IOB to offer special loans of up to Rs 1 lakh to self-help groups


PTI, Apr 27, 2020, 7:10 PM IST

Mumbai: State-run India Overseas Bank (IOB) on Monday said it is offering special loans of up to Rs 1 lakh to self-help group (SHG) borrowers to help them meet their liquidity requirements amid the COVID-19 outbreak.

The loan will be given for three years, which includes the initial six months as a moratorium, the bank said in a statement.

“The maximum loan amount is Rs 5,000 per each member of the SHG with a cap of Rs 1 lakh for the group,” it said.

The lender is currently offering loans to SHGs at an interest rate of 9.4 per cent. The scheme is valid up to June 30, 2020.

To avail this scheme, the borrowers need to have a good loan repayment track record and should have availed a minimum of two doses of credit from the bank, the lender said.

Only those SHGs whose existing loans are standard and performing as on March 1, 2020, are eligible to avail loan under this special scheme.

SHG borrowers can submit their applications either to the branch directly or through business correspondents, it said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt

Will remain active in politics till my last breath: JD(S) patriarch & ex-PM Deve Gowda

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

Chikkaballapur: Yoga teacher feigns death by holding her breath, escapes murder bid

World Bunts Summit to be held in Mumbai on December 7

SC dismisses PIL seeking CBI probe into Tirupati laddus row

Salman Khan gets another threat; message sent to Mumbai traffic police helpline

Related Articles More

Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision

SC orders liquidation of grounded air carrier Jet Airways’ assets

Home-cooked meals become dearer in October on costlier vegetables

Sensex, Nifty surge over 1 pc on heavy buying in IT stocks as Trump set to win US polls

Das says incoming data on GDP growth mixed but positives outweigh negatives

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Akhilesh Yadav attacks BJP on demonetisation anniversary

SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt

DeMo paved way for monopolies by devastating MSMEs, informal sector: Rahul on note ban anniversary

Will remain active in politics till my last breath: JD(S) patriarch & ex-PM Deve Gowda

Comply with order allowing minority student to attend St Stephen’s College: HC tells DU

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.