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Indian Overseas Bank

IOB ENGINEER SCHEME

Bank Indian Overseas Bank
Scheme IOB ENGINEER SCHEME
Description TO CONSTRUCT OFFICE PREMISES

TO PURCHASE FURNITURE & FIXURE, FITTINGS & OFFICE EQUIPMENTS SUCH AS COMPUTERS,PRINTERS,PLOTTERS,BOOKS & OTHER ACCESSORIES ,ETC.

To Purchase Centering sheets, Spans, props, Column box etc.,

To purchase Constructional Machineries like J.C.P Rollers, Vibrators, Mixer Machines, drillers, earth Rammers, Other equipments, etc.,

Eligibility Civil Engineers ((Individuals upto 65 yrs of age)

Proprietorship Concern.

Partnership Firm.

Partnership with Limited Liability.

Rate of Interest & Repayment Interest Rate : As per extant guidelines.

A reduction of 0.50 % on the applicable rate if collateral coverage is 100% or above.

 

REPAYMENT :

Cash credit : To be renewed annually and Interest to be serviced on monthly basis.

Term Loan : Maximum of 7 years in Equated Monthly Instalments Including moratorium period of 3 months.

Initial Moratorium upto 12 to 18 months in case of Financing construction activity only.

Interest to be serviced as and when debited including holiday period.

Repayment to commence from the date of commencement of Commercial Operation.

Collateral
  • No collatteral security upto Rs.10 Lacs.
  • All loans upto Rs.10 Lacs to be covered under CGTMSE Guarantee scheme.
  • Collateral security may be obtained for loans above Rs.10 Lacs, if not covered under CGTMSE guarantee scheme. However in deserving cases, branches may consider the loans upto Rs.100 lacs with CGTMSE cover.
Composite /loan Limit
Margin
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