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Purpose
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* To provide direct benefit of lower rate of interest to the eligible Self-Help Groups (SHG’s)/individual beneficiaries who have availed loans through Public Sector Banks and other financial Institutes |
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Eligibility |
SHGs registered with NRLM/NULM OR NABARD having all members belonging to either SC (100%) or OBC (100%) and individual SC or OBC borrowers having annual family income less than Rs3.00 Lakh |
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Nature of facility |
* Term Loan/Cash Credit |
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Quantum of Loan |
For SHGs- Max Rs4.00 Lakh For Individuals- Max Rs2.00 Lakh |
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Margin |
NIL |
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Security |
* Primary Security - Hypothecation of Assets created out of Bank Finance . |
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Interest Rate |
UptoRs3,00,000/- |
MCLR + 1.35% |
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Interest Subvention |
5% from NBFDC/NSFDC for loan tenure upto maximum 5 years. |
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Processing Charges |
* Upto Rs 3 Lakh/- : Nil * Above Rs 3 Lakh/- : @0.30 % |
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Upfront Fee
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* Upto Rs 3 Lakh/- : Nil * Above Rs 3 Lakh/- : 50% of 1.25% (i.e. 0.625 %) |
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Repayment
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* Cash Credit-Limit is for 5 years to be renewed every year Term Loan- Max 5years (including moratorium of max 3 months). |
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