Loans
Contact for any Query To Sheena Chauhan : shankersheena@gmail.com


PRADHAN MANTRI MUDRA YOJANA (PMMY)

Micro Units Development and Refinance Agency Ltd-MUDRA is flagship scheme of Government of India launched on 8th April 2015 to “fund the unfunded”  by bringing such enterprises to the formal financial system and extending affordable credit to them.

ELIGIBILITY:

·         All Non-Farm enterprises.

·         Under  ‘Micro Enterprises’ and ‘Small Enterprises’ segment.

·         Engaged in income generating activities.

·         Engaged in manufacturing, trading and services and

·         Whose credit needs are upto Rs.10 lacs.

·         All non-corporate small business segment comprising of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruit/vegetable vendors, truck operators, food service units, repair shops, machine operators, small industries, food processors and others in rural and urban areas are eligible for assistance under MUDRA scheme

CREDIT FACILITIES

·         Any type of Fund-based or Non Fund-based facility.

·         No minimum amount, maximum amount upto Rs.10 lac.

CATEGORIZATION OF MUDRA LOANS

Category

Stipulated Credit Limit

Shishu

Loans sanctioned under the scheme upto Rs.50000/-

Kishore

From Rs.50001/- to Rs.500000/-

Tarun

From Rs.500001/- to Rs.1000000/-

 

SECURITY:

·         Assets created out of Bank’s finance.

·         No collateral security .



Rajiv Rinn Yojana

Interest subsidy scheme for housing

Scheme designed by Ministry of housing and Urban Poverty Alleviation, as an additional instrument for addressing the housing needs of the EWS/LIG segments in urban area.

EWS- Economically Weaker Section- Family Income not above Rs.100000/- p.a

LIG- lower income group- family income between Rs.100000/- to rs.200000/- p.a

Eligibility and Loan Amount

Details

EWS

LIG

Income Limit

Households having an average annual income upto Rs.100000/-

Households having an average annual income between Rs.1-2 lac

Maximum Loan

Rs.500000/-

Rs.800000/-

Construction area(Min. House Area)

21 sq.metre

28 sq.metre

 

*Subsidy will be given for loan amount upto Rs.5.00 lac only.

Loan Disbursement- Release of loan wil be linked to the pace of construction, which ideally is to be completed in two year.

Loan Repayment-

# Minimum period- 15 years     # maximum period-20 years

(construction to be completed within 2 years)

The beneficiaries will be charged an interest net of the fixed subsidy of 5%(500 basis points) from the prevailing rate of interest. The branches will deduct the interest subsidy amount from the EMI of the borrower and debit the net EMI.

Security-

Mortgage of dwelling units. No collateral security / third party guarantee for loans under RRY upto Rs.5.00 lac. The subsidy will be passed on as follows- Subsidy will be 5 %p.a on interest charged for EWS and LIG, admissible for a maximum loan amount of Rs.5 lac over the full [period of the loan.

 

Differential Rate of Interest (DRI)-1972

To assist poorest of the poor and to bring them above poverty line.

Eligibility- Individuals whose family income does not exceed Rs.18000/- p.a in Rural Areas and Rs.24000/- in Urban & Semi-Urban Areas.

Purpose of Loan- For productive activities, pursuit of higher education, purchase of artificial limbs, hearing aids, wheel chair by physically handicapped.

Quantum of Loan- Maximum amount Rs.15000/- as term loan or working capital or both for productive purposes. For housing Rs.20000/- (Only to SC/ST)

Target- Min 40% to SC/ST

Margin- NIL

Rate of Interest- 4% p.a, Simple Interest.

Security- Hypothecation of assests created out of bank loan.

No collateral security required.

Repayment- maximum 5 years including grace period upto 2 years.

 

Prime Minister Employment Generation Programme PMEGP

Objective-

1.       To generate employment opportunities in rural/urban India through new self employment projects/micro enterprises.

2.       To bring together widely dispersed traditional artisans/rural & urban unemployed youth  and give self employment opportunities to the extent possible at their place.

3.       To provide continuous and sustainable employment to a large number of traditional and prospective artisans.

Eligibility Norms-

1.       Any individual above 18 years of age

2.       No income ceiling for PMEGP.

3.       Atleast VIII standard pass for :

i. Project cost above Rs.10 Lac for manufacturing and

ii. Project cost above Rs.5 Lac in business & service.

