You can also take a loan from the bank by mortgaging your agricultural land. You can use this money for farming or related work.The biggest advantage of this is that you avoid taking a loan at a very high interest rate.
What is the eligibility for agriculture loan?
1.Generally, people between 24 and 65 years of age can get this loan.
2. You must have farming land to mortgage.
3. It can happen that you get this loan only for farming or farming related work. In such a situation, you cannot use the loan amount for any business.
4. If the land is in the name of more than one person, then all the people have to jointly apply for the loan.
5. You will not have to provide information about your income tax return.
How to apply for a farm loan?
You have to go to the bank and apply. You have to arrange some documents while applying.
1.Your Identity Proof.
2. Your proof of address will be done with the Aadhar card.
3. Your land papers must be accurate.
4. Will have to fill the application form.