Purpose To finance share croppers / tenant farmers/ Small and Marginal farmers to purchase land for cultivation or for other allied activities to Agriculture. Eligibility Small and 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 acres of un-irrigated land or 2.50 acres of irrigated land. 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 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 Varies from time to time. Presently Upto Rs.5 lacs: One year MCLR+1.40% Above Rs.5 lacs upto Rs.10 lacs- One year MCLR+2.25% Other details Project cost may include besides cost of land, value of stamp duty, registration charges for sale/ mortgage deed and other land development expenses. For other details, please contact your nearest IOB branch.
Purpose
To finance share croppers / tenant farmers/ Small and Marginal farmers to purchase land for cultivation or for other allied activities to Agriculture.
Eligibility
Small and 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 acres of un-irrigated land or 2.50 acres of irrigated land.
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 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
Varies from time to time. Presently
Upto Rs.5 lacs: One year MCLR+1.40%
Above Rs.5 lacs upto Rs.10 lacs- One year MCLR+2.25%
Other details
Project cost may include besides cost of land, value of stamp duty, registration charges for sale/ mortgage deed and other land development expenses.
For other details, please contact your nearest IOB branch.