Security:
- No collateral security for advances upto Rs. 5 lakh
- On case to case basis and on merits, no collateral security for advances upto Rs. 15 lacs on the basis of good track record and financial position of the units
- All fund based credit facilities between Rs. 5 lac and Rs. 25 lac sanctioned without collateral security and/or third party guarantee are eligible to be covered under Credit Guarantee Fund Trust Scheme for SSI (CGTSI). The guarantee cover is available on payment of a one time guarantee fee of 2.5% of credit facility sanctioned and annual service fee of 1% of outstanding amount as on 31st March every year.
Timely Disposal of SSI loan application
Application seeking financial assistance |
Time for disposal
|
Upto Rs. 25000 |
2 weeks |
Over Rs. 25000 and upto Rs. 5 lac |
4 weeks |
Above Rs. 5 lac |
8 - 9 weeks |
- Simplified loan applications as prescribed by RBI with a checklist for borrowers and Bank
- All applications are acknowledged on the day the application is received by the branch
- No margin for loans upto Rs. 25000/-
- Simplified procedure for sanction of working capital limits on the basis of 20% of the projected annual turnover to SSI units requiring aggregate fund based working capital limits upto Rs. 5 crore ) Nayak Committee Recommendations)
- For details of schemes like Textile Upgradation Fund (TUF) / National Equity Fund (NEF) of SIDBI / Rural Employment Generation Programme - Margin Money Scheme (REGP-MMS) of KVIC etc., please contact the Branch Manager.
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