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Purpose
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For purchase of Fixed Assets like Shop, Gala, Factory Shed, Machinery, Furniture, Computers, Business Development/ Expansion and Working Capital Facility.
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Constituent
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Individual/Proprietorship Firm/Partnership Firm/LLP/Pvt. Ltd. Cos. carrying on Small Business/Rendering Specialized Services/ Manufacturing Activity
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Eligible Category
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Loans & Advances to be considered only for following categories of Priority Sector Advances
- Micro & Small Enterprises (MSEs) are primarily recognised on the basis of original cost of investment in Plant & Machinery in case of manufacturing sector and original cost of investment in equipments in case of Service Sector.
- Manufacturing Enterprises :– Original cost of investment in Plant & Machinery should not exceed Rs. 500.00 Lakh.
- Service Enterprises :– Original cost of investment in Equipments should not exceed Rs. 200.00 Lakh.
- Small Road and Water Transport Operator
- Small Businessmen
- Enterprises engaged in providing or rendering services for selling of goods on commission basis, booking agents, clearing & forwarding agents, estate agents, photo studio/shop, service providers viz. Pest Control, Plumbing, Electrician, Contractor etc. , Hair Dressing Saloons, Photocopiers, Workshops carrying repair/maintenance jobs for Automobiles, Machinery etc., Enterprises engaged in Advertising/ Marketing/Industrial/Management Consultancy, Industrial R & D Labs, Testing Labs, Laundry & Dry Cleaners, Restaurant & Cafes, Tailoring Firms, Weigh Bridge Operators, Business of providing Equipments on Rental/Lease basis, Desktop Publishing, Beauty Parlors, Health Spa.
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Eligibility
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1] Term Loan eligibility:-
- In case of loans considered on the basis of their present income:- Minimum take home Income after EMI should be 40% of net income subject to minimum of Rs. 12,000/- and maximum Rs. 20,000/-
- In case of loans sanctioned on the basis of their projected Balance Sheet and Profit & Loss a/c.:- DSCR should be worked out to ascertain the repayment capacity as per the Balance Sheet & Profit & Loss a/c. for the entire period the loan would be serviced/repaid with interest. The DSCR should be more than 1.5.
- Cost of project minus margin amount.
2] Working Capital – 20% of estimated/projected turnover
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Repayment
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Upto 84 EMIs including moratorium period (in exceptional cases, it can be extended upto 120 EMIs)
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Rate of Interest
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CLICK HERE
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Margin
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- For purchase of Shop /Gala/ Office /Commercial premises /Factory(Registration and stamp Duty to be included in the cost) - 20 %.
- Working Captial- 25%
- Other Secured Term Loans- 25 %
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Membership
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Regular membership for the Applicant and Co- Applicant
Nominal Membership for Sureties for loan up to Rs. 25.00 Lakh. Regular Membership for loans above Rs.25.00 Lakh.
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Sureties
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One Surety with good means
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Securities
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Prime:
- Mortgage of Shop/Gala/factory to be purchased
- Hypothecation of Stock and Book Debts, Plant & Machinery and Equipments
Collateral:-
- Term Loan for acquiring Office/Shop Premises – NIL
- Term Loan for acquiring other assets and/or working capital limit
a) upto Rs. 10.00 Lakh – NIL
- Above Rs. 10.00 Lakh upto Rs. 50.00 Lakh – 25% of the advance
- Above Rs. 50.00 Lakh – 50% of advance
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Service Charges
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0.50% of the sanctioned amount+ GST
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Share Linkage
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Applicant - 2.5% of sanctioned amount
Surety – Rs. 1000/- for loan upto Rs.25 Lakh & as per extent Shareholdings Norms for loan above Rs.25 lakh.
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Insurance
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Comprehensive insurance of all Assets hypothecated/mortgaged with Bank Clause.
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