Financing for establishment of Agri.Tourist Outlet/ Orchard

The main strength of the economy of Gilgit-Baltistan (GB) is largely dependent on dry fruits and agriculture. More than 15 lac domestic and international tourists visit Gilgit-Baltistan every year.
Keeping in view this scenario and to gather Agriculture & Tourism in such a way that local farmers could fetch maximum benefit of their agriculture produce ZTBL has played its role to provide loans for “Establishment of Agri. Tourist Outlet/Orchard” where tourist can visit, stay, enjoy and purchase agri. produce of farmer in real time environment thereby eliminating the role of intermediaries.
Salient features of the scheme are as under:

Terms & Conditions

Operational Jurisdiction

The scheme would be applicable for the entire area of Gilgit-Baltistan.

Eligibility Criteria

All residents of Gilgit-Baltistan who have existing orchard and intend to establish an agri. based outlet/orchard or desire to make value addition of their existing orchard to increase their agriculture income are eligible to apply. Individual should be within the limit of 18-60 years. Applicant must have a Clear e-CIB Report and ORR Rating up-to 4.

Documents Required

CNIC Copy, Loan Case File embedded in the system, Agri. Pass Book/Fard Jamabandi, 2 recent photographs.

Maximum Loan Limit

The maximum loan ceiling under the scheme would be upto Rs.1.500 million per borrower/party.

Borrower’s Contribution

The amount over & above the Bank’s maximum per borrower/party exposure of Rs. 1.500 million or 10% of project cost if project cost is less than Rs. 1.500 million will be invested by the borrower in the project as equity

Collateral

Tangible properties owned by borrowers and in case of its non-availability, parent’s/family member’s property can be accepted as a co-applicant.

Cost of Credit

As per Bank’s rule.

Rate of Mark-Up

Prevailing Bank’s markup rate on development loans would be applicable for the scheme.

Sanction of Loan

Loan under the scheme would be sanctioned by Centralized Loan Sanctioning Department upto Rs.1.000 million, whereas loan more than Rs.1.000 million would be sanctioned by the concerned Zonal Credit Committee.

Disbursement

After execution of legal documents loan would be disbursed through current account of the borrower.

Repayment Schedule

Loan would be recovered within 5 years in Yearly installments with grace period of 1 year.

Utilization

Manager & MCO of the concerned branch would be responsible for monitoring, assisting and guiding the borrower for successful and proper utilization of loan. However, the MCO of the respective branch would check the utilization within one month of the disbursement of loan in 100% cases. Moreover, Manager, Zonal Manager (Recovery) and Bank’s Internal Auditor would also check the utilization of these loans as per prescribed share % age.

Monitoring

Close monitoring would be carried out on monthly basis by the respective Zonal Chief and Credit Operations Department, ZTBL Head Office Islamabad.



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