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Technology Upgradation Fund Scheme (TUFS)

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Technology Upgradation Fund Scheme (TUFS)

Bank of Baroda grants loans under Technology Up-gradation Fund Scheme launched by Government of India as per guidelines received from time to time from Ministry of Textiles. Bank of Baroda is a nodal agency for determining eligibility and releasing of subsidy for the cases financed by the bank under the scheme.

Objective

In order to promote ease of doing business in the country and achieve the vision of generating employment and promoting export through “Make In India” and “Zero Effect and Zero Defect” in manufacturing, it has been decided that the government would provide credit linked Capital Investment Subsidy (CIS) under Amended Technology Upgradation Scheme (ATUFS).Under ATUF Scheme, every eligible individual entity (not the Unit) will be entitled for re-imbursement of Capital Investment Subsidy (CIS). Garmenting and Technical Textile Segment are eligible for 15% CIS uptoRs. 30Cr. Weaving for Brand New Shuttle-less Loom, Processing, Jute, Silk, Handloom are eligible for 10% CIS uptoRs. 20Cr. Composite Unit/Multiple Segments are eligible for upto 15% CIS subject to upper limit of Rs. 30Cr.

To provide encouragement to textile industrial units for taking up technology up-gradation and to modernize their production facilities.

The scheme envisages 5% interest reimbursement (4 percentage for spinning industry) of the normal interest charged by the bank on the loans availed by the units from the bank for undertaking technology up-gradation/modernization.

New units set up with technology as per guidelines of the scheme would also be eligible for the above benefit, or, 15% Credit Linked Capital Subsidy for Small Scale Sector and 20% for Power-loom Sector, or, 5% interest reimbursement plus 10% capital subsidy for specified processing machinery, technical textiles machinery, garmenting machinery and for CAD, CAM, Design Studio, etc.

The scheme also provides 25% capital subsidy on purchase of new machinery and equipments for the pre-loom and post-loom operations, handlooms/up-gradations of handlooms and testing and quality control equipments for handloom production units.

Promoters Contribution

Minimum 20% of the project cost.

Amount of Loan

Need based.

Programme Period

  • The scheme is in operation for a period upto 31.3.2022.
  • Conditions apply.

Repayment Period

Minimum 3 Years

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