BANK OF MAHARASHTRA

SSI Charter

  • Simplified and bilingual applications for Credit Facilities to SSI Units are made available
  • Loan Application complete in all respect duly receipted and acknowledged
  • Time Norms for disposal of loan applications

    a)

    Upto Rs. 25,000

    2 weeks

    b)

    Over Rs. 25,000 and upto Rs. 5.00 lakhs

    4 weeks

    c)

    Over Rs. 5.00 lakhs

    8-9 weeks

  • No collateral Security for advances upto Rs. 25.00 lakhs to SSI Units having good track record and financial position
  • Loans sanctioned without collateral security / third party guarantee are covered under Credit Guarantee Scheme floated by CGTSI for SSI. For covering the advances under Credit Guarantee Funds Scheme, A guarantee Fee @ 2.50 % of credit facility sanctioned for a period of 5 years (borne by bank) and Annual Service Fee @ 1% of outstanding amount as on 31st March every year is payable (50% of the annual service fee borne by the Bank)
  • To reduce the Entrepreneurs dependence on Term lending institutions, composite loan upto Rs. 50.00 lakhs is sanctioned to SSI Units
  • Loan quantum: Minimum 20% of projected annual sales turnover (Nayak Committee Norms)
  • Comfortable Margin option is available as under:

    Size of the Advance

    Interest Rats effective
    1/8/2003 (PLR 11%)

     

    Cash Credit / WC limits / Term Loans - SSI Advances

    Upto Rs. 25,000
          Rs. 25,000 and upto Rs. 1 lac
          Rs. 1 lac and upto Rs. 2 lacs
          Rs. 2 lacs and upto Rs. 10 lacs
          Rs. 10 lacs and upto Rs. 50 lacs
          Rs. 50 lacs

    PLR (-) 2.50
    PLR (-) 2.00
    PLR
    PLR (+) 1.00
    PLR (+) 1.50
    PLR (+) 2.00

    8.50
    9.00
    11.00
    12.00
    12.50
    13.00

    (subject to change from time to time)


  • Option is also provided to SSI Units to select either sizewise Rate of interest or rate of interest as per Credit Rating. Thereby Units with the better rating get the finance at cheaper rate
  • Laghu Udyog Credit Card: Hassle free credit up1to Rs. 10.00 lacs is provided through this Card
  • Mahabank Artisan Credit Card : Credit upto Rs. 2.00 lacs - To Artisans. Considering the nature of the activity, Cash disbursement is allowed.