Canara

Particulars

Scheme guidelines

Name of Scheme

Canara Drone

Purpose of Loan

For purchase of Drones with equipment/accessories for Agriculture usages such as spraying pesticides, fertilizer, anti-locust spraying, mapping of farmlands, etc. under Customer Hiring activity/Own agriculture purpose, from Drones Manufacturers approved by Director General of Civil Aviation (DGCA).

Eligibility

Ø For own use: The applicant should have at least 6 acres of perennially irrigated land or 12 acres of rainfed land.

Ø For rental use: Land ownership is not required.

Margin

25% of the Unit cost including other accessories and equipment (Insurance and AMC (Annual Maintenance Contract) can be considered as part of Project cost)

Maximum Limit

Ø Maximum 75% of unit cost (Including other accessories and equipment) based on quotation.

Ø Maximum of Rs. 12.00 Lakh for purchase of upto 2 drones as per delegation of power under branch delegation.

Ø For purchase of more than 2 drones with equipment, AGM/DGM-RO-CAC is empowered to consider the same with a condition that the maximum quantum of finance not to exceed Rs. 25.00 Lakhs under the scheme.

Security

Primary:

Hypothecation of asset created out of Bank finance.

Collateral Security:

i) For own Agriculture purpose

Collateral security in the form of Mortgage of landed property equivalent to loan amount

OR

Term Deposit/Liquid collateral in the range of 50 to 75% of the loan amount.

ii) For Customer hiring activity

Loan accounts shall be covered under Agriculture Infrastructure Fund (AIF) scheme and accounts to be covered under CGTMSE. However, Branches shall explore possibility of obtaining any collateral security in the form of landed property/ Liquid collateral and can cover shortfall amount under CGTMSE under Hybrid security model.

Repayment Period

Ø Maximum repayment period of 5 years and interest/installment is to be serviced monthly including the maximum moratorium period of 6 months.

Ø Moratorium period should be allowed judiciously wherever required.

Loan Quantum

Ø As per extant guidelines on Delegation of power for loans upto Rs. 12.00 lakh under branch delegation.

Ø For purchase of more than 2 drones with equipment, AGM/DGM-RO-CAC is empowered to consider the same with a condition that the maximum quantum of finance under the scheme not to exceed Rs. 25.00 Lakh.

Ø If the Borrower wants to purchase more than 2 drones, but loan quantum is upto Rs. 12.00 Lakh, the same need not be referred to AGM/DGM-RO-CAC.