IOB – Green Credit Yojana
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Objective
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To provide credit facilities to meet both the production and investment credit needs of farmers.
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Eligibility
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Any farmer owning cultivable land in his name will be eligible for this facility.
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Purpose
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Either agricultural production credit or investment credit for agricultural purpose or combination of both.
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Amount of Loan
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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
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Security
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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.
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Repayment
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Seven years in monthly, half yearly or annual instalments, depending upon the cropping pattern.
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Rate of Interest
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As applicable to Agricultural term loans
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Other details
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Non Agricultural property or liquid security can be accepted to supplement the value of the Agricultural land.
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* For other details, please contact your nearest IOB Branch.