Sericulture financing is a specialized financing product offered by Union Bank of India to support sericulture farmers and entrepreneurs to:

• Meet the expenditure in respect of cultivation of mulberry plantation as a crop loan.
• Purchase silk worm rearing equipment like Wooden stands, Bamboo trays, Chandrikas, Knife, Antwell, Paraffin, Wax etc.,
• Construct rearing house

We offer a range of financing options like:-

• Purchase silk worm rearing equipment like Wooden stands, Bamboo trays, Chandrikas, Knife, Antwell, Paraffin, Wax etc.,
• Construction of rearing house
• Rearing of silk worms up to the cocoon stage
• Processing of cocoons and reeling out silk and its weaving and printing (covered under MSME)
• Finance to the first four points is a part of the agricultural activity

Hiring of individuals and entities engaged in sericulture-related activities, such as farming, processing, and trading are eligible for sericulture financing.

The interest rate on sericulture financing varies, based on factors such as loan type, loan amount, and borrower's creditworthiness. The interest is calculated on a reducing balance basis, which means you only pay interest on the outstanding loan amount.

Yes, you can prepay your loan at any time without any prepayment charges. However, we recommend that you check your loan agreement for any specific terms and conditions related to prepayment.

The repayment terms for sericulture financing vary based on the loan type and borrower's requirements. Typically, the repayment period ranges from 12 months to 7 years, depending on the loan amount and purpose.

We evaluate loan applications based on a range of factors, including the borrower's creditworthiness, income, repayment capacity, and collateral.

The approval process for sericulture financing can take anywhere from a few days to a few weeks, depending on the loan type and borrower's requirements.

You can get in touch with us through our website, by visiting any Union Bank of India branch, or by contacting our dedicated customer care team. Our team of experts will be happy to answer any questions you have about sericulture financing and will be glad to help you to apply for the loan.