Many central and state plan schemes have been introduced to improve the socio economic status of fishermen and also to increase marine fish production. There are also public bank sectors like SBI bank and Canara bank that provide funds for fishing activities. Canara bank provides loans for purchase or construction of mechanized boats and non-mechanized boats too. Depending on the fishermans needs, they can get loans as per their requirements and eligibility. They can get loans up to Rs. 1 lakh without pledging collateral. But loans above Rs. 1 lakh would require collateral.
With Canara Bank, the loan can be repaid in 4-7 years for non-mechanized boats, and for mechanized boats it can be paid in 8-12 years in monthly installments spread over the fishing season. There is a repayment holiday up to 4 months in a year during the off-seasons. When it comes to deep sea fishing vessels, the entire loan would have to be repaid within a maximum period of 8 years in monthly or quarterly instalments, with a 1 year repayment holiday. SBI provides loans for fishermen to buy fish seeds, fish nets and other equipment, which can be repayable in maximum 48 months.