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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 |
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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 |
|
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 . |
|
Interest Rate |
Up to Rs 3 Lakh : MCLR + 1.35%
|
|
Interest Subvention |
5% from NBCFDC/NSFDC for loan tenure upto maximum 5 years. |
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Repayment
|
Cash Credit-Limit is for 5 years to be renewed every year Term Loan- Max 5years (including moratorium of max 3 months). |
