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Agriculture Loan Interest Rates

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
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Max Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%
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Agriculture Loan Interest Rates

Agricultural loans are offered to farmers, joint cultivators, sharecroppers, tenant farmers, self-help groups and other persons engaged in agriculture. These loans can be either secured or unsecured and are offered by leading banks as well as government institutions. An agricultural loan can be used for various purposes such as meeting expenses related to cropping, upgrading/ purchase of farm machinery, construction of irrigation channels, and other allied agricultural activities. In the following sections, details regarding the interest rates charged on different types of agricultural loans by the major lenders of India, factors affecting agricultural loan interest rates, etc. are discussed.

Current Agricultural Loan Interest Rates

Banks/NBFCs Interest Rates(p.a.)
Bajaj Finance 10% - 31% p.a.
Axis Bank 9.99% onwards
IndusInd Bank 10.49% onwards
IDFC FIRST Bank 10.99% onwards
HDFC Bank 9.99% onwards
ICICI Bank 10.60% onwards
Kotak Mahindra Bank 10.99% onwards
Tata Capital 11.99% onwards
Federal Bank 12.00% onwards
DMI Finance Up to 24%
L&T Finance 11.00% onwards
Kreditbee 12.00% - 28.25%
MoneyTap 13.00% onwards
Piramal Finance 11.99% onwards
Aditya Birla 10.99% onwards
Moneyview 14%-36%
Cashe 33.50% onwards

Also Know: Which bank offers low interest on personal loan?

Processing Fee on Agricultural Loans

The following are the processing fees applicable to agricultural loans from major banks in India:

Name of the Lender Processing Fee
Central Bank of India Nil on loan amount up to Rs. 25,000.Rs. 120 per lakh, subject to a maximum of Rs. 20,000.
Indusind Bank 1.25% of the sanctioned amount.
Axis Bank Up to 0.75% of loan amount.
ICICI Bank Up to 2% of the loan amount.

Factors Affecting Interest Rates

Following are some of the major factors that affect interest rate on agricultural loan:

  • Credit Score: It is one of the first things that banks check before approving a loan application. Credit score is a 3 digit numerical summary of your credit report which is prepared on the basis of your repayment history.
  • Fixed Obligation to Income Ratio: It refers to the part of your income formed by ongoing loan EMIs, credit card dues and other such obligations.
  • Credit Utilization Ratio: It refers to the amount of credit used by you out of the total credit available to you. The higher your credit utilization, the more debt you are carrying and the riskier you will be perceived as a borrower by potential lenders.
  • Number of Loan Applications: This corresponds to the number of lenders to whom you have submitted your loan application.
  • Previous Relationship with the Lender: This applies when you have previously taken a loan such as a personal loan or home loan from the lender, or if you have a savings bank account or other form of deposit with the lender.

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How to Get an Agricultural Loan at a Low Interest Rate?

Follow the tips mentioned below to get an agricultural loan at the best possible interest rate.

  • Maintain a high credit score, as a high score builds lender’s trust in you.
  • Keep your fixed obligation to income ratio at a low, as it indicates greater repayment ability.
  • Maintain a low credit utilization ratio, preferably below 30%.
  • Avoid multiple loan applications at the same time. Doing so can portray you as credit hungry and bring down your credit score.

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