| 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 unirrigated land or 2.50 acres of irrigated land. |
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Purpose
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To finance share croppers / tenant farmers/ Small and 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 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 and other land development expenses. |
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For other details, please contact your nearest IOB branch.
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