||Indian Overseas Bank
||IOB RICE MILLS PLUS Scheme / IOB SME MAHILA PLUS SCHEME
- 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
- 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
- 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.
- 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
||As per extant guidelines for lending to MSE sector.