PURPOSE:
- To provide collateral free loans upto Rs. 25/- lacs to Small Scale Industrial units including Small Scale Service & Business (Industry related) Enterprises (SSSBE) and Information Technology and Software industries
ELIGIBILITY:
- Small Scale Industrial units including Small Scale Service & Business (Industry related) Enterprises (SSSBE) and Information Technology and Software industries by the bank are eligible for cover under the scheme.
LIMIT:
- Term Loan and/or Working Capital / Non Fund Based facility like Letter of Credit, Guarantee etc. upto an aggregate limit of Rs.25/- lacs to a single borrower.
SECURITY:
- Current/fixed assets of the unit. No collateral / third party guarantee.
GUARANTEE FEE:
- A one time guarantee fee (Joining fee) at specified rate (currently 1.5% p.a. of the credit facilities sanctioned and annual service fee @ 0.75% p.a.
BANK’S INITIATIVE
- 50% of the guarantee fee is shared by the bank with the borrowers, to reduce the cost to the borrower.
To know the current interest rates Click here.
