Bank: IOB - Indian
Overseas Bank
Scheme Name:
Bhumilakshmi
Eligibility :
Small & Marginal farmers, share croppers / tenant
farmers are eligible.
Total land owned by
the borrowers including the land to be purchased under the scheme should not be
more than 5 (Five) acres of unirrigated land or 2.50 acres of irrigated land.
Purpose:
To finance share
croppers / tenant farmers / Small &
Marginal farmers to purchase land for cultivation or for other allied
activities to agriculture.
Amount of Loan:
Maximum of Rs 10 lacs
Margin :
A minimum of 10 %
margin for loan amount exceeding Rs 1 lac.
Security:
The land purchased
out of IOB Bank finance, mortgaged in favour of the Bank.
Repayment:
Maximum of 12 years
in half yearly or / yearly instalments, including a maximum moratorium period
of 24 months.
Rate of Interest:
Upto Rs 5 lacs- Base Rate* + 1.50 %
Above Rs 5 lacs –
Base Rate + 2.5%
Other details:
Project cost may
include besides cost of land, value of stamp duty, registration charges for
sale / mortgage deed & other land
development expenses.
For other details,
please contact your nearest IOB branch.
* Revision of Base
Rate from 10.75% to 10.50% with effect from 01.05.2012
Agri Business Consultancy
Services, (ABC Services)
Indian Overseas
Bank, Central Office,
6 th Floor, Annex
Building, 763, Anna Salai,
Chennai - 600 002, Tamil
Nadu, India.
Ph : 0091-44-852 3582
Fax : 0091-44-841
8030, Email : iobmail@vsnl.com
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