IOB KRISHI VRIDDHI PLUS

Special Credit scheme for Food & Agro Processing units

Scheme

Purpose

Need based credit scheme for Food and Agro processing units

Eligibility

Target Audience

Individuals, Proprietary concern, Partnership Firm, Private Limited Company, Public Limited Company, LLP, OPC etc.

Age Criteria

Minimum 18 years

Other Criteria

Project should generate sufficient income such that loan can be repaid from the financed activity, without relying on other income.

Projects / activities proposed should have all requisite permissions/ licenses/ approvals from competent authorities wherever applicable

Financials

Quantum

No Minimum & No Maximum

Margin

Up to Rs.2.00 Lakhs - Nil

Above Rs.2.00 lakhs - Minimum 20% on the project cost

And 10% on the project cost for PMFME applications

Rate of interest

Ranges from 9.75% - 11.20% 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

Working capital - 0.40% + applicable GST

Term loan - 0.71% + applicable GST  

Tenure

Repayment period

Maximum 10 years including moratorium period

Holiday period

Maximum 36 months

Security

Up to Rs.2.00 Lakhs

Hypothecation of assets created

Above Rs.2.00 Lakhs

Hypothecation of assets & Suitable Collateral with 100% coverage for the loan amount.

Coverage under CGTMSE is considered and in such case no collateral will be insisted/ Hybrid Security model is also permitted.