IOB KRISHI VRIDDHI

Special Credit scheme for all Agri activities except Food & Agro units

Scheme

Purpose

Scheme for all agricultural activities such as Purchase of tractor/ power tiller/ machinery/ equipment for Agri purpose/ Agriculture Infrastructure projects such as Construction of factory/ warehouse/ cold storage/ Rural godown/ poly house etc./Allied activities (establishing  Bee keeping unit/ sericulture/ Livestock rearing)/ Fertilizer dealer/ distributor/ Agri related export unit/ Hi-tech Agri activities/ Drone purchase/ Irrigation (Drip/ Sprinkler etc.)/ Custom hiring centre/ Agri business Centre and services/ All Agri activities supporting the above etc. [Dairy, Poultry, Fishery and Food & Agro processing units are not eligible].

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.

Minimum 3-acre land is required for irrigation related projects

For purchasing tractor, minimum 2-acre land is required.

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

Rate of interest

Ranges from 10.05% - 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

7 to 12 years including moratorium period depending on the activity

Holiday period

Maximum 24 to 60 months depending on the activity

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.

#Loans referred under NLM scheme will be processed under this scheme.