• Since most of the branches in the extensive network of over 2700 Bank of Baroda branches and 25 specialised SSI branches, are computerised, the user gets a benefit of anytime, anywhere banking, along with the advantage of several consumer driven products.
  
  
• The loan amount can extend up to a maximum of Rs. 25 Lakhs.
  
  
• There are also facilities of Credit Guarantee Fund trust scheme for the borrowers:
  
  
  • Rate of interest for this will not be more than 3% over the Bank's current rate.
    
    
  • No guarantor or collateral security is required.
    
    
  • These credit facilities are available as a term loan and / or fund based working capital facilities (cash credit, overdraft, bills purchased or Discounted etc.)
    
    
  • A service charge (guarantee fee) at 2.5% of the credit facility sanctioned is payable upfront.
    
    
  • Annual service fee at 1% P.a. on the outstanding loan amount is payable by the borrower.
    
    
  • Loans to the software industry up to Rs. 1 Crore are eligible to be treated as SSI finances. Working capital requirements up to Rs. 5 Crores are governed by simple procedures.
    
    
  • Working Capital Limits are fixed based on the projected annual sales turnover. (However, Projected Turnover should be realistic and in line with past trends).
    
    
  • Simplified application and sanction procedure.
    
    
  • Rate of interest on credit facilities to SSI borrowers will be fixed on soft terms through liberal Credit Rating mechanism.

Terms & Conditions

• Only the following are eligible as SSI units
  
  
  • The units that have obtained permanent registration based on the Govt. order dated 10.12.1997 would continue to remain as SSI unit in spite of the order dated 24.12.1999 reducing the investment limit to Rs.1 Crore.
    
    
  • The units that had switched over the SSI status based on the order-dated 10.12.1997 would continue to remain as SSI units in spite of the order.
    
    
  • The units which have got provisional registration with the state authorities for their SSI status would continue to remain as SSI units in spite of the order dated 24.12.1999 provided the provisional registration had taken place within the period of limitation of 180 days specified in the order dated 10.12.1997.
    
    
  • The units that have obtained provisional registration on the basis of the Notification dated 10th December, 1997, and have taken concrete steps for implementing the project such as preparation of project report, sanction of loan, purchase of land, civil construction, placement of orders for plant and machinery, etc., prior to 24th December, 1999 would continue to enjoy the SSI status so long as the investment in plant and machinery does not exceed Rs. 3 Crores notwithstanding the revised investment limit of Rs.1 Crore notified on 24th December, 1999
    
    
• Financial Assistance is available for Technologists and Technicians to set up SSI Units. The eligibility for this is:
  
  
  • The product is applicable to technically qualified and / or experienced persons and also craftsmen.
    
    
  • The product is extended to proprietary concerns, partnership firms, co-operative societies or private limited companies consisting of technologists / technicians and other with experience in sales, business, finance etc. This is provided that they satisfy the Bank that they are not in a position to raise necessary resources, but can contribute their skills in making the project a success.
    
    
• The main eligibility criteria for this product is that the unit should be a small scale industrial unit, which might include artisans, village and cottage industrial units, tiny units in the SSI sector or small scale service establishments engaged in industrial activities only.
  
  
• The maximum amount of loan can be till Rs. 25 Lakhs.
  
  
• No collateral security/ third party guarantee needs to be furnished.
  
  
• The charge on assets is created out of the loan amount and the other collateral securities as determined on the merits of this case.

For further details, please contact the Bank of Baroda Branch nearest to you.



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