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 1.60 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 1.60 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.