IOB MATSYA SAMRIDHI

Exclusive scheme for Fishing units/Fisherman

Scheme

Purpose

Loan for purchase / construction of Mechanized boats/ non-mechanized boats & Fishing equipment /Mechanization of country boats with inboard / outboard engine & Fishing equipment and catamarans/ vessels / trawlers along with fishing equipment/ Rearing of fishes in all its aspects i.e., such as construction/ deepening/ widening/ excavation/ desilting of ponds, purchase of fingerlings, equipment's, manures, feeds and labour inputs, pre stocking/stocking, Impoundment of marginal areas of water bodies/ Construction/ repairs of embankments/ inlets/ outlets/ Sorting/ Grading/ Drying/ Processing & Selling of fish/ Fish and Fishery product processing/ Fish vending stalls/ Fish fast food counters/ Breeding & Selling of decorative fish and aquariums including its equipment's/ Contract cleaning of fish market/ Selling of fish- Vendor/ Merchant/ Other related activities etc.

Eligibility

Target Audience

Individual/Proprietorship Firms, Companies, Fisheries Development Corporations, Fisheries Co-operatives, Fisheries Federations, entrepreneurs, and private firms.

Age Criteria

Minimum 18 years

Other Criteria

For Marine fisheries, Applicant should be well experienced / professional fishermen and should be able to manage the craft and have trained crew to operate the craft / vessel. Skilled crew members should be available in the area.

There should be adequate harbour facilities for landing, berthing and sheltering of boats and adequate servicing and repairing facilities for the craft.

Cold storage / processing / freezing / canning facilities for marketing, refrigerated and insulated transport vehicles must be available.

For Inland fisheries, applicant should be experienced / professional fisherman/ trained entrepreneur and should own/take lease land/water tanks/ swamps brackish water areas.

Fingerlings should be easily available.

The area should be well served by rail/ road to facilitate quick transport of fish catches to processing/ marketing centres/ storage facilities.

For other activities, minimum 1 year experience in the relevant field.

Financials

Quantum

Minimum above Rs.10.00 Lakhs & Maximum Rs.10.00cr

Margin

25% of the project cost

Rate of interest

Ranges from 9.85% - 10.85% as per rating

Interest concession

0.50% interest concession is available if value of security offered is 100% of the limit sanctioned.

Processing charges

Working capital - 0.30% + applicable GST (maximum Rs. 1.00 Lakhs)

Term loan - 0.71% + applicable GST (maximum Rs. 3.55 Lakhs). 

Tenure

Repayment period

Based on activity which ranges 8 years to maximum 12 years including holiday period

Holiday period

Minimum 6 months to Maximum 24 months based on the activity undertaken

Security

Irrespective of quantum

Hypothecation/ mortgage charge on fixed assets and Mortgage of Immovable property where overall collateral coverage should not be less than 75% of loan amount.