Target Group
All Micro, Small & Medium Enterprises (MSME) as per extant definition of Government of India
Purpose
To meet working capital requirements
Nature of Facility
Open Cash Credit.
Based on the request of the applicant, a portion of the assessed limit or entire limit can be considered as Composite Loan.
Loan Amount
Minimum Loan Amount: Above Rs.10.00 Lakhs
Maximum Loan Amount: Less than Rs.50.00 Lakhs
Margin (Promoter’s contribution)
Nil
Security
Primary Security: Hypothecation of Stock and Book debts – based on the declaration submitted by the borrower before availing the limit and at the time of review / renewal of limit/s.
Collateral Security (immovable property / Liquid Securities):
For Micro & Small Units: Loan may be considered with or without collateral security. If no collateral security is offered, CGTMSE coverage is Mandatory. Partial security is also permitted by covering the unsecured portion under CGTMSE. Guarantee fee is to be borne by the borrower.
For Medium Enterprises: 100% Collateral Security
Repayment
Composite Loan – 120 months without any holiday period Processing & other charges
All charges are at Card Rate
Credits – Indian Bank