Special OTS scheme for MSE borrowers

1.    The Scheme is valid upto 31.03.2023
2.    All accounts Classified as NPA as on 31.03.2022 having exposure (o/s exposure CIF wise) upto Rs.10 crore are eligible
3.    Central Govt/State Govt guaranteed  accounts will not be considered under this scheme
4.    Borrowal accounts admitted in NCLT under CIRP or that are under liquidation process shall not be eligible
5.    The valuation report/s should not be more thean one year old  as on the date of processing/sanction  of OTS proposal.
6.    The borrower has to deposit 5% of the OTS amount at the time of submission of submission of application as upfront payment to enable the branch to process the same.This amount will be held by the branch in No Lien account. Once the sanction letter is issued to the borrower, this upfront amount shall be adjusted toward OTS amount and credited in the loan account
7.    The borrower has to deposit 10% of the OTS amount within 30 days from the date of conveying sanction of the proposal failing which the sanction will be rendered infructuous. This will include the amount deposited along with the application for sanction of OTS.
8.    Normally the entire OTS amount shall be payable by the borrower within three months from the date of conveying sanction. However it can be paid within six months from the date of conveying sanction, preferably in monthly installments,but not later than 30.06.2023 ,together with simple interest @ 1year MCLR +2 % on reducing balance basis effective from the date of conveying sanction of the OTS
9.    For details Please contact branch Manager