Indian Overseas Bank – IOB introduces Novel Credit Scheme

Indian Overseas Bank – IOB introduces Novel Credit Scheme

To Promote Urban Horticulture in Kovai

With an aim to enhance the region’s green cover, the Indian Overseas Bank (IOB) introduced a novel credit scheme named ‘IOB Urban Horticulture Yojana’ here on Friday.

The bank which had launched the scheme countrywide last year feels that promoting urban horticulture in the city and its suburbs now will provide a feast of greenery to the eyes of the Tamil experts ‘assembling here from all over the world for the World Classical Tamil Conference in June.

IOB executive director Nupur Mitra who was in the city to inaugurate Urban Horticulture Yojana at Karumathampatti, told Express that the purpose of scheme is to finance home garden, ornamental gardening, kitchen garden, flower garden, orchards and roof garden in offices, educational institutions, hotels and commercial complexes.

“Till now, we only used to give loans for agricultural and horticultural crops. Flower and vegetable gardens will not only improve the aesthetic appeal of homes and institutions but also help in reducing global warming and greenhouse effect. Home gardens can provide fresh unpolluted vegetables and greens besides relief from work pressure and tension,” she noted.

“Individuals will be provided loans ranging from Rs.10,000 to a maximum of Rs.1 lakh under this scheme. Institutions will meanwhile be given loans up to Rs.10 lakh and the same will be open to salaried’ class and persons having regular income supported by documentary evidence. Only the owners of the homes and institutions can obtain loans and the scheme is not applicable to tenants, leased out accommodation and limited companies,” she added.

According to S.Palanisamy, general manager, IOB, Coimbatore, a minimum of 500 sq.ft. area is required to avail the scheme.

The open terrace of individual homes will also be considered for loans. The rate of interest will vary between 10.50 percent and 11.75 percent. While individuals are required to repay the loans within 12 to 24 monthly equal instalments, institutions must clear the debt in 12 to 36 months.

He pointed out that in addition to introducing the urban horticulture scheme, the bank has also contributed Rs.5 lakh to the district administration for developing parks in view of the World Classical Tamil Conference.

IOB gives 2.25 cr loan to MSMEs, homeowners

Indian Overseas Bank’ executive director Nupur Mitra distributed loans worth Rs 2.25 crore to 101 beneficiaries here on Friday.

The loans were disbursed at the function organised to introduce IOB Urban Horticulture Yojana at Kollupalayam bank branch near here. The beneficiaries included micro, medium and small enterprises and housing loan borrowers.

Arumugam, one of the bank’s oldest customers, was honoured by the executive director. She also opened two ATMs, one at Gandhipuram and the other at Karumathampatti junction.

S.Palanisamy, general manager, IOB, regional office, welcomed the gathering. A.Periyasamy, chief manager, Gandhipuram Branch, and M Parthasarathy, chief manager, Kollupalayam Branch, were also present.