In a bid to provide financial relief to the agriculture sector which is under distress due to COVID-19, the Bank of Baroda (BoB) has initiated four agro schemes for Women Self Help Groups (SHGs), Farmer Producer Organizations (FPO/FPC) and farming community. It should be noted only the existing borrowers of BoB whether individual or FPO or SHG are eligible for the schemes.Following are the four schemes launched by bank:
Additional Assurance to SHGs- COVID-19
To provide immediate financial assistance to the Women SHGs to meet the emergent needs of its members for their domestic and agriculture purposes.
- Minimum Loan Amount– Rs.30,000 per SHG group.
- Maximum Loan Amount– Rs.1 Lac per member and Rs.10 lacsper SHG Repayment Period– Monthly / Quarterly. The entire tenure of the loan shall not exceed 24 months.
Baroda Emergency Credit Line for Farmer Producer Organization (FPO/FPC)
It is an emergency credit line for FPO/FPC to deal with tremporary liquidity mismatches arised out of COVID-19.
- Loan amount– 10% of the combined limits sanctioned to FPO / FPC with Max amount of Rs.5,00,000/- (Rupees Five lakhs only), moratorium period for a maximum of 6 months.
- Repayment Period– Monthly / Quarterly with a tenor of 36 months.
Baroda Special Scheme for existing Agriculture Investment Credit borrowers
It is an instant credit for farming community to meet the emergent funds requirements for farm maintenance and other farm related activities due to the COVID-19 pandemic.(The limit stands at 10% of other agriculture sanction limit)
- Minimum Loan amount– Rs.10000
- Maximum Loan amount– Rs.50000
- Repayment Period– Half yearly / Yearly instalments
Baroda Special Scheme for existing BKCC borrowers impacted by COVID-19
It is an instant credit for farming community who are existing Baroda Kisan Card (BKCC) account holders.(The limit stands at 10% of other agriculture sanction limit)
- Minimum Loan amount– Rs.10000
- Maximum Loan amount– Rs.50000
- Repayment Period– 6 Half yearly / 3 Yearly instalments
About BoB:
Headquarters– Alkapuri, Vadodara
Tagline– India’s International Bank
Managing Director & Chief Executive Officer (CEO)– Sanjiv Chadha
