- Overdraft: For payment of salaries to employees / Overheads / Expenses pertaining to office
- Term Loan:
- • Purchase of Office Equipment, Computers, Fixtures Fixed assets/ Renovating office premises.
- • For Construction of office premises on self-owned land/ firm land/ Promoter's land
- • For acquisition of ready built new office premises in ownership basis
- CA firm should be registered with ICAI.
- Promotor's Age: Minimum Age: 25 Years, Maximum Age: 65 years
- CA must have Certificate of Membership (CoM)/ Certificate of Practice (CoP) issued by ICAI. CoM/ CoP should be at least 5 years old.
- Minimum ITR for past 3 years should be available.
- The applicant must obtain above 55% score as per score card under the scheme
- Minimum DSCR is 1.50 (For Term Loan only).
- Applicant must be registered in UDYAM portal as MSME.
- Applicants with CIBIL score below 650 will be ineligible
Limit (Ticket size)
- Minimum (for all branches): Rs. 5.00 Lakhs
- Maximum:
| Branch Category | Maximum limit |
|---|---|
| Metro | Rs. 1000.00 Lakhs |
| Urban area | Rs. 1000.00 Lakhs |
| Semi Urban area | Rs. 500.00 Lakhs |
| Rural area | Rs. 100.00 Lakhs |
Limit (Facility-wise)
- Overdraft: Minimum: Rs.2.00 lac; Maximum: Rs.25.00 lac
- Term Loan: Minimum: Rs.2.00 lac; Maximum: Rs.100.00 lac
Method of Assessment
- Overdraft: 25% of Gross Receipts of the firm
- Term Loan: 75% of project cost.
Margin
| Nature of Property | Margin on Realizable Value |
|---|---|
| Residential | 25% |
| Commercial | 35% |
| Industrial | 50% |
| Plot of Land (N.A.) | 50% |
| Others (Non-Agri) | 50% |
Period
- Term Loan: -180- months, subject to review every year.
- Overdraft: -12- months, subject to review every year.
Security
- Overdraft: NIL
- Term Loan: To be covered under CGTMSE
- Note: No CGTMSE Coverage in case of following:
- o For Construction of office premises on self-owned land/ firm land/ Promoter's land
- o For acquisition of ready built new office premises on ownership basis
- Security: Mortgage of immovable Properties in the name of Firm / Company or Proprietor / Partners / Promoter Director / Director/ Share Holder – (having shareholding 20% and above) of the firm / Company and / or their close relatives:
- o Residential Property (House / Flat)
- o Commercial Property (Building / Land & Building)
- o Industrial Property (subject to availability of necessary approval for creation of E.M. from the respective authorities specifically for the mortgage loan.)
- o Plot of Land (not agricultural land)
- o Hospitals, Educational Institutions and Industrial property offered as security can be accepted after taking approval of RMCC (for proposals falling up to RMCC Level) / AGMCC / GMCC / HOCC/ Honorable Board (for proposal falling above DLP of RMCC).
- o Industrial property (subject to availability of necessary approval for creation of E.M. from the respective authorities.
Insurance
- Comprehensive Insurance of Equipment, furniture & fixtures & Goods covering stocks. Bank's name should be included as a financer.
- Property Mortgaged should be insured as per Bank's norms. Obtaining insurance against the stocks cover may not be a condition for sanction of the facility. However, Branches may counsel their borrowers to have the stock insured in their own interest at their cost.
Credit Information Report
- Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to Credit Bureaus approved by Govt. of India or Reserve Bank of India without any notice to the borrower.
Instagram