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Indian Overseas Bank

IOB RICE MILLS PLUS Scheme / IOB SME MAHILA PLUS SCHEME

Bank Indian Overseas Bank
Scheme IOB RICE MILLS PLUS Scheme / IOB SME MAHILA PLUS SCHEME
Description
  • To set up a factory/business premises either manufacturing or service enterprise qualifying under Micro or Small enterprises.
  • To upgrade the existing unit and purchase of equipments, Machineries , Computers etc.
  • Fresh or additional working capital limits
Eligibility
  •  Qualified women(minimum graduate ) who desire to start a unit in the age group of 21 to 50.Women with technical qualification will be given preference. Women professionals in any field can also avail credit under the scheme.
  •  Either a Proprietorship Concern or a partnership with women in the lead
  •  Private Limited companies with woman as the Managing director/or a Director in a key position
  •  Existing units fully managed by a woman entrepreneur are also eligible under the scheme
Rate of Interest & Repayment
  • Base Rate +1.25 % for working capital (Current Base Rate is 10.50 % and applicable rate is 11.75 %)
  • Base Rate + 1.50 % for Term Loams for construction of factory / business premises (applicable rate is 12.00%)
  • Base Rate + 1.75 % for purchase of Machineries / Equipments
  • Repayment:
  • Cash credit : To be renewed annually and Interest to be serviced on monthly basis
  • Term Loan : 10 years for term loan for construction of factory/business premises
  • 7 years in Equal Monthly Instalments in case of Machineries
  • Moratorium period of 12 months for establishing a new manufacturing unit and in all other cases moratorium of 3 months is applicable.
  • Interest to be serviced as and when debited including holiday period.
  • Repayment to commence from the month of commencement of commercial operation.
Collateral
  • No collateral security or third party guarantee upto Rs.100 Lacs.
  •  All loans upto Rs.100 Lacs to be covered under CGTMSE Guarantee scheme.
  • Collateral security may be taken for loans above Rs.100 Lacs Collateral security to cover at least 50 % of the credit facility if the loan granted is above Rs 100 lacs
Composite /loan Limit
  • Composite loan upto Rs 2 crores for a Manufacturing enterprise
  • Composite loan upto Rs 1 crore for a Service enterprise
Margin As per extant guidelines for lending to MSE sector.
Detail Link View Link
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