CentralBank of India-MSME
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CENT - PROFESSIONAL

Eligibility :

  1. Professionals: Registered Medical Practitioners, Chartered Accountants, Company Secretaries, Consultant Engineers and Architects, Management Consultants, Tax Consultants, Free-lance accredited Journalists/Cameraman/Caterers who are holding either a degree or diploma from established institutions and established in their profession.
  2. Individuals/Jointly/Partnership firm (excluding partnership firm where HUF is a partner) / Joint Stock Company (excluding persons engaged in Real Estate/Speculative Activities /Capital Market Activities) excluding businessmen.
  3. Minimum experience 3 years in their field.
  4. Minimum age 25 and maximum up to 65 years
  5. The applicant should be an Income tax assesse.

Purpose:


Finance for acquisition of ready built office premises.

Quantum of Finance :

  1. For Individual : Minimum Limit: Rs.1.00Lac & Maximum Limit: Rs.100.00Lac.
  2. For Firm / Corporate / Companies : Minimum Limit: Rs.1.00Lac & Maximum Limit: Rs.500.00Lac.

Margin :

  1. Term Loan: 35% on cost of the office premises.
  2. 40% for furniture and fixtures.
  3. Overdraft : 50 % against receivables not older than 90 days.

Rate of Interest :

  1. Up to Rs.10.00Lac: MCLR + 0.50%
  2. Above Rs.10Lac and up to Rs.100.00Lac: MCLR + 1.00%.
  3. For Micro & small enterprises above Rs.1Crore :
  4. Based on Customer Credit Rating

  5. For Term Loan Tenor Premium will be : 1 year to 3 years is 0.25% & above 3 years is 0.50%

Terms of Repayment :

  1. Term Loan is to be repaid in Maximum 120 equated monthly instalments (EMIs), commencing after 3 months from the date of disbursement. (Moratorium 3 months).
  2. Working Capital: for 12 months subject to renewal annually.

Security :

  1. Primary Security :
    • Equitable Mortgage of Office Premises for Term Loan.
    • Hypothecation of Furniture and fixtures and other office equipment financed.
    • For Overdraft against receivables, assignment of receivables not older than 90 days.
  2. Collateral Security :
  3. As per Bank's guidelines for the scheme.

Processing Charges :

  1. Nil up-to Rs.5.00Lac
  2. 0.75% of loan amount subject to a minimum of Rs.5000/- plus service tax with maximum of Rs.1Lac above Rs.5.00Lac.

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