Target Group
All Micro, Small & Medium Enterprises (MSME).
Individuals, Professionals and Self employed people, firms (registered partnership firms, companies) and businessmen.
The applicant should have been in the activity for a minimum period of 3 years
Applicant should not be more than 50 years of age at the time of availing the facility
Purpose
To purchase new commercial space / shop and also second hand purchase provided the residual life of commercial space is not less than actual repayment period plus 2 years, and / or fresh construction, renovation of the business premises.
Nature of Facility
Term Loan
Loan Amount
Maximum Loan amount – Rs.10.00 Crores, limit based on constitution.
Margin (Promoter’s contribution)
Minimum 25% on the cost of property
Security
EM on commercial property to be acquired
Personal guarantee of partners / directors in individual capacity
CGTMSE Coverage to be obtained for all eligible accounts.
Repayment
Maximum 120 months including moratorium period
Processing & other charges
Processing Charges: 0.60% of loan amount
All other charges are at Card Rate.
Credits – Indian Bank