IOB Green Credit Yojana

IOB Green Credit Yojana

IOB – Green Credit Yojana
 
 Objective
To provide credit facilities to meet both the production and investment credit needs of farmers.
 Eligibility
Any farmer owning cultivable land in his name will be eligible for this facility.
Purpose
Either agricultural production credit or investment credit for agricultural purpose or combination of both.
Amount of Loan
50 % of the value of the farm land mortgaged to the bank subject to a minimum 
of Rs 1 lac and Maximum of Rs 25 lacs
Security
Upto Rs 1 lac:
Hypothecation of crop and assets created out of loan.

Above Rs 1 lac:
Mortgage of Agricultural land having value of atleast twice the loan amount. Hypothecation of crop and hypothecation of any asset created out of loan amount.
Repayment
Seven years in monthly, half yearly or annual instalments, depending upon the cropping pattern.
Rate of Interest
As applicable to Agricultural term loans
Other details
Non Agricultural property or liquid security can be accepted to supplement the value of the Agricultural land.

* For other details, please contact your nearest IOB Branch.