Money & Banking

BoB launches four schemes for agri sector

?OUR BUREAU Mumbai | Updated on April 07, 2020 Published on April 07, 2020

Bank of Baroda   -  BusinessLine

To help borrowers in the agriculture sector tide over the distress created by the Covid-19 pandemic, Bank of Baroda (BoB) has announced schemes where it will offer additional loans of up to ₹1 lakh to existing self-help group (SHG) borrowers and up to ₹50,000 to existing crop loan borrowers, among others.

India’s third-largest public sector bank, in a statement, said it will provide existing SHGs facilities in the form of cash credit/over draft/term loan/demand loan. The minimum and maximum loan amount is ₹30,000 and ₹1 lakh per SHG, repayable in 24 months.

The repayment under this additional assurance to SHGs-Covid-19 scheme scheme would be on a monthly / quarterly basis, and the moratorium will be for a period six months from the date of disbursement.

To meet the temporary liquidity mismatches of FPO/FPC arising out of Covid-19, the bank said a limit of 10 per cent of the combined limits will be sanctioned with maximum amount of ₹5 lakh with the tenor of 36 months. The moratorium period is for a maximum of six months.

Under the Baroda special scheme for existing agriculture investment credit borrowers, including dairy and fisheries, the bank will provide instant credit to meet their funds requirement for farm maintenance and other farm related activities.

The limit in this case stands at 10 per cent of other agriculture sanction limit (minimum ₹10,000) and maximum ₹50,000 for existing regular investment credit agriculture accounts.

Under the Baroda Special scheme for existing crop loan borrowers, the bank launched a scheme for instant credit to meet the requirement of agriculture and related domestic purpose. The limit for this scheme is 10 per cent of KCC sanction limit – minimum ₹10,000 and maximum ₹50,000 – for existing regular KCC holders.

Published on April 07, 2020

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