“With effect from 01.10.2018, Penal Interest / Additional interest will be charged on entire outstanding amount @ minimum 2% to the term loan / working capital limit accounts defaulting installment / interest repayment in respect of loans other than Priority Sector loans up to Rs.25,000, Loans sanctioned under Government Sponsored Schemes. Penal interest would be exclusive of the existing pricing of the asset and additional to any other charge for excess ad-hoc limits”.
Assistant General Manager (SME)
2ND FLOOR, Bandra Kurla Complex, Mumbai-40051.
(from Ministry of MSME)
Toll-free number for queries relating to the schemes of Ministry of MSME
You can see below links also
Addendum to existing policy -
- Bank has also decided to mandatorily include discussion on SMA-1 accounts in Committee for Stressed Micro, Small and Medium Enterprises (COGM) at Regional Office w.e.f 10.05.2018.