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1. The Corporation has introduced new
schemes for the benefit of our existing and regular borrowers who have a
proven track record of timely payment. These schemes provide speedy sanction
and liberal
disbursement procedures.
2. FUNCTION
a) Providing financial assistance to existing good borrowers/ potential
good borrower of the corporation under different schemes. These schemes
provide financial assistance to entrepreneurs to meet out their working
capital requirement and also for funding their expansion modernisation and
diversification projects.
b) Documentation and disbursement of loans sanctioned under GB Schemes is
done at HO except in cases having request of the promoter, for documentation
and disbursement is allowed in branches.
3. SCHEMES FOR GOOD BORROWERS
i) Short term loan to good borrowers(STL).
ii) Working capital term loan to good borrowers(WCTL).
iii) Special purposes working capital term loan(SPWCTL):
a) For acquiring set of diamond blade and/or segments by marble gangsaw units.
b) For acquiring set of back up roll/work roll, bearings, for replacement of machinery/ machinery parts and consumables specific to the need of the unit by SS Manufacturing units.
c) For replacement of card cloth by carpet woollen yarn manufacturing units.d) For textile units for replacement of parts of Stenter Machine, printing machine and thermax boiler.
iv) Financial assistance to existing non assisted units with proven track record and new units promoted by the good borrowers of the Corporation(UPGB).
v) Gold Card Scheme (GCL).
vi) Working capital term loan to non assisted
units (WCTL to NAU).
4. SCHEMES FOR POTENTIAL GOOD BORROWERS
i) Short term loans to good borrowers (STL).
ii) Working capital term loan to good borrowers (WCTL).
iii) Special purposes working capital term loan (SPWCTL):
a) For acquiring set of diamond blade and/or
segments by marble gangsaw units.
b) For acquiring set of back up roll/work roll, bearings, for replacement
of machinery/ machinery parts and consumables specific to the need of the
unit by SS Manufacturing units.
c) For replacement of card cloth by carpet
woolen yarn manufacturing units.
5. ELIGIBILITY CRITERIA FOR GOOD BORROWERS
Existing Units assisted by corporation fulfilling the following norms would
be eligible: -
(i) The unit should be an existing one and assisted by the corporation irrespective
of whether the account of the unit is in operation or the account is squared
up in past.
(ii) The unit should be in production during
the last 3 preceeding years(two years in respect of Special purposes WCTL
Schemes) on date to date basis and working results of atleast 2 years (one
year in respect of Special purposes WCTL Schemes) out of 3(2) years, should
reveal positive cash generations including the positive cash generations
in immediate preceding year.
iii) The unit should have repaid atleast 30% of loan disbursed.(For STL,
and WCTL Schemes only)
iv) The unit's account is classified as standard assets during last 3 (two
years in respect of Special purposes WCTL Scheme) full preceding years.
v) The unit has not availed of any concession/relief by way of reschedulement,
except refixation based on actual loan disbursed, during last 3 years. However,
if borrower’s request for reschedulement is considered before committing
default in last three preceding years provided it fulfills all other eligibility
criteria of the respective G.B. scheme, the case may be covered under G.B.
scheme.
vi) If any unit/entrepreneur or its sister or family/associate concern have
availed benefit of rebate/relief by way of waivement of penal interest/interest
in the last 3 financial years, the same is required to be refunded/deposited
back while considering financial assistance to such
units/entrepreneurs under Good Borrower Scheme.
vii) There should be no overdues in the loan account of sister/associate
concern, if any, financed by the Corporation.
viii) COMMERCIAL COMPLEX CASES
(a) The unit should be operating/dealing with
the Corporation for at least 2 years and repaid 50% of loan disbursed.
(b) The account of the unit should have been classified as standard assets
in last 2 financial years.
(c) Working results and financial performance of the unit should be satisfactory
in the last 2 financial years and should have shown positive cash generation.
(d) The other norms of the GB schemes shall remain unchanged. However, if
there is short fall in prescribed norms of the security debt ratio, the
Corporation may accept immovable property which is marketable and mortgagable
for the amount of gap.
6. ELIGIBILITY CRITERIA FOR POTENTIAL GOOD BORROWERS
The eligibility criteria under this scheme are as under:-
(i) The unit should be an existing one and assisted by the corporation irrespective
of whether the account of the unit is in operation or the account is squared
up in past.
(ii) The unit should be in production during the last 3 preceding years(two
years in respect of Special purposes WCTL Schemes) on date to date basis
and working results of atleast 2 years [one year in respect of Special purposes
WCTL Schemes) out of 3,(2) years, should reveal positive cash generations
including the positive cash generations in immediate preceding year.
iii) The unit should have repaid atleast 30% of loan disbursed in aggregate.(For
STL, and WCTL Schemes only) and should not have any overdue.
iv) The unit's account(s) has been repaid within LDR/Extended LDR OR if
any account is still in operation there should be no overdues in the account.
v) Incase, the unit has availed any concession/relief by way of waiver of
interest/penal interest in last 3 years, the same would be deposited back.
vi) There should not be any overdue in the loan account of sister/associate
concern, if any, financed by the Corporation.
vii) There should not have been any reschedulement in the account in the
preceding 2 years from the date of application under PGBS.
