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MSME

OBJECTIVE:
To fund the unfunded and to bring the millions of units which are existing outside the formal banking fold and are unable to sustain or grow due to lack of finance  or relying on informal channels ,which are expensive or unreliable by bringing such enterprises to the formal financial system and extending affordable credit to them.


ELIGIBILITY
Any individual including women, proprietary concern, partnership firm, private limited company or any other entity are eligible applicant under PMMY loans.


PURPOSE
For setting up of new/upgrading existing Micro business enterprises in the manufacturing, processing, trading and service sector and carrying out  activities allied to agriculture, financing to weavers and artisans (income generating activity).


NATURE OF FACILITY
Term Loan and/or Working Capital up to maximum Rs.10 lakhs under 3 categories

  • Shishu : covering loans upto 50,000/-
  • Kishore : covering loans above 50,000/- and upto 5 lakh
  • Tarun : covering loans above 5 lakh to 10 lakh

 

REPAYMENT
Maximum - 36 months for Demand Loan and 84 months for term loan including moratorium. Interest to be serviced as and when charged.


Margin

SHISHU KISHORE TARUN
upto Rs.50,000 above Rs.50,000 up to Rs.5.00 lakh above Rs.5.00 lakh up to Rs.10.00 lakh
NIL 15% 15%


SECURITY


  1. Primary Security-
    • Hypothecation of all assets acquired out of bank finance.
    • Personal guarantee of promoters/directors.
  2. Collateral Security -
    • NIL

All eligible activity would be covered under the guarantee cover of NCGTC under ‘Credit Guarantee Fund for Micro Units’.
[No collateral security/third party guarantee to be obtained].


RATE OF INTEREST (ROI)
As prescribed by the Bank from time to time linked to MCLR


PROCESSING FEES AND DOCUMENTATION CHARGES
As per extant guidelines of the Bank.


MUDRA Application form


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