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oriental equipment loan scheme

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  • oriental equipment loan scheme
  • Eligibility
    Eligibility
    • Existing Proprietorship, Partnership firms, Private / Public Ltd. Cos.
    • Business unit should have been established in their line of business for minimum for 3 year and profit making concern.
    • CIBIL report to be obtained /generated and branch to ensure that the same is satisfactory as per bank guidelines.
    • Entry level rating should be minimum Imacs 5
  • Finance
    Nature of facility Term Loan
    Purpose Financing Cost of acquisition of new equipments
    • Cost of alterations to existing machinery
    • Service and adopting measures for enhancement of energy efficiency/conservation of energy
    Size of Loan Up to 80% of the total Equipment cost, subject to maximum of Rs 500 lac.
  • Security/Margin
    Security
    • First charge over assets created out of the loan.
    • Account to be covered under CGTSME Scheme wherever applicable. In case advance is not covered under the scheme suitable collateral security to be obtained.
     

    Personal Guarantees of the Directors & owners of the securities wherever applicable

    Margin 20%
    Process Fee 0.50% of the loan amount
    Other Conditions
    • Average DSCR should not be less than 1.25
    • Audited balance sheet of the borrower to be obtained and ensured that sufficient margin is available.
    • CGTMSE coverage to be obtained wherever applicable
  • Repayment Period/ Term
    Repayment Period/ Term Repayment period of the loan to be maximum of five years including moratorium
    ROI BR+2.00% for limits up to Rs 25.00 lacs and as per rating for SME accounts above Rs 25.00 lacs.
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