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Indian Overseas Bank

IOB MICRO ONE

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.
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