Want to open rice mill . I can arrange surity up to 50 lakhs. how to approach bank for loan?

I am Planning to start a rice mill, I have my own land and also have a security of 50 lakhs, however i do not know the procedure to apporach the bank for loan.

My total project cost around 3cr. please assist me in this regards.

You did not mention the quantum of your own investment and the amount of loan you need. A security of 50 lakhs can fetch a loan less than that.However may other factors like creditworthiness of the borrower, feasibility of the activity,etc also count while securing a loan. Anyway, contact a bank for details. Many banks have their own scheme for financing MSMEs. Wish you best of luck.

Straight away go to any branch in your area and approach the manager with the above information, he will guide you properly. Nowadays banks are lending good helping hands to such deserving people. Good luck.

i dnt knw abut the bank but ya since my father is in export import deptt ministry of commerce nd industries nd is basmati rice expert i cn tell u tht its a very profitable business an if wanna go with this project i wud sugesst tht u should visit the site of ministry of food processing industries

http://www.mofpi.nic.in

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government is organising various funding schemes under 11th five year plan nd cn fund u upto 75lakh. moreover they wll provide u various rebates for instance tax resumption 100% on ur profit fr first five years .even i wanted to strt my own rice mill wth the help of my father but i dont hv enough capital looking fr a suitable partner.i hope this info wll help u .if u wanna knw further info contact me on geniusverma2001@gmail.com