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Purpose
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* To provide direct benefit of lower rate of interest to the eligible Self-Help Groups (SHG's)/individual beneficiaries who have availed loans through Public Sector Banks and other financial Institutes
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Eligibility
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SHGs registered with NRLM/NULM OR NABARD having all members belonging to either SC (100%) or OBC (100%) and individual SC or OBC borrowers having annual family income less than Rs 3.00 Lakh
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Nature of facility
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* Term Loan/Cash Credit
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| Quantum of Loan |
For SHGs- Max Rs 4.00 Lakh
For Individuals- Max Rs 2.00 Lakh |
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Margin
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NIL
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Security
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* Primary Security - Hypothecation of Assets created out of Bank Finance .
* Collateral - NIL
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| Interest Rate
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Upto Rs 3,00,000/-
Above Rs 3.00 lakh to Rs 4.00 lakh |
MCLR + 1.35%
MCLR + 2.50% |
| Interest Subvention |
5% from NBFDC/NSFDC for loan tenure upto maximum 5 years. |
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Processing Charges
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For Production Credit-NIL
Other than Production Credit- Upto Rs 25,000/- : Nil .
* Above Rs 25,000/- @ Rs 120/- per lac or part thereof
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Documentation Charges
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For Production Credit-NIL
For Investment Credit –
Upto Rs 2 lakh- NIL
*Above Rs 2 Lakh - Rs Rs 50/Lakh Max Rs 1000/- |
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Repayment
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* Cash Credit-Limit is for 5 years to be renewed every year
Term Loan- Max 5 years (including moratorium of max 3 months). |