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Saturday, 11 August 2012

Bank Loan Schemes


CREDIT GURANATEE FUND TRUST SCHEME FOR MICRO & SMALL ENTERPRISES (CGTMSE)
SALIENT FEATURES:
CGTMSE was set up jointly by GOI and SIDBI. The scheme is extended to all New and Existing units of Micro and Small Enterprises. The scheme is available both under Manufacturing Sector and Service Sector
Eligible loan limit is up to : Rs. 100.00 lakhs
No collaterals including the third party guarantee
The loans to Micro enterprises up to Rs.5.00 lacs the max guarantee cover will be 85% of amount in default/Max 4.25 lakh and loans to MSE for credit facility upto Rs.50 lakh operated by women entrepreneurs are covered up to 80% of amount in default/max Rs.40 lakh
The Maximum guarantee cover where credit facility above Rs.5 lakh upto Rs.50 lakh is 75% of amount in default/max Rs.37.50 lakh
Above Rs.50 lakh upto Rs.100 lakh Rs.37.50 lakh plus 50% of
amount in default above Rs.50 lakh/max 62.50 lakh
One Time upfront guarantee fee has to be paid within one month from date of first disbursement/demand advice date whichever is later and Annual Service fee at specified rate on the credit facility has to be paid to the Trust before 31st of May every year
For Details visit : CGTMSE

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State Bank's : Laghu Udyami Credit Card Scheme
Eligibility
Small businessmen, retail traders, artisans, Small industrial units including those in Tiny sector, Professionals and self employed persons, enjoying working capital up to a limit of Rs 10 lacs.

Limit
Fixed at 20% of annual sales turnover declared in Income Tax/Sales Tax returns
Professionals and Self- employed persons are eligible for credit limits up to 50% of their gross annual income, as declared in their income- tax return (The assessment norms in vogue is as per the Nayak Committee recommendations). For units above Rs. 2 lacs and up to Rs. 10 lacs, scoring model method will be followed.Those who score more than 60% would qualify for coverage under the scheme

Primary security
Hypothecation of stock in trade, receivables, machinery, office equipment etc.,

Collateral Security
As decided by the Bank

Margin
25%

Validity
Valid for 3 years. Half-yearly review will be done on the basis of last 12 months turnover in the account

Interest
As per prevailing rates from time to time

Insurance
Insurance cover is waived for limits up to Rs.25000/-.
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SBI's Loan Schemes for Professionals & Self-Employed persons

Eligibility

Medical practitioners including Dentists, Chartered Accountants, Cost Accountants, practicing Company Secretary, Lawyers or Solicitors, Engineers, Architects, Surveyors., Construction Contractors or  Management consultants

Extent of Finance
Professional and self employed persons are eligible for assistance up to Rs.10 lacs of which not more than Rs.2 lacs should be for working capital requirements. However, in case of professionally qualified medical practitioners, financial assistance will be up to Rs.15 lacs for working capital limits for setting up practice in semi-urban and rural areas

Rate of Interest
As per prevailing rates from time to time

Margin
No margin up to Rs.25000/-
15 to 25 percent for credit limits exceeding Rs.25000/-

Security
Assets created out of Bank’s finance
Collateral security as per Bank’s norms
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Small Business Enterprises 

Eligibility

Individuals and firms managing a business enterprise established mainly for the purpose of providing any service other than professional services.
Extent of Finance
Individual limits for working capital will be fixed depending upon the requirement of activities pursued. Advances for acquisition, construction, renovation of House Boats and other tourist accommodation will be financed. Advances for distribution of mineral oils will also be considered under this category

Rate of Interest

As per prevailing rates from time to time

Margin

No margin up to Rs.25000/-
15 to 25 percent for credit limits exceeding Rs.25000/-

Security

Assets created out of Bank’s finance
Collateral security as per Bank’s discretion
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Related Article : PMEGP Scheme


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