The Best SBI Agriculture Loan Interest Rate 2024

Are you dreaming of expanding your farming commercial enterprise or making an investment in new agricultural technologies? The state financial institution of India (SBI) offers agriculture loans designed to aid farmers and agribusinesses with their monetary desires. but one of the most vital factors to keep in mind when making use of for an SBI agriculture mortgage is the interest price. What makes those charges exciting? the answer lies in knowledge how they’re calculated and the capacity blessings they bring about to your farming desires.

Inside the ever-evolving world of agriculture, the proper monetary planning can make a significant distinction. SBI’s agriculture loan interest fees are designed to be aggressive and tailor-made to satisfy the particular needs of farmers. but, the costs can vary based totally on numerous factors, such as the type of mortgage, the amount borrowed, or even your credit score profile. live tuned as we find how these quotes can effect your economic adventure and assist you make the most of your agricultural ventures!

SBI Agriculture Loans Details

1. Kisan credit Card (KCC)
The Kisan credit score Card (KCC) is designed to fulfill the short-time period credit score wishes of farmers. It presents farmers with a credit score restrict that may be used for purchasing seeds, fertilizers, and different farming inputs. the cardboard guarantees short and hassle-loose get admission to to funds, making it less difficult for farmers to manipulate their agricultural sports effectively.

2. Gold mortgage
SBI offers a Gold loan to farmers as a quick supply of finances the use of their gold as collateral. This loan is useful for those who want instant monetary help for their farming desires or different urgent charges. The gold is effectively stored, and the loan amount is primarily based at the fee of the gold pledged.

3. Multi-motive Gold loan
The Multi-reason Gold loan is an extension of the usual Gold mortgage, allowing farmers to use the mortgage amount for various functions which include shopping farm gadget, funding agricultural initiatives, or meeting personal desires. this pliability enables in dealing with both farming and private price range efficiently.

4. Farm Mechanization loan
This loan is aimed at helping farmers buy modern machinery and equipment needed for green farming operations. Farm Mechanization Loans cowl the fee of buying tractors, ploughs, and different farming gear, that could enhance productiveness and reduce manual hard work.

5. SSTL (loan loose) mortgage Scheme
The SSTL (loan loose) loan Scheme is customized for farmers who want loans without providing any bodily collateral. rather, this scheme makes use of a liquid collateral, such as constant deposits or coverage policies, as safety. This makes it less difficult for farmers to access funds without parting with their property.

6. SSTL with Liquid Collateral mortgage Scheme
This mortgage scheme lets in farmers to attain funding with the aid of the usage of liquid assets like financial savings accounts or constant deposits as collateral. it is suitable for folks who might not have property to mortgage however have enough liquid property. This scheme enables in quick accessing funds for agricultural or private wishes.

7. New Tractor loan Scheme
the brand new Tractor mortgage Scheme presents financial help for purchasing new tractors. This mortgage helps farmers in obtaining current machinery, that can notably enhance farming efficiency and productivity. The scheme includes favorable phrases and situations for clean repayment.

8. Tatkal Tractor loan Scheme
The Tatkal Tractor loan Scheme is designed for farmers who want pressing investment to shop for a tractor. It offers a brief approval method and rapid disbursal of price range, permitting farmers to buy the essential equipment without delays.

9. integrate Harvester mortgage Scheme
This scheme enables farmers purchase combine harvesters, which are crucial for green harvesting of crops. The mortgage covers the cost of the harvester, making sure that farmers can harvest their vegetation effectively and in a well timed manner.

10. Drip Irrigation mortgage Scheme
The Drip Irrigation mortgage Scheme offers economic support for installing drip irrigation systems. Drip irrigation is an effective water-saving approach that facilitates in better control of water assets and improves crop yields. This mortgage makes it less difficult for farmers to adopt this modern irrigation method.

11. Allied activities – Dairy loan
The Dairy mortgage supports farmers in setting up or expanding dairy farms. It covers fees associated with buying dairy animals, constructing centers, and different dairy-associated wishes. This loan allows in boosting dairy production and enhancing the farmer’s income.

