||Guidelines under the scheme
||For on-lending to individuals/groups, which is eligible for categorization as Priority Sector advance under respective categories viz. Agriculture, Micro, Small and Medium Enterprises and Others, subject to their compliance with the laid down criteria, as per RBI guidelines
|Nature of facility
||Demand Loan/Term Loan
|Rate of Interest
||10% on Book Debts, created out of the funds borrowed from the Bank
Exclusive charge over the loan assets or book debts funded out of the bank loan i.e. Assignment of book debt, created out of the funds borrowed from the Bank
- Cash Collateral of minimum 10% of the sanctioned limit in the form of Term Deposit to be kept for the tenure of the loan. Lien to be marked on the said FDR in favour of our bank for the principal amount along with the interest credited thereon in the account.
- Personal Guarantee of main promoter/Directors of the Company. However, the personal Guarantee of the promoters/ Directors of the Company need not be insisted upon.