Eligibility

• Individuals, Proprietary and partnership concerns running Micro and Small units engaged in Manufacturing / Services / Retail Trade Sectors. Sole banking account holder and savings bank should be ceded with AADHAAR and enrolled for DBT. Borrower(s)/ Partner(s) should be of age group 18 years to 65 years

Purpose

• To meet all business needs including WC requirements and to take up income generating activities / Self Employment.

Loan Amount

• Loan upto Rs. 50000 (Individual/ Prop.) & upto Rs. 1 Lac (Partnership) for 1st Loan (max)
• Loan upto Rs. 1 Lac (Individual/ Prop.) & upto Rs. 2 Lac (Partnership) for 2nd Loan (max)
• Simple Assessment considering upto 4 cycle period as per our MSME policy.

Margin

• Minimum 10% of the project cost

Rate of Interest

• As applicable to SME sector subject to revision from time to time

Collateral Security

• Nil, Should be covered under CGTMSE/CGFMU

Repayment Period

• 12EMI, to be converted to a specified amount for daily collection (rounded off to next Rs. 10) considering 25 day in month. Payment to be made from 5th day of disbursement

Processing Fee

• Processing charges-upto Rs. 50,000/- NIL, above 0.50% with minimum Rs. 500/-

Other Conditions

• Loan to be disbursed in 2 stages, first upto 60% then 40% after a gap of one month and receiving at least 20 daily remittances
• Eligible for 2nd loan on closure of 1st loan & after a min. gap of 6 months from date of 1st loan