12. Dairy Farm commercial enterprise loan
The Dairy Farm commercial enterprise mortgage is designed for farmers looking to start or develop their dairy business. It provides investment for various elements of dairy farming, inclusive of infrastructure improvement, system buy, and operational charges.

13. rooster mortgage
rooster Loans are to be had for farmers interested in poultry farming. This loan enables in shopping poultry birds, putting in poultry houses, and different associated costs. It supports the increase of fowl farming as a viable agricultural commercial enterprise.

14. Fisheries mortgage
The Fisheries mortgage gives economic assistance for setting up or expanding fish farming operations. It covers expenses such as buying fish, putting in place ponds, and other infrastructure wishes. This loan enables farmers discover and gain from aquaculture.

15. Miscellaneous activities – Produce advertising and marketing mortgage
The Produce advertising and marketing loan assists farmers in advertising their agricultural produce. It enables in masking prices related to storage, transportation, and sale of plants. This mortgage ensures that farmers can efficaciously marketplace their produce and get honest returns.

Features and Benefits of SBI Agriculture Loan

1. Tailored Financial Support : SBI Agriculture Loans are designed especially for farmers and agribusinesses. whether or not you need budget for getting device, seeds, fertilizers, or increasing your farm, these loans offer the economic help needed to raise your agricultural activities.

2. Competitive Interest Rate: SBI offers attractive interest prices on agriculture loans. this means you could borrow money at a lower cost, making it simpler to control your budget and plan for the future.

3. Flexible Repayment Options: The repayment terms for SBI Agriculture Loans are flexible, permitting you to choose a schedule that suits your farming cycle. this pliability facilitates you manage your mortgage payments with out strain, aligning them together with your earnings from plants or other agricultural sports.

4. Quick Processing: SBI ensures a rapid loan approval and disbursement process. This quick turnaround facilitates you get the funds you need without useless delays, allowing you to behave right away on agricultural possibilities.

5. No Hidden Charges: Transparency is fundamental in SBI Agriculture Loans. There are not any hidden charges or surprising expenses, ensuring which you recognise exactly what you’re paying for and may price range consequently.

6. Insurance Coverage: some SBI Agriculture Loans include non-obligatory coverage coverage. this option gives brought security with the aid of shielding your funding against unforeseen dangers like herbal screw ups or crop disasters.

7. Loan Amounts to Suit Your Needs: SBI offers a number of loan amounts, so you can borrow as little or as an awful lot as wanted based for your unique necessities. this adaptability enables you get the exact quantity essential to your agricultural initiatives.

8. Expert steerage: SBI affords professional recommendation and help in the course of the mortgage procedure. Their knowledgeable group of workers can assist you in know-how the mortgage terms and making sure which you get the most out of your mortgage.

SBI Agriculture Loan Interest Rate

Fees and Charges of SBI Agriculture Loan Interest Rate

1. Kisan Credit Card (KCC):

• • Processing Fee: Up to ₹1,000
  • Annual Fee: Nil or as per scheme

2. Gold Loan:

• • Processing Fee: 0.5% – 1% of the loan amount
  • Valuation Fee: Varies based on the value of the gold

3. Multi-Purpose Gold Loan:

• • Processing Fee: 0.5% – 1% of the loan amount
  • Valuation Fee: Varies based on the value of the gold

4. Farm Mechanization Loan:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

5. SSTL (Mortgage Free) Loan Scheme:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

6. SSTL with Liquid Collateral Loan Scheme:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

7. New Tractor Loan Scheme:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

8. Tatkal Tractor Loan Scheme:

• • Processing Fee: Up to ₹2,500
  • Documentation Charges: Varies

9. Combine Harvester Loan Scheme:

• • Processing Fee: Up to ₹2,500
  • Documentation Charges: Varies

10. Drip Irrigation Loan Scheme:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

11. Allied Activities – Dairy Loan:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies.

12. Dairy Farm Business Loan:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

13. Poultry Loan:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

14. Fisheries Loan:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

15. Miscellaneous Activities – Produce Marketing Loan:

• • Processing Fee: Up to ₹2,000
  • Documentation Charges: Varies

Factors Affecting SBI Agriculture Loans

When applying for SBI Agriculture Loans, several factors influence the approval process and the terms of the loan. Understanding these factors can help borrowers secure better loan conditions and ensure a smooth application process.

