How do I apply for an agricultural business loan?

The process of applying for an agricultural business loan is straightforward and can be initiated by approaching banks, Non-Banking Financial Companies (NBFCs) or other financial institutions. Typically, you may have to follow these key steps:

• Apply online: Go to the official website of your chosen loan provider. Look for the agricultural/business loan application section.
• Create login ID: Register on the lending institution’s portal by creating a user ID and password for your account. This enables a smooth application process.
• Fill out the application form: Log in to your account and fill out the online loan application form carefully. Provide accurate personal, business and financial details.
• Upload documents: Scan and upload all required documents as specified by the loan provider, such as ID/address proof, business registration, income statements etc.
• Pay processing fee: Pay the processing fee online through available payment gateways like credit cards, debit cards, net banking etc.
• Track status: Login to track the status of your application. If required by the loan provider, provide additional information for processing.
• E-sign agreement: On approval of the loan, digitally/electronically sign the loan agreement sent by the loan provider.
• Secure loan approval: The approved loan amount gets directly credited to your bank account through online transfer.
• Repay online: Log in to your account and make timely Equated Monthly Instalments (EMIs) and prepayments seamlessly via digital modes. Most financial institutions will require you to provide an Electronic Clearing Service (ECS) or National Automated Clearing House (NACH) mandate. This allows the lender to automatically deduct the monthly EMI from your bank account on the due date.