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Purpose |
Providing instant credit to existing KCC holders for meeting emergency requirement for agricultural purposes.
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Eligibility |
(a)Borrowers should be either individual or groups (not exceeding 4 farmers)
(b) Only existing KCC holders are eligible
(c) Sound track record of atleast two years is a pre requisite
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Amount of Loan |
Minimum Rs.1000/-
Maximum: 50% of KCC limit or 25% of Annual Income or Rs.50000/- whichever is less |
Margin |
Nil |
Security |
Prime - Hypothecation of crops & assets created out of Bank loan. Collateral-Existing security obtained for KCC will continue.
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Rate of Interest |
Varies from time to time. Presently
Upto Rs.10 lacs: One year MCLR+1%
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Repayment |
Within 3 years in half yearly/annual instalments. |
For other details, please contact your nearest IOB branch. |