1. Credit Score

Your credit score plays a crucial role in determining your eligibility for an SBI Agriculture Loan. A higher credit score indicates a good credit history and responsible borrowing behavior, which can result in favorable loan terms and lower interest rates. A lower credit score may lead to higher interest rates or even rejection of the loan application.

2. Income and Financial Stability

SBI assesses your income and overall financial stability to ensure you can repay the loan. This includes evaluating your earnings from agriculture, other sources of income, and any existing debts. A stable and sufficient income reassures the bank of your ability to manage and repay the loan effectively.

3. Purpose of the Loan

The specific purpose for which you are taking the loan affects the loan amount and terms. Whether you need the loan for purchasing equipment, expanding farm operations, or other agricultural activities, SBI will consider the viability and potential return on investment of the intended use.

4. Collateral Security

For secured loans, SBI requires collateral to back the loan amount. The type and value of collateral you provide, such as property, gold, or machinery, influence the loan amount you can borrow and the interest rate. Higher-value collateral can lead to better loan terms.

5. Farm Profile and Experience

Your experience in farming and the profile of your farm are important factors. SBI evaluates the scale of your farming operations, the type of crops or livestock, and your overall experience in agriculture. A well-established and profitable farming operation may qualify for better loan conditions.

6. Repayment Capacity

Your ability to repay the loan is a critical consideration. SBI assesses your existing financial commitments and cash flow from farming activities to determine your repayment capacity. A well-planned repayment schedule aligned with your income cycle can improve your chances of loan approval.

7. Loan Amount and Tenure

The amount of loan you apply for and the tenure of the loan impact the approval process. SBI considers whether the requested amount aligns with your needs and repayment capability. A longer tenure can reduce the monthly repayment burden but may result in higher total interest costs.

8. Documentation and Compliance

Proper documentation and compliance with SBI’s requirements are essential. Providing accurate and complete documentation, including identity proof, income statements, and land records, facilitates a smoother approval process. Compliance with SBI’s guidelines and policies is also crucial for loan approval.

9. Economic Conditions and Agricultural Market Trends

General economic conditions and trends in the agricultural market can influence loan terms. Factors such as crop prices, weather conditions, and market demand impact the bank’s assessment of your loan application and potential risks.

SBI Agriculture Loans Compare with other Banks 

SBI Agriculture Loan Interest Rate Calculator 

To determine the interest rate for an SBI Agriculture Loan, you can use an interest rate calculator to estimate your EMI (Equated Monthly Installment) and total repayment amount. The formula to calculate the EMI for a loan is:

EMI== P x R x (1+R)^N / [(1+R)^N-1],​

where:

• P = Principal loan amount
• r = Monthly interest rate (annual interest rate divided by 12)
• n = Number of monthly installments (loan tenure in years multiplied by 12)

Note: Using this formula, you can input your loan amount, interest rate, and tenure to calculate your EMI and assess the total cost of the loan. For more accurate results, you can use an online EMI calculator provided by SBI or other financial institutions

Eligibility Criteria for SBI Agriculture Loans

1. Kisan Credit Card (KCC)

Eligibility Criteria:

• Age: Applicants must be between 18 and 75 years old.
• Occupation: Must be actively engaged in farming or agricultural activities.
• Land Ownership: Must own agricultural land or be a tenant farmer with legal tenancy rights.
• Income: Must have a steady income from farming activities.
• Credit History: Good credit history and repayment capacity.

2. Gold Loan

Eligibility Criteria:

• Age: Applicants must be at least 18 years old.
• Gold Ownership: Must have gold jewelry or ornaments to pledge as collateral.
• Income: Regular source of income to repay the loan.
• Purpose: The loan can be used for agricultural or personal needs.

