Indian Overseas Bank contributes to the National Swachh Bharat Mission
Posted on: 23/Feb/2018 6:19:32 PM
Indian Overseas Bank (IOB), one of the leading public sector banks in Southern India has launched a social benefit loan scheme “IOB Swachhta” to offer low cost loans for construction of toilets in Tier II to Tier VI centers across India.This scheme is in line with the noble initiative ‘Swachh Bharat Mission’ by the government to make India an open-defecation free by 2019.
Under the scheme, Indian Overseas Bank provides hassle free loan to individuals, self-help groups (SHG) and joint liability group (JLG) upto Rs.20,000/- for construction or renovation of household sanitary toilets in Tier II to Tier VI centers, with lower rate of interest and repayment within 3 years. IOB Swachhta scheme does not require any security, guarantee, margin or service charges. The loan will be provided on the basis of a simple declaration from the individual on income and estimate of the toilet.
Speaking at the launch of the scheme, Mr. R Subramania kumar MD & CEO, Indian Overseas Bank said, “We are proud to launch a social benefit loan scheme ‘IOB Swachhta’, with an aim to support the marginal section of the society, who do not have any access to the basic sanitation amenities. These steps are taken to make India, an open-defecation free nation, supporting the governments`Swachh Bharat Mission”
