Central Bank of India SME Loan

Hello sir I am here as I want to get the full details of the Cent Sahyog which is Under SME Retail Loans of Central Bank of India so will you please provide me the details??

[Kiran Chandar]

Hey!! Cent Sahyog Under SME Retail Loans of Central Bank of India is to cover credit facilities in MSE sector (Manufacturing & Services)

Eligibility

All types of unorganized service and manufacturing sector including small shop owners like those engaged in mobile / TV repairing(Not Selling), small garage, juice shop, bakery owner, Sweet Meat / Farsan Shop etc will be eligible.

However, the following category will not be eligible under the scheme:

-Retail Trade (categorized as small services)

-Educational/Training Institutions

-SHGs.

Nature of Facility

-The facility may be either Overdraft / Cash Credit working capital limit or Term Loan.

-In case of loans up to Rs.10 lacs, Over Draft limits may be allowed without insisting for Stock Statements, particularly for Service Sector.

Quantum of finance
-Maximum Rs.100.00 lac.

Rate of Interest
-Upto 10.00 lakh: BR + 0.50%
->10.00 lakh & upto 100.00 lakh: BR + 1.00%

Processing Fee
-Upto Rs.50,000: Rs.100 per proposal
-> Rs.50,000 upto Rs.5.00 lacs: Rs.1000 per proposal
->Rs.5.00 lacs & upto Rs.100.00 lacs: 0.5% of the loan amount (maximum Rs.25,000)

Renewal charges @ 0.10% of the loan amount (maximum Rs.15,000)


Repayment
-The Term Loan amount repayable in Equated Monthly Installments to a maximum period of 84 months.


Security

-No collateral security & guarantee required up to a loan of Rs. 100.00 lacs, as the loan for MSE sector (Manufacturing & Services) will be covered under CGTMSE Scheme.

-Primary security i.e. hypothecation of stock and receivables or charge on Fixed assets to be kept as security.


Documents Required

-Application Form.

-Details of Primary securities

-Balance Sheets for the past 2 years along with estimated & projected Balance Sheets and other financial statements, where ever applicable.

-Documents for KYC verification.

-Constitution of the borrower i.e. individual, proprietorship, partnership, limited company, with supporting documents.

-Usual OD/CC/ Term Loans documents of the bank