People’s Bank unveils Saarabhoomi Loan Scheme for organic fertiliser manufacturers

People’s Bank has introduced the Saarabhoomi Loan Scheme to further support the State policy to increase the local manufacture of pesticides, weedicides and fertilisers. 

The loans will be granted at special concessionary interest rates with a maximum repayment period of up to 10 years for investments and up to three years for working capital requirements. 

Applicants must meet a few criteria to qualify for the loan.  One is fertiliser manufacturers must be in possession of certification from the National Fertiliser Secretariat and manufacturers of weedicide and pesticide should be in possession of certification from the Registrar of Pesticide (ORP) at the Department of Agriculture. 

Another is that fertiliser manufactures should have sufficient technological expertise and specialisation in the manufacture of organic fertiliser and all submitted projects should be financially and economically viable.

An agreement with the Government allowing the purchase of fertiliser is mandatory, People’s Bank added.