IOB KRISHI SARAL PLUS – (Exclusive scheme for Food & Agro units)
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Objective
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Security backed scheme for Individuals/firms/companies engaged in Food and Agro processing units to extend hassle free flow of credit.
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Nature and
purpose of
advance
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Working Capital - Financing for stocks/receivables /other operational expenditures.
Term Loan - Purchase of fixed assets/ setting up Food and Agro processing units.
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Quantum of Loan
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Minimum: Rs. 2.00 Lakhs
Maximum: Rs. 20.00 Crore
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Eligibility
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Project should generate sufficient income such that loan can be repaid from the financed activity, without relying on other income.
The projects/activities considered under the scheme should have all requisite permissions/licenses/approvals from competent authorities.
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Security
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Prime Security:
Working Capital & Term Loan:
Credit facility should be fully secured by liquid assets such as Life Policies of LIC of India and private companies approved by IRDA, NSC/KVP etc. and /or immovable property.
Collateral Security:
Hypothecation/mortgage of assets created out of the Loan/Hypothecation of fully paid stock and book debts
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Margin
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Liquid Securities
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Life Policies |
10% (Surrender Value) |
KVP/NSC |
10% (Face Value) |
Term Deposit |
10% (Present Value) |
Immovable Properties |
Properties Situated at Urban/Semi Urban Areas |
25%(FMV) |
Properties Situated at Rural Areas ## |
30%(FMV) |
##Residential/commercial properties situated in prominent location classified as rural but adjoining to Metro/urban/semi urban centers and found to be highly marketable can be considered by RLCC and above on case-to-case basis subject to provisions of SARFAESI Act are enforceable.
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Repayment |
10 years including moratorium period |
Holiday Period |
Maximum 36 months |
Rate of Interest |
For Food and Agro projects & Ancillary services: -
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Total Spread |
Total Interest |
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Total Spread |
Total Interest |
Up to Rs. 1.00 Crore: |
1 Year MCLR |
0.30% |
9.40% |
Above Rs. 1.00 Crore: |
Rating - IOB 1 & IOB 2 |
1 Year MCLR |
0.30% |
9.40% |
Rating - IOB 3 |
0.40% |
9.50% |
Rating - IOB 4 |
0.50% |
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Rating - IOB 5 |
0.70% |
9.80% |
Rating - IOB 6 and above |
1.00% |
10.20% |
*1 Year MCLR (9.10% at present) |
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Interest Concession
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If the value of prime security (Fair market value of Immovable property plus value of liquid securities) is more than 200% of the exposure sanctioned under IOB KRISHI SARAL PLUS scheme, a concession of 1.00% can be extended on applicable interest rates.
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Processing Charges
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Processing charges @ 200 per lakhs or part thereof (maximum Rs. 1.00 Lakhs) + GST to be collected for cash credit and NFB limits,
Upfront fees @ 0.71% of term loan amount (maximum Rs. 3.55 Lakhs) + GST to be collected.
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