4.       Self help Groups, Institutions registered under Societies Registration Act 1860, Production Co-operative Societies, and Charitable Trusts.

5.       PMEGP is meant only for new projects. Existing units under PMRY, REGP or any other Govt. Scheme not eligible.

6.       Only one person from one family is eligible for obtaining financial assistance for setting up of projects under PMEGP.

7.       The ‘family’ includes self and spouse.

8.       SHGs are eligible for assistance under PMEGP include

 

 

          

SWARNA JAYANTI SHAHARI ROZGAR YOJANA

 

Introduced on 01-12-1997, revised by RBI in October – 2009, w.e.f. 1-4-2009. The new scheme has five major components as under:

Direct Loan components with subsidy:

1.       Unban Self Employment Programme (USEP)

2.       Urban Women Self-help Programe (UWSP)

Training and skill up component:

1.       Sill Training for Employment Promotion amongst Urban Poor (STEEP-UP)

2.       Urban Wage Employment Programme (UWEP)

3.       Urban Community Development Network (UCDN)

Objective: Poverty alleviation through employment to the BPL urban unemployed, Supporting skil development and training programmes, Empowering the community through suitable self-managed community structures like Neighborhood Groups (NHGs), Neighborhood Committees (NHC),Community Development Society (CDS), etc.

Funding Pattern: 75:25 Centre and the States. 90:10 Centre & State for Spicial Category

 

 

                    USEP

  URBAN WOMEN SELF-HELP PROG.

Coverage

Whole clusters within each town

Group Scheme: Of urban poor women for gainful self-employment ventures.

Target

Urban poor BPL:

Groups existing for at least one year and with at least 5 with one organizer.

30% Women, 15% Minorities, 30% Differently- able.

Eligibility

No minimum qualification

 

Project Cost

Rs. 2,00,000/- Maximum per unit

The UWSP group will be ebtitled to a subsidy of the lowest of the:

1. Rs300,000/- or

2. 35% of the cost of project or

3. Rs. 60,000/- per Member of the Group

Subsidy

25% of the Project Cost subject to a maximum of Rs. 50,000/-

 

Margin

5% of the project cost.

 

 


                                NATIONAL EQUITY FUND (NEF)


To provide equity support to entrepreneurs both for setting up new projects in tiny / small Enterprises sector and for expansion and modernization by existing units.

·         Project Cost: Not exceed Rs. 50 lac (including margin money for working capital).

·         Promoters’ Contribution: Minimum 10%  of project cost.

·         Nature of Assistance: Equity type Assistance in the form of soft loan.

·         Amount: 25% of project cost or Rs. 10 lac per project, whichever is lower.

·         Interest:  Service charge @ 1%p.a. to be retained by bank. Interest @ 6% would be recovered by SIDBI.

·         Repayment Period: 7 Years (including moratorium upto 3 years) for the soft loan.

·         Security: No security (including collaterals ) is to be insisted upon for the soft loan.

   

 

NRLM-‘AAJEEVIKA’

The Ministry of Rural Development, Govt. of India has launched National Rural Livelihood Mission (NRLM) by restructuring SGSY, effective from April 1,2013.

OBJECTIVES: Poverty reduction through building strong institutions of the poor, particulaty women, and enabling these institution to access a range of financial services and livelihoods servives; promote their financial inclusion and  strengthen their livelihoods. A women’s self help group consisting of 10-15 members,coming together on the basis of mutual affinity is the primary building block of the NRLM community institutional design. In case of special SHGs i.e. groups in the difficult areas, groups with disabled persons, and groups formed in remote tribal areas, groups with disabled persons, and period of 5-7 years till they come out of abject poverty.

REVOLVING FUND (RF): NRLM would provide a RF support to SHGs in existence for a minimum period of 3 to 6 months. Only srch SHGs that have not received any RF earlier will be provided with RF,, as corpus, with a minimum of Rs. 10,000 and up to a maximum of Rs. 15,000 per SHG.

CAPITAL SUBSIDY: No Capital Subsidy will be sanctioned to any SHG.

