Bank | Indian Overseas Bank |
Scheme | IOB MICRO ONE |
Description | |
Eligibility | MICRO ENTERPRISES falling under the norms as below:
(only new connections under Micro Sector and the scheme is not applicable to existing borrower clients) Manufacturing : Original investment in Plant and machinery upto Rs.25.00 lacs Service Enterprises: Original investment in Equipments upto Rs.10.00 lacs |
Rate of Interest & Repayment | Both for Working Capital and Term Loan Base Rate + 1.75%
Repayment: 84 EMIs for Term Loan (for combined facility as well) Cash Credit to be renewed annually |
Collateral | Only prime security created out of this loan (NO COLLATERAL OR THIRD PARTY GUARANTEE TO BE OBTAINED) |
Composite /loan Limit | Maximum Rs.50.00 lacs (Cash Credit + Term Loan with a ceiling of Rs.22.50 lacs for Term Loan) Can be granted separately or as a combined credit facility |
Margin | 10% for working Capital against stocks and 15 % against Book debts. |
Detail Link | View Link |