IOB - Warehouse Receipt Finance Scheme
| Objective |
To finance farmers by way of advance against warehouse receipts evidencing pledge of Agricultural produce. |
| Eligibility |
All category of farmers (Loanee as well as non loanee farmers) |
| Purpose |
To provide financial assistance to farmers for storing farm produces in private / government warehouses, cold storages etc against pledge of warehouse / Cold storage receipt, to prevent distress sale. |
| Mode of Assistance |
The loan amount will be 60 % of the value of the produce stored in the warehouse. |
| Amount of Loan |
For Individual farmers and members of SHGs/ Joint Liability Groups:
Maximum Finance is Rs. 10.00 lacs (Advance to be categorised as Direct Agricultural Advance)
For Partnership firms , Corporates & other institutions:
Minimum Finance : Rs. 10.00 lacs
Maximum Finance: Rs. 100.00 lacs
|
| Rate of Interest |
For loans upto Rs 10 lacs – Base Rate (10.75% at present)
For loans above Rs 10 lacs – Base rate + 1% |
| Security |
Pledge of warehouse / Cold storage receipt |
| Repayment Period |
Within 12 Months |
| Other details |
For other details please contact our nearest IOB branch.
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