INTEREST SUBVENTION: NRLM has a provision for interest subvention, to cover the difference berween the Lending Rate of the bank and 7% on all credit from the  banks/financial institutiojs availed by women SHGs, for a maximum of Rs 3,00,000 per SHG. This will be available across the country in two ways:

a)In 150 identified districts, nanks will lend to all the women SHGs @7% upto an aggregated loan amount of Rs 3,00,000/. The SHGs will also get additional interest subvention of 3% on prompt payment reducing the effective rate of interest to 4%.

b)IN the remaining districts also, NRLM compliant women SHGs will be registered with SRLMs. These SHGs are eligible for inertest subvention to the extent of difference between the lending rates and 7% for the loan upto Rs. 3 lakhs, subjected to the norms prescribed.

OPENING OF SAVINGS A/CS: Banks  would open a/cs for all the Women SHGs, SHGs with members of Disability & the Federations of the SHGs after KYC compliance.

LENDING NORMS: The eligibility criteria for the SHGs:

·         SHG should be in active existence at least since the last 6 months as per the books of accounts of SHGs and not from the date of opening of Savings Bank account.

·         SHGs should be practicing ‘Panchsutras’ i.e. regular meetings, regular savings, regular inter-loaning, timely repayment and up-to-date books of accounts.

·         The existing defunct  SHGs are also eligible for credit if they are revived ad continue to be active for a minimum period of 3 months.

 

LOAN AMOUNT- The emphasis is laid on multiple doses of assistance

·         First Dose: 4- 8 times to the proposed corpus during the year or Rs.50000/- whichever is higher.

·         Second Dose: 5-10t imes of existing corpus and proposed saving during the next 12 months or Rs.1 lac, whichever is higher.

·         Third Dose: Minimum of Rs.2 lac, based on the micro credit plan prepared by the SHGs and appraised by the Federations/Support agency and the previous credit history.

·         Fourth Dose onwards: Loan amount can be between Rs.5-10 lac for fourth dose and/or higher in subsequent doses. The loan amount will be based on Micro Credit Plans of the SHGs and their members.

The loans may be used for meeting social needs, high cost debt swapping and taking up sustainable livelihoods by the individual members within the SHGs or to finance any viable common activity started by the SHGs.

TYPE OF FACILITY- SHGs can avail either Term Loam or a CC loan or both based on the need. In case of need, additional loan can be sanctioned even though the previous loan is outstanding.

REPAYMENT SCHEDULE

·         The first dose of loan will be repaid in 6-12 installments.

·         Second dose of loan will be repaid in 12-24 months.

·         Third dose will be sanctioned based on the micro credit plans, the repayment has to be either monthly/ quarterly/ half yearly based on the cash flow and it has to be between 2 to 5 years.

·         Fourth dose onwards, repayment has to be either monthly/ quarterly/ half yearly based on the cash flow and it has to be between 3 to 6 years.

SECURITY AND MARGIN

No collateral and no margin will be charged upto Rs.10 lacs limit to the SHGs. No lien should be marked against savings bank account of SHGs and no deposits should e insisted while sanctioning loans.

 

 

Kisan Credit Card

Scheme designed by NABARD  aims at providing adequate and timely shotrt term, post harvest expenses, produce marketing loan, credit needs etc.

Fixation of Limits- The short term credit limit for farmers other than marginal farmers for first year will be calculated as follows:

Scale of finance for the crop (as decided by District level technical committee)x Extent of area cultivated+ 10% of limit towards post harvest/household/consumption requirements + 20% of limit towards repairs and maintenance expenses of farm assets+ crop insurance & asset insurance. For subsequent years, limit will be increased each year by 10% towards cost escalation/ increase in scale of finance for every successive year and estimated term loan componenet for the tenure of Kisan Credit cards i.e. five years.

Validity period of KCC- Banks may fix the validity after review.

If there is credit balance in the account savings bank interest will be paid.

Insuramce- Automatic insurance- In case of accidental death or permanent disability Rs.50000/-. For partial disability Rs.25000/-

Premium- Rs.15/- out of which Rs.10 to be borne by Bank and remaining by beneficiary.

 

 

 

Laghu Udhyami Credit Card (LUCC)

SIDBI has structured a Laghu Udhyami Credit Card for small business, retail traders, artisans, professionals, self employed persons and small industrial units.

