Bee Keeping Loan Scheme

Beneficiary Individual entrepreneurs, farmers, producer companies, partnership firms, corporations, NGOs, SHGs, JLG,s and Cooperatives.
Purpose Setting up of bee keeping unit.
Loan Limit Maximum amount upto Rs.10.00 lacs.
Rate of Intt 10.25%
Margin 15%
Repayment Period Maximum 7 years in equated monthly installments including grace period of 6 months.
Collateral Security Time pronote, hypothecation of the bee-keeping boxes to be financed by the bank, guarantee of two persons having sufficient net worth and should be nominal member of the bank. Mortgage of the landed property whose value not less than 150% of the loan amount.
Procedure The applicant shall submit the proposal  to the financing branch for sanction . The branch manager after appraisal the loan case as per norms and if found feasible and viable shall recommend/sanction the loan as per delegated sanctioning powers. The Branch Manager got necessary documents executed from the borrower. After execution of the documents the manager shall get the margin money deposited from the applicant in his saving bank account. The manager shall disburse the loan in the form of Draft/Pay Order/Cheque in favour of third party from whom the borrower have to purchase the Honey Bee (with combs) and hives  by debiting the loan account for the loan and saving bank account for the margin money.
Insurance The Honey Bees and hives  financed under the scheme shall be fully insured and should be clearly mentioned in the insurance  policy that the live stock is hypothecated with the financed bank.
Area of Operation Loan shall be advanced in the area operation in the Muktsar district.