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- Above Rs. 10.00 Lakh
Maximum- Rs.10.00 Crores
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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 Metro |
25%(FSV) |
Properties situated at Urban/Semi Urban Areas |
30% (FSV) |
Properties situated at rural areas ## |
40% (FSV) |
##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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Benchmark
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Total Spread
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Total interest
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Up to Rs. 2.00 Crore:
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RLLR
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0.50%
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9.85%
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above Rs. 2.00 Crore:
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Rating - SME 1 & SME 2
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RLLR
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0.50%
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9.85%
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Rating- SME 3
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0.60%
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9.95%
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Rating- SME 4
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0.70%
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10.05%
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Rating- SME 5
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0.80%
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10.15%
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Rating- SME 6 and above
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1.00%
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10.35%
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Benchmark
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Total Spread
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Total interest
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Up to Rs. 2.00 Crore:
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RLLR
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0.60%
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9.95%
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above Rs. 2.00 Crore:
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Rating - IOB 1 & IOB 2
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RLLR
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0.60%
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9.95%
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Rating-IOB 3
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0.70%
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10.05%
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Rating-IOB 4
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0.80%
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10.15%
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Rating-IOB 5
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0.90%
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10.25%
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Rating-IOB 6 and above
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1.10%
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10.45%
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RLLR - 9.35% at present
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Interest Concession
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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 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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