Eligibility- Existing customers with satisfactory track record with working capital limits upto 10 lacs for last 3 years are eligible for the card.

Credit limit- 20% of annual sales. In case of Professionals 50% of the gross income.

Limit- Rs.10 lacs 

Validity-3 years

 

Education Loan Scheme

Education loan is available for the following courses

Course Eligible:

a.       Studies in India- All kinds of education in India

b.      Studies Abroad- graduation, Post-Graduation, Courses conducted by CIMA-London, CPA in USA.

Quatum of loan- Studies in India- Maximum Rs.10 lacs

                               Studies Abroad-Maximum Rs.20 lacs

Security- no collateral security upto Rs.7.5 lac. Documents to be executed by the students and parents/guardians.

Margin- Upto Rs.4 lacs-Nil

               Studies in India-5 %,   Studies abroad-15%

Rate of Interest- Upto Rs.4 lacs- Prime Lending Rate(PLR)

Above Rs.4 lac- PLR+1%.

The interest to be debited quarterly/ half yearly on simple basis during the repayment holiday period. Penal interest at 2% be charged for above Rs.2 lac for the overdue amount and overdue period.

Repayment- Course period + 1 year or 6 months after getting job, whichever is earlier. The loan tro be repaid in 5-7 years after commencement of repayment. The accrued interest during the repayment holiday period to be added to the principal and repayment in EMI. Interest concession of 1-2% may be provided if the interest is serviced during gestation period.

 

 

IBA Model Scheme-Vocational Education and Training

Quantum of Finance-Need based with a maximum of

a.       For courses of duration upto 3 months- Rs.20000/-

b.      For courses of duration 3 to 6 months- Rs.50000/-

c.       For courses of duration 6 months to  1 year-Rs.75000/-

d.      For courses of duration above  1 year- Rs.150000/-

Margin-Nil

Repayment Period- Moratorium period plus

a.       Courses upto 1 year- 2 to 5 years

b.      Above 1 year- 3to 7 years.

Moratorium Period- For courses of duration upto 1 year- 6 months from the completion of the course.

For courses of duration above 1 year- 12 months from the completion of the course

 

 

Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE)

A joint effort of SIDBI and Govt. of India

Eligible Units- New /Existing Micro Small Enterprises (Earlier SSI) including  IT units with credit facilities without any collateral security and or third party guarantee.

Credit Facilities- Units sanctioned fund based and non- fund based upto Rs.100 lac.

COMPOSITE GUARANTEE FEE:

 

             Credit Facility

Annual guarantee Fee (AGF) % p.a.

Women, Micro Enterprises and Units in North-East Region(incl. Sikkim)

Others

Upto Rs.5 lacs

0.75 *

1.00 *

Above Rs.5 lacs and upto Rs.100 Lacs

0.85   

1.0      

*Of sanctioned credit facility shall be paid upfront to the Trust by the institution availaing of the guarantee cover within such period as may be specified by the Trust.

5) Companies all in Annual GF for fund based & non fund based limit sanctioned up to Rs.5 Lakh, shall be borne by the bank. (varies from bank to bank.)

EXTENT OF GUARANTEE COVERS

 

 

Category

Maximum Extent Of Guarantee Covers

 

 

Upto Rs.5 lac

Above Rs.5 lac and upto Rs.10 lac

Above Rs.50 lac and upto Rs.100 lac

Micro Enterprises

 

 

85% of the amount in defaut with max upto Rs.4.25 lac

75% of the amount in default subject to a max of Rs.37.50 lac

Rs.37.50 lac plus 50% of amount in default above Rs.50 lac subject to overall ceiling of Rs.50 lac

Women/NER/Sikkim (Other than credit facility upto Rs.5 lac to Micro Enterprises)

80% of the amount in default subject to a maximum of Rs.40 lac

Rs.40 lac plus 50% of amount in default above Rs.50 lac subject to overall ceiling of Rs.50 lac

All other category of borrowers

75% of the amount in default subject to a maximum of Rs.37.50 lac

Rs.37.50 lac plus 50% of amount in default above Rs.50 lac-Overall ceiling of Rs.50 lac

 

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