3. Multi-Purpose Gold Loan

Eligibility Criteria:

• Age: Must be above 18 years.
• Gold Ownership: Must pledge gold jewelry or ornaments.
• Income: Proof of regular income is required.
• Flexibility: Loan can be used for various purposes, including agricultural needs and personal expenses.

4. Farm Mechanization Loan

Eligibility Criteria:

• Age: Applicants must be at least 18 years old.
• Occupation: Must be engaged in farming and require machinery.
• Income: Proof of income from farming activities.
• Purpose: Loan must be used to purchase farm machinery and equipment.

5. SSTL (Mortgage Free) Loan Scheme

Eligibility Criteria:

• Age: Applicants should be 18 years or older.
• Collateral: Must have liquid assets like fixed deposits or insurance policies.
• Occupation: Engaged in farming or agricultural activities.
• Credit History: Good credit score and financial stability.

6. SSTL with Liquid Collateral Loan Scheme

Eligibility Criteria:

• Age: Minimum age of 18 years.
• Collateral: Liquid assets such as savings or fixed deposits are required.
• Occupation: Must be a farmer or involved in agricultural activities.
• Income: Stable income and good credit history.

7. New Tractor Loan Scheme

Eligibility Criteria:

• Age: Must be at least 18 years old.
• Occupation: Active farmer requiring a new tractor.
• Income: Proof of income from farming.
• Purpose: Loan must be used to purchase a new tractor.

8. Tatkal Tractor Loan Scheme

Eligibility Criteria:

• Age: Applicants should be 18 years or older.
• Occupation: Must be involved in farming and need a tractor urgently.
• Income: Proof of steady income.
• Purpose: Loan for purchasing a tractor with quick processing.

9. Combine Harvester Loan Scheme

Eligibility Criteria:

• Age: Minimum age of 18 years.
• Occupation: Active farmer requiring a combine harvester.
• Income: Proof of income from farming activities.
• Purpose: Loan must be used for buying a combine harvester.

10. Drip Irrigation Loan Scheme

Eligibility Criteria:

• Age: Applicants must be at least 18 years old.
• Occupation: Engaged in farming and need an irrigation system.
• Income: Proof of income from agricultural activities.
• Purpose: Loan for installing drip irrigation systems.

11. Allied Activities – Dairy Loan

Eligibility Criteria:

• Age: Must be 18 years or older.
• Occupation: Engaged in or planning to start dairy farming.
• Income: Proof of income or potential income from dairy farming.
• Purpose: Loan for setting up or expanding dairy operations.

12. Dairy Farm Business Loan

Eligibility Criteria:

• Age: Applicants should be at least 18 years old.
• Occupation: Must be engaged in or intending to start a dairy business.
• Income: Proof of income or business plan for dairy farming.
• Purpose: Loan to support dairy farm infrastructure and operations.

13. Poultry Loan

Eligibility Criteria:

• Age: Minimum age of 18 years.
• Occupation: Engaged in or planning to start poultry farming.
• Income: Proof of income or business plan for poultry farming.
• Purpose: Loan for purchasing poultry birds and setting up facilities.

14. Fisheries Loan

Eligibility Criteria:

• Age: Applicants must be at least 18 years old.
• Occupation: Engaged in or planning to start fish farming.
• Income: Proof of income or business plan for fisheries.
• Purpose: Loan for setting up or expanding fish farming operations.

15. Miscellaneous Activities – Produce Marketing Loan

Eligibility Criteria:

• Age: Minimum age of 18 years.
• Occupation: Engaged in farming with a need to market produce.
• Income: Proof of income from farming activities.
• Purpose: Loan for marketing agricultural produce, including storage and transportation.

1. Kisan Credit Card (KCC)

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Land Records: Proof of ownership or tenancy of agricultural land.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture and other sources, if any.

2. Gold Loan

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Gold Details: Description and value of the gold being pledged.
• Photographs: Recent passport-sized photographs.

3. Multi-Purpose Gold Loan

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Gold Details: Information about the gold being used as collateral.
• Photographs: Recent passport-sized photographs.

4. Farm Mechanization Loan

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Land Records: Proof of ownership or tenancy of agricultural land.
• Equipment Details: Information on the machinery or equipment to be purchased.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture.

