Objective This is a package designed for farmers to avail loan for Agricultural purpose against security of their gold Jewellery. Eligibility Individual farmers who own jewels and are engaged in Agricultural activities are eligible. Purpose To meet the short term credit requirements for cultivation of crops. Quantum of Loan: You can contact our nearest branches for per gram rate of advance against gold ornaments. Security Pledge of gold Jewellery Repayment Within one year Holiday Period NA Rate of Interest For loans below Rs. 3 Lakhs: The interest rate for short term production credit component upto Rs. 3.00 lakhs for One year form date of sanction/ renewal of the limit is 7% p.a. subject to availability of interest subvention from GOI. Incentive subvention of 3% is also available for the short term production credit upto Rs. 3.00 lakhs, subject to prompt payment within the period of One year form date of Sanction/renewal. For loans above Rs. 3 Lakhs - Varies from Time to time. Presently one year MCLR+2.50%. For other details, please contact your nearest IOB branch.
Objective
This is a package designed for farmers to avail loan for Agricultural purpose against security of their gold Jewellery.
Eligibility
Individual farmers who own jewels and are engaged in Agricultural activities are eligible.
Purpose
To meet the short term credit requirements for cultivation of crops.
Quantum of Loan:
You can contact our nearest branches for per gram rate of advance against gold ornaments.
Security
Pledge of gold Jewellery
Repayment
Within one year
Holiday Period
NA
Rate of Interest
For loans below Rs. 3 Lakhs:
The interest rate for short term production credit component upto Rs. 3.00 lakhs for One year form date of sanction/ renewal of the limit is 7% p.a. subject to availability of interest subvention from GOI.
Incentive subvention of 3% is also available for the short term production credit upto Rs. 3.00 lakhs, subject to prompt payment within the period of One year form date of Sanction/renewal.
For loans above Rs. 3 Lakhs - Varies from Time to time. Presently one year MCLR+2.50%.
For other details, please contact your nearest IOB branch.