Eligibility

• Chartered Accountants, individually / jointly or Proprietorship concern or a Partnership Firm/Partnership with Limited Liability registered with ICAI, engaged in the profession of Accounting/Audit etc.
• In case of Individual/proprietorship, the age of the individual/proprietor shall not exceed 65 years (where age of the applicant/proprietor is above 65 years, such case shall be considered on case to case basis based on the merits of the case).
• The applicants/Firm should have been registered with Institute of Chartered Accounts of India, and holding valid certificate/license for carrying out the practice.
• The applicants/firms/partners name shall not appear in the RBI defaulters list/CIBIL report.
• In case of Firm, all partners shall join as co- applicants.
• The members/firms should not have been subjected to disciplinary action by the Institute. The borrower's name shall appear in the list of members of the Institute.

Purpose

• To Purchase Car
• To construct office premises
• To acquire ready built office premises (partial or fully constructed)
• To cover cost of land and construction.
• To purchase furniture & fixture, fittings and office equipments, computers, Books and other accessories, etc.
• Towards working capital and financing receivables

Loan Amount

• Varies from Rs.10 Lacs to Rs. 125 Lacs depending on the category.

Margin

• Term Loan - 20%
• Working Capital - 25%
• Value of land not to exceed 50% of the project cost in case of purchase of site and construction of premises.

Rate of Interest

• As applicable to SME sector subject to revision from time to time

Collateral Security

• Collateral security may be taken for loans above Rs. 10 Lacs, if not covered under CGTMSE guarantee scheme.

Repayment Period

• Term Loan shall be repayable in EMI, in maximum period of 10 years, including initial moratorium up to 24 months.
• Repayment period shall commence from the date of commercial operations or after completion of initial repayment holiday or as per the terms of sanction.
• Interest shall be serviced as and when debited.
• No moratorium is permitted for cash credit facility. Monthly interest debited shall be promptly serviced.
• Term Loan is subject to annual review.
• Cash Credit account is repayable on demand subject to annual review/renewal.

Processing Fee

• 0.25% of loan amount subject to a minimum of Rs.5000/-

Other Conditions

• The applicant shall not have any outstanding statutory dues such as Tax, EPF & other dues as per the last audited financial statement or at the time of submission of loan application.