Indian Overseas Bank- Special Agri Land Credit Schemes - Bhumilakshmi

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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