New Delhi: If you want to return from cities and do farming in the village due to the lockdown, then the country’s largest lender State Bank of India (SBI) will help you. The bank has started the SBI Land Purchase Scheme. Under the scheme, the bank will give you a loan of up to 85% to purchase cultivable land. That is, you have to pay only 15 percent of the total price.
SBI has said the loan repayment period will be 7-10 years, only after which the ownership of the land will be given. The objective of the scheme is to provide loans to small and marginal farmers and landless agricultural laborers to purchase cultivable land. Under the scheme, no loan should be outstanding to the applicant for getting a loan. Under the scheme, the farmer gets 85 percent of the fixed price of the land for purchasing agricultural land as a loan, which is a maximum of Rs 5 lakh. The bank will decide the price of land for this 85 percent.
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Under the scheme, farmers with less than 2.5 acres of irrigated land can apply for loan. Apart from this, landless farmers can also apply for loans under the scheme. Farmers with less than 5 acres of unirrigated land can also apply under the scheme. At the same time, it is important that the person applying for the loan should have a better record of repaying the loan. The applicant should have a good record of repaying a loan of at least 2 years under the lead prescription scheme.
In the scheme you also get 1 to 2 years of free time, during this time you can make your land arable. Under the scheme, farmers can repay the loan in half-yearly installments from the start of production on the land up to a maximum period of 9-10 years. If the land is already developed then the maximum free time will be 1 year. At the same time, if the land is not productionable immediately after purchase, that is, to make it productionable, then the free time for that will be 2 years. The farmer will not have to pay any installment in this scheduled free time before production starts on the land.