5. SSTL (Mortgage Free) Loan Scheme

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Liquid Collateral Details: Proof of fixed deposits or insurance policies used as collateral.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture and other sources.

6. SSTL with Liquid Collateral Loan Scheme

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Liquid Collateral Details: Proof of liquid assets like fixed deposits.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture.

7. New Tractor Loan Scheme

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Land Records: Proof of ownership or tenancy of agricultural land.
• Tractor Details: Information about the tractor being purchased.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture.

8. Tatkal Tractor Loan Scheme

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Land Records: Proof of ownership or tenancy of agricultural land.
• Tractor Details: Information on the tractor to be bought.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture.

9. Combine Harvester Loan Scheme

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Land Records: Proof of ownership or tenancy of agricultural land.
• Harvester Details: Information about the combine harvester.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture.

10. Drip Irrigation Loan Scheme

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Land Records: Proof of ownership or tenancy of agricultural land.
• Irrigation Plan: Details of the drip irrigation system to be installed.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture.

11. Allied Activities – Dairy Loan

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Dairy Farm Details: Information about the dairy farm and equipment.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture and dairy farming.

12. Dairy Farm Business Loan

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Dairy Farm Business Plan: Detailed plan and expenses for the dairy business.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture and other sources.

13. Poultry Loan

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Poultry Farm Details: Information on the poultry farm setup.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture and poultry farming.

14. Fisheries Loan

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Fisheries Plan: Details of the fish farming setup and expenses.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture and fisheries.

15. Miscellaneous Activities – Produce Marketing Loan

• Identity Proof: Aadhar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, Aadhar Card, or Rent Agreement.
• Marketing Plan: Details of the produce marketing and expenses.
• Photographs: Recent passport-sized photographs.
• Income Proof: Details of income from agriculture.

How to Apply for SBI Agriculture Loan

SBI Agriculture Loan Online Apply: 

Visit SBI’s Official Website: visit the legit SBI internet site and navigate to the ‘Agriculture Loans’ phase. Fill out the online utility shape with required information and post.

SBI YONO App: download and log in to the SBI YONO app. pick out ‘Agriculture loan’ from the mortgage alternatives, whole the utility shape, and submit it digitally.

SBI Agriculture Loan Offline Apply :

Go to an SBI Branch: go to your nearest SBI department, request an agriculture mortgage utility form, fill it out, and publish it along side the important files.

Contact an SBI Loan Officer: Meet with an SBI mortgage officer at your local branch for customized assistance with the agriculture loan application manner and required documentation.

How to Check SBI Agriculture Loan Application Status

Online Status Check:

1. SBI Official Website: Visit the SBI website, log in to your account, and navigate to the ‘Loan Status’ section to view the status of your agriculture loan application.
2. SBI YONO App: Open the SBI YONO app, log in, go to ‘Loan Services,’ and select ‘Application Status’ to track your agriculture loan application.

Offline Status Check:

1. Visit SBI Branch: Go to the SBI branch where you submitted your loan application and inquire about the status with the loan officer or customer service representative.
2. Contact SBI Customer Care: Call SBI’s customer care service and provide your application reference number to get updates on your agriculture loan application status.

SBI Agriculture Loan Customer Care Service

E-mail us at: customercare@sbi.co.in · contactcentre@sbi.co.in · socialreply@sbi

Toll-free Numbers: 1800-11-2211 and 1800-425-3800.

Chargeable no: 080-2659-9990

FAQs

Conclusion,

The State Bank of India (SBI) offers a diverse range of agriculture loans tailored to meet the varied needs of farmers and agribusinesses. With competitive interest rates and flexible repayment options, these loans are designed to support everything from the purchase of essential machinery and equipment to the expansion of farming operations. By understanding the factors influencing interest rates and the various types of loans available, you can make informed decisions that align with your agricultural goals. Whether you’re investing in new technologies or managing day-to-day expenses, SBI’s agriculture loans provide the financial support needed to enhance productivity and achieve your farming aspirations.