Fisheries Loan/Boat Loan
Info | Details |
Eligibility | Professional fisherman and those who are involved in fisheries activities |
Purpose | 1. Purchase / construction of mechanized boats 2. Mechanization of country boats with inboard / outboard engine. 3. Nets and fishing equipments. |
Rate of interest | The rate of interest on these loans shall be charged at the rate fixed by our Bank from time to time or rate applicable at the time of disbursement of loan and interest will be debited to the a/c every month. Upto Rs.5.00 lakhs -14.00% Rs5.00 lakhs above and upto Rs.10.00 lakhs 14.50% Rs10.00 lakhs above 14.00% |
Repayment Tenure | Maximum 7 year |
Surety | Minimum two guarantor with sufficient net worth |
Security | Mortgage of unencumbered immovable property and estimated value of fishing Boat to be purchased |
Other Terms | Membership is necessary for the borrower and sureties to avail this loan. |