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ADDITIONAL ASSURANCE to SHGs- COVID19 (2021-22)

ADDITIONAL ASSURANCE to SHGs- COVID19 (2021-22).

Purpose To provide financial assistance to women SHGs to meet the emergent needs of its members for their domestic and agriculture purposes.
Eligible Projects The existing SHGs enjoying credit facilities from the Bank in the form of Cash Credit (CC)/Overdraft (OD)/Term Loan (TL)/Demand Loan (DL) having a satisfactory repayment track record. (Note: SHGs which have availed & have existing limits under this scheme launched last FY are not eligible).
Type of Loan Demand Loan repayable in 24 Months
Limit
Existing CC/OD Account For Loan Accounts
Up to 30% of the existing Drawing Power. Up to 30% of the original sanctioned limit.
Security Nil
Margin Nil
Rate of Interest One year MCLR+ Strategic Premium (7.65 % at present)
Repayment
  • Monthly / Quarterly. The entire tenure of the loan shall not exceed 24 months.
  • Maximum Moratorium period -6- Months.
Other Special Conditions
  • The facility is available for borrowers impacted by COVID-19 pandemic.
  • The group should not have availed credit facilities from any other Banks/ Financial Institution for the same purpose.
  • SHG can avail loan under this scheme only at the Branches where the SHG is operating and having its existing credit facilities.
  • SHGs which are classified in standard asset category as on the date of sanction will only be eligible for finance under the scheme.
Validity of Scheme The Scheme will be effective up to 30.09.2021.

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