Bank has formulated a new scheme to encourage small scale units covered under Small Scale Industries.
|1||Loan Amount||Rs.2.00 Crores (Rupees Two Crores only)|
|2||Type of Facility||Working Capital and /or Term Loan|
Working Capital: Stock:30%,Debtors:40%
Term Loan: Land &amamp; Building 20% Machinery:20%
|4||Collateral security Value||100% or More of loan amount.|
|5||Interest Rate||8%* to 11%* P.A. for working capital & Term loan.
(The utilization of the limits shall not be limiting Factor.)
* Unit should be in commercial production for more than 2 years.
* 1% reduction in interest rate for first year in case of takeover from other Bank by way of Flat Takeover Rebate.
* Processing Charges and Share Linkage as per prevailing schedule.
* The scheme is applicable to new accounts only.
* Sanctioning under above scheme will be as per existing discretionary lending powers.
* Group Exposure limit should not be more than Rs.4.00 Crores.
*Requirement of SSI Registration Certificate or other certificate classifying the unit as SSI Unit.