To provide finance to the Marble, Felspar, Quartz and other Stone Units for financing their working capital / capital expansion (capex) requirements related to their business activity.
Features
Target Group: All SME units engaged in Marble and other stone activity such as manufacturing, processing, carving, polishing, mining and also trading.
Type of facility: Cash Credit / Term Loan / Dropline Overdraft / Non-Fund Based facilities (LC/BG).
Quantum of Loan:
1. Minimum: above Rs.10 lakhs
2. Maximum: Rs.10 crores
Margin (%):
1. Working Capital: Stocks: 25%; Receivables: 40%
2. Term Loan: 25%
3. LC & BG: Min. 25% Cash Margin
Pricing: Competitive Interest Rate linked to Collateral coverage & Internal rating
Repayment Period (Term Loan / Dropline OD):
Max. 120 months (including an initial moratorium not exceeding 12 months)
Unified Charges:
1% of the Sanctioned limit (Min: Rs. 10,000/-; Max: Rs. 50,000/-)
Eligibility
Existing / New units engaged in Marble and other stone activity such as manufacturing, processing, carving, polishing, mining and also trading.
Takeover of existing units from other Banks/ FIs with satisfactory track record
Collateral Security
Minimum 50% of loan amount, in the form of tangible SARFAESI compliant collateral security (Non- agricultural property) belonging to the borrower / guarantor.
Eligible units to be covered under CGTMSE, as per CGTMSE guidelines.
No Second Charge or Pari-Passu charge will be extended to other Bank/FI
Credits – SBI ( State Bank of India )