Cent VISVAS Scheme

Purpose

 

* 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

 

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

 

Nature of facility

* Term Loan/Cash Credit 

 

Quantum of Loan

For SHGs- Max Rs4.00 Lakh

For Individuals- Max Rs2.00 Lakh

 

Margin

NIL

 

Security

* Primary Security - Hypothecation of Assets created out of Bank Finance .
* Collateral - NIL

 

Interest Rate

UptoRs3,00,000/-
Above Rs3.00 lakh to Rs4.00 lakh

MCLR + 1.35%
MCLR + 2.50%

 

Interest Subvention

5% from NBFDC/NSFDC for loan tenure upto maximum 5 years.

 

Processing Charges

For Production Credit-NIL

Other than Production Credit- UptoRs25,000/- : Nil .
* Above Rs25,000/- @ Rs120/- per lac or part thereof

 

Documentation Charges

 

For Production Credit-NIL

For Investment Credit –

UptoRs2 lakh- NIL

*Above Rs2 Lakh - RsRs50/Lakh Max Rs1000/-

 

Repayment

 

* Cash Credit-Limit is for  5 years to be renewed every year

Term Loan- Max 5years (including moratorium of max 3 months).