Technology Upgradation Fund Scheme (TUFS)

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Technology Upgradation Fund Scheme (TUFS)

Bank of Baroda grants loans under Technology Up-gradation Fund Scheme launched by Government of India as per guidelines received from time to time from Ministry of Textiles. Bank of Baroda is a nodal agency for determining eligibility and releasing of subsidy for the cases financed by the bank under the scheme.

Objective

To provide encouragement to textile industrial units for taking up technology up-gradation and to modernize their production facilities.

The scheme envisages 5% interest reimbursement (4 percentage for spinning industry) of the normal interest charged by the bank on the loans availed by the units from the bank for undertaking technology up-gradation/modernization.

New units set up with technology as per guidelines of the scheme would also be eligible for the above benefit, or, 15% Credit Linked Capital Subsidy for Small Scale Sector and 20% for Power-loom Sector, or, 5% interest reimbursement plus 10% capital subsidy for specified processing machinery, technical textiles machinery, garmenting machinery and for CAD, CAM, Design Studio, etc.

The scheme also provides 25% capital subsidy on purchase of new machinery and equipments for the pre-loom and post-loom operations, handlooms/up-gradations of handlooms and testing and quality control equipments for handloom production units.

Promoters Contribution

Minimum 20% of the project cost.

Amount of Loan

Need based.

Programme Period

  • The scheme is in operation for a period upto 31.3.2012.
  • Conditions apply.

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