Agricultural loans are availed by a farmer to fund seasonal agricultural operations or related activities like animal farming, pisci-culture or purchase of land or agricultural tools. This type of loan also helps with buying inputs such as fertilizers, seeds, insecticides etc. and engaging labour for cultivating and harvesting the crops.
In addition, purchasing land, or purchasing agricultural tools, storage of produce and transport, cost of ploughing land for sowing, weeding, and transplantation are included under agricultural loans’ purview.
What Are The Types of Agricultural Loans in India?
Given below is the list of types of agriculture loans that you can avail for yourself:
- Crop Loan
- Agricultural Term Loan
- Solar Pump Set Loan
- Loan for Allied Agricultural Activities
- Farm Mechanisation Loan
- Agricultural Gold Loan
- Forestry Loan
- Horticultural Loan
How To Get Agriculture Loan?
If you are looking to apply for an agriculture loan, it is advisable to research your options online and apply for a loan of your choice by visiting the nearest branch of a lender. When visiting the branch, ensure that you carry the required documentation along with you to quicken the application process.
Certain lenders may also give prospective borrowers the option to apply for an agriculture loan online through their official websites. In this case, you will need to navigate to the respective website, click on ‘Apply Now’, enter the required details in the application form, and upload the necessary documents onto the website.
Regardless of the channel that you choose, the lender will verify your application and approve it. Once your application gets approved, the loan amount will be disbursed into your account.
Conclusion
Farmers can easily avail an agricultural loan as there are several agricultural loan schemes available designed to cater to their specific needs. Banks and other financial institutions also provide these loans at low-interest rates and on flexible terms to aid farming. Simply choose the right agricultural loan scheme and apply for it.