FARM FLEX CREDIT

Emergency Credit Scheme for Agriculture Units

Scheme

Purpose

Scheme for Agriculture units to meet urgent working capital requirements or fulfilling large seasonal orders

Eligibility

Target Audience

Individuals, Proprietary concern, FPO/FPCs, Partnership Firm, Private limited company, Public limited company, LLP, OPC etc.,

Age Criteria

Minimum 18 years

Other Criteria

Only for existing IOB customer with Working capital facility.

Credit relation should be minimum 2 years.

Only working capital facility

Financials

Quantum

No Minimum & Maximum Rs. 15cr

Quantum will be decided on Internal/ External rating and the existing working capital limit.

(25% to 35% on the existing working capital facility)

Margin

Up to Rs.2.00 Lakhs - Nil

&

Above Rs.2.00 lakhs - Minimum 20% for normal orders & Minimum 10% for

Rate of interest

Ranges from 10.15% - 11.15% as per rating

Interest Concession

Interest concession will be considered on case-to-case basis on merits which depends upon the discretionary power of sanctioning authority

Processing charges

Up to Rs.50,000/- - Nil

Above Rs.50,000/- -

0.40% + applicable GST

Tenure

Repayment period

Maximum 150 days

Limit can be availed once in a financial year

Security

Irrespective of Quantum

Hypothecation of assets created.

Existing collateral if available will be extended