|
1 |
Applicant |
a)
Proprietorship concern. b)
Registered Partnership Firm c)
Private/Public Limited Company. d)
LLP e)
Service Providers, Professionals. -
Units having UDYAM Registration Number and GST returns. -
GST registered units
which have filed GST returns at least for the last 12 months. (Builders
& Developers will not be eligible under the scheme) |
|
2 |
Purpose |
To
provide hassle free and instant credit to meet working capital requirements
related to business activity. |
|
3 |
Loan Limit |
Above
Rs.4.50 lakh to Rs.50.00 lakh per borrower/unit. |
|
4 |
Assessment of Loan |
20% of the sales reported in the GST returns in the last one year (i.e. last 12 months) |
|
5 |
Rate of Interest |
9.85%
p.a. |
|
6 |
Repayment Tenure |
12
months (Cash Credit Limit shall be reviewed / renewed every year) |
|
7 |
Security |
Prime Security - Hypothecation of
Stock and Book Debts
Collateral security - in the form of immovable property or
liquid security in the form of FDR, Surrender value of LIC policies etc. to
maintain the Real Asset Coverage Ratio at 0.75:1 |
|
8 |
Documents
Required of Borrower |
1.
KYC of Company/Firm along with its directors/partners
etc. 2.
Udyam Registration Certificate 3.
GST Certificate & Returns for last 12 months 4.
Statement of
Stock, Debtors & Creditors every month to ensure Drawing Power with 25%
margin. 5.
Collateral
Security documents/papers. 6.
Financials of Company/Firm along with its
directors/partners etc. for last 3 financials years 7.
Sanction Letter of all existing loan account &
statement of loan from the date of disbursement to till date 8.
Bank Account statement of the company/firm for last 1
year |
|
9 |
Guarantors |
One Guarantor -
Only if limit is secured by 1:1 immovable security (Real Asset Coverage
Ratio)
Two Guarantors –
If limit is secured by less than 1:1 immoveable security (Real Asset Coverage
Ratio) |
|
10 |
Processing Charges |
0.25% of loan sanctioned amount +
applicable taxes. |