new Delhi. Several schemes are being run by the government to improve the condition of farmers. Under which they are provided loans at cheap interest rate. In this series, State Bank of India (SBI) has also offered to provide financial assistance to small and landless farmers to purchase land. Under SBI’s Land Purchasing Scheme Land Purchase Scheme, you can avail maximum loan up to Rs 5 lakh. Not only this, you will get up to 85 percent assistance from the bank for buying land. Whereas you have to pay only 15%.
Benefits of the scheme
Under the SBI Land Purchase Scheme, the bank will provide you a loan of up to 85% to purchase agricultural land. You will have to repay the loan in 7 to 10 years. After this, you will own the land. To buy agricultural land, the farmer will be given 85 percent of the fixed price of the land by the bank, which is a maximum of Rs 5 lakh. The biggest advantage of this scheme is that it also provides additional free time of 1 to 2 years. If someone’s land is not immediately productive after purchase, he may take additional time to fix it. For this, the farmer will not need to repay the loan that year.
Farmers with less than 2.5 acres of irrigated land can apply to take advantage of this scheme. Apart from this, landless farmers can also take advantage of the scheme. Apart from this, farmers with less than 5 acres of unirrigated land can also apply in the scheme. To join the scheme, the applicant should have a better record of repaying debt. Based on this, the bank will accept your application.