Objective

Credit scheme for Individual/Proprietorship Firms, Companies, Fisheries Development Corporations, SHGs/JLGs engaged in Fishery sector, Fisheries Co-operatives, Fisheries Federations, entrepreneurs, and private firms.

Category

(i) Marine fisheries - finance for fishing boats

(ii) Marine fisheries - financing for deep sea fishing vessels.

(iii) Inland fisheries

(iv) Fish processing & other activity

Quantum of loan

Minimum: Above Rs. 10.00 Lakhs

Maximum: Rs. 10.00 Crs

Security

Prime Security :

Hypothecation/ mortgage charge on fixed assets and hypothecation charge on current assets created out of bank finance.

Collateral Security:

Mortgage of Immovable property or any other security acceptable to bank where overall collateral coverage should not be less than 75% of loan amount.

Relaxation in collateral coverage is permitted on case-to-case based on discretionary power.

Rate of Interest

Interest Concession

If the value of prime security (Forced Sale Value of Immovable property plus value of liquid securities) is more than 200% of the exposure sanctioned under IOB KRISHI SARAL scheme, a concession of 1.00% can be extended on applicable interest rates.

Processing Charges

Processing charges @ 0.30% of limit + GST to be collected for cash credit and NFB limits. (Maximum Rs. 1.00 Lakhs)

Upfront fees @ 0.71% of term loan amount + applicable GST to be collected. (Maximum Rs. 3.55 lakhs)

(i) MARINE FISHERIES - FINANCE FOR FISHING BOATS

Purpose

Term Loan for purchase / construction of Mechanized boats/ non-mechanized boats & Fishing equipment /Mechanization of country boats with inboard / outboard engine & Fishing equipment and catamarans.

Eligibility

Applicant should be well experienced / professional fishermen

Applicant should be able to manage the craft and have trained crew to operate the craft / vessel. Skilled crew members should be available in the area.

The applicant should be local resident and the place of residence of applicant should be within 50 KM's from the branch.

There should be adequate harbour facilities for landing, berthing and sheltering of boats.

Adequate servicing and repairing facilities for the craft should be available.

adequate cold storage / processing / freezing / canning facilities for marketing, refrigerated and insulated transport vehicles must be available.

Margin

25% of the project cost.

Relaxation in margin up to 15% may be considered on sanctioning authority discretion.

Repayment

For Non mechanized boat: Maximum 8 years including holiday period

For mechanized boat: Maximum 12 years including holiday period

Holiday Period

Minimum 6 Months

Maximum 24 Months

(ii) MARINE FISHERIES - FINANCE FOR DEEP SEA FISHING VESSELS

Purpose

Purchase / construction of vessels / trawlers along with fishing equipment etc.

Eligibility

Promoters should be having long standing experience in the line of fishing activity and/or one of the promoters must be a qualified skipper.

The vessel proposed to be built / acquired should be designed to catch fishes like tuna, squids, lobster etc.

Adequate potential for catches should be available in the area.

There should be adequate harbour facilities for landing, berthing and sheltering of boats.

Adequate servicing and repairing facilities for the craft should be available.

Margin

25% of the project cost.

Repayment

Maximum 10 years including holiday period

Holiday Period

Minimum 18 Months

(iii) INLAND FISHERIES

Purpose

Rearing of fishes in all its aspects i.e., such as construction/ deepening/ widening/ excavation/ desilting of ponds, purchase of fingerlings, equipment's, manures, feeds and labour inputs, pre stocking/stocking, Impoundment of marginal areas of water bodies, Construction/repairs of embankments/ inlets/outlets.

Eligibility

The applicant should be experienced / professional fisherman/ trained entrepreneur.

The applicant should own/take on lease land/water tanks/ swamps brackish water areas.

Technical guidance from Fisheries Dept. should be available.

Fingerlings should be easily available.

The area should be well served by rail/ road to facilitate quick transport of fish catches to processing/ marketing centers.

There should be adequate cold storage/ processing/ freezing/ canning facilities. Refrigerated and insulated.

Margin

25% of the project cost.

Relaxation in margin up to 15% may be considered on sanctioning authority discretion.

Repayment

Construction/ repairing/ desilting of tanks: Maximum 8 years including holiday period.

Fish culture: 5 - 10 years depending on the economic viability including holiday period.

Holiday Period

Minimum 12 Months

(iv) FISH PROCESSING & OTHER ACTIVITY

Purpose

Sorting/ Grading/ Drying/ Processing & Selling of fish/ Fish and Fishery product processing/ Fish vending stalls/Fish fast food counters / Breeding & Selling of decorative fish and aquariums including its equipment's / Contract cleaning of fish market/ Selling of fish- Vendor/ Merchant/ Other related activities etc.

Eligibility

Experience in the relevant field for minimum 1 year

Margin

25% of the project cost.

Relaxation in margin up to 15% may be considered on sanctioning authority discretion.

Repayment

Maximum 10 years including holiday period.

Holiday Period

Minimum 18 months