest – 18% per year on the amount overdue, payable with interest

Inspection Charges

Sanction Limit up to Rs. 10 Lakhs – Rs. 500 + GST
More than Rs. 10 Lakhs but less than Rs. 25 Lakhs – Rs. 1,000 + GST
More than Rs. 25 Lakhs – Rs. 1,500 + GST

Agriculture Loan

Conclusion

If you are seeking an agricultural loan, look no further than this loan that IndusInd Bank offers. Made for farmers and individuals in the agricultural and agri-allied sector, this offer provides flexible loans designed to meet a variety of needs.

For more information on the IndusInd Bank Indus Kisan Agriculture Loan, feel free to reach the bank at headcredit@indusind.com. You may also speak with Mr. Arun Krishnamoorthy as the head for credit in Loans and Advances.

*Note: There are risks involved when applying for and using a loan. Consult the bank’s terms and conditions page for more information.