Canara Kisan OD

Working capital requirements - for allied activities, farm machinery / equipments maintenance.
Repairs and replacements of machinery, Repairs / Improvements of Developmental nature and replacement of draught animals, bullock carts etc.
Working capital requirements for Non-farm sector activities
Consumption needs
Repayment of genuine private debts

Individual farmers / joint borrowers, partnership firms, private limited companies and public limited companies who are owner cultivators and / or engaged in allied activities.
Agriculturists with one year satisfactory track record. This norm may be relaxed by the next higher authority provided other norms of the scheme are complied with.
Canara Kisan OD can also be sanctioned to GPA holders.
Should not be a defaulter to any of the financial institutions

Quantum

Minimum limit: Rs. 1 lakh
Maximum Limit: Rs 10 lakhs
Under Relaxed Norms:

Maximum of three times the gross annual income

Upper ceiling of Rs.12.50 lakhs.

The ceiling of finance per acre of land mortgaged with Maximum of Rs. 1 lac per acre of land mortgaged subject to 50% of the value of the landed property mortgaged / proposed to be mortgaged. Out of which atleast 15% security in the form of residential property.

Margin

For loans upto and including Rs. 1,60,000/-	NIL
For loans above Rs. 1,60,000/- *	15% to 25% of the project cost depending upon purpose and quantum of loan

Security

Mortgage of landed properties are to be obtained with value at least 200% of the limit as prime security & of which at least 15% security in the form of residential property.

Repayment Period

The limit would be in the nature of revolving OD and provide for any number of drawals and repayments within the limit.The interest should be served halfyearly and the loan must be renewed yearly. Duration of loan is 12 months only.