7. ELIGIBILITY CRITERIA FOR GOLD CARD
i) The unit should have operating/dealing with thecorporation for atleast
4 years.
ii) The existing debt equity ratio should not be more then 1.5:1 as per
balance sheet of the last financial year.
iii) The account of the unit should have been classified as standard assets
in the last 3 financial years.
iv) Working results and financial performance of the unit should be satisfactory
in the last 3 financial years.
v) The borrower should not have availed any benefit by way of waiver of
interest/penal interest or grant of reschedulement in the last 3 financial
years and during current financial year.
vi) There should be no overdue in sister/associate/family concern of the
unit and also no benefit of waiver of penal interest should have been granted
during last three years.
vii) The working result of the concerns should justify repayment of existing
and proposed loan.
viii) The loan cases which have been paid off in past as per the LDR(excluding prepayment) will be eligible for gold card loan provided their account were classified as standard assets in the last three years from the date of clearance of account and they have not availed term loan from bank. In case they have availed term loan from bank (excluding working capital loan) and want to avail gold card loan from the corporation then at first instance they shall have to avail the loan from corporation under any other scheme and operate the loan account at least for one year with satisfactory dealings.
ix) COMMERCIAL COMPLEX CASES
(a) The unit should be operating/dealing with
the Corporation for at least 2 years and repaid 50% of loan disbursed.
(b) The account of the unit should have been classified as standard assets
in last 2 financial years.
(c) Working results and financial performance of the unit should be satisfactory
in the last 2 financial years and should have shown positive cash generation.
(d) The other norms of the gold card schemes shall remain unchanged. However,
if there is short fall in prescribed norms of the security debt ratio, the
Corporation may accept immovable property which is marketable and mortgagable
for the amount of gap.
Note:- Under this scheme, minimum security debt ratio of 1.75:1 shall
be kept.
8. BRIEF OF THE SCHEMES
a) Working capital term loan
This Scheme has been introduced for financing gap in working capital requirement
and working capital available from Bank. The loan admissible under the scheme
is Rs. 2.00 lac to Rs. 300.00 lac to the existing units assisted by the
Corporation. The assistance is granted on the basis of the gap in working
capital assessed by the Corporation based on requirements and working capital
facilities made available by the banks. The assistance is granted on the
basis of security of immovable property which should be 150% of the total
assistance(including outstanding in existing term loan account) being considered
under the scheme.
Underpotential good borrower scheme, maximum loan admissible is twice of
loan repaid in term loan(excluding advance recovery) subject to security
debt ratio of minimum 2:1.
b) Short term loan
The above scheme has been introduced to provide short term financial assistance
to our regular borrowers for meeting their needs for acquiring P&M,
balancing equipments or for expansion, modernisation, replacement of fixed
assets or for acquisition of any other assets. The assistance under the
scheme is considered from Rs. 2.00 lac to Rs. 200.00 lac. However, the total
amount of assistance is restricted to 4 times of the amount of principal
repaid in term loan availed from the Corporation. Under potential good borrower
scheme maximum loan admissible is twice of loan repaid in term loan(excluding
advance recovery) subject to security debt ratio of 2:1.
c) Assistance to Non-assisted Units(UPGB Scheme)
The Corporation has introduced this scheme to provide financial assistance
to well established units assisted by banks or other financial institutions.
This Scheme also covers new units that are being set up or promoted by our
existing good borrowers.The financial assistance is available for the purpose
of meeting their needs for expansion, modernisation, diversification, purchasing
of balancing equipments etc.
Under this scheme assistance is being granted by the Corporation to the
following:-
i)New units promoted by our existing good borrowers.
ii)Units with proven track record not assisted by the Corporation but have
availed financial assistance from Bank or other financial institutions.
Under the scheme term loan assistance ranging from minimum of Rs. 20.00
lac to Rs. 1000.00 lac as per the maximum permissible limit of RFC is being
considered to four times of the principal repaid.
d) Special purposes WCTL Schemes.
Under this scheme financial assistance is provided:-
(i) To replace the existing blades/segments by marble gangsaw units.
(ii) For acquiring set of back up roll/work roll, bearings, for replacement
of machinery/ machinery parts and consumables specific to the need of the
unit by SS Manufacturing units.
(iii) To replace card clothing by carpet yarn manufacturing units.
(iv) For textile units for replacement
of parts of Stenter Machine, printing machine and thermax boiler.
The maximum loan is admissible equal to amount of loan repaid under good
borrower scheme as well as potential good borrower scheme.
Subsequent Loans : Fresh Loan for the above purpose is also
admissible even when earlier loan has not been repaid in total.
Further admissible
loan (on the same margin of security) and outstanding amount in the existing
SPWCTL account should not exceed the original sanctioned amount under this
scheme provided the unit is running.
e) Gold Card Scheme
Under this scheme, Corporation is providing speedy sanction and disbursement
of loan for meeting out immediate financial requirement of working capital
and/or for acquisition of fixed assets at free disposal in the hands of
borrower. The maximum loan admissible is equal to loan repaid with minimum
security debt ratio of 1.75:1. The interest is chargeable 1% below the prevailing
rate of interest with no further rebate on timely payment.
The maximum loan admissible under Gold card loan scheme on the basis of security debt ratio is as under:
Security Debt Ratio | Loan admissible |
1.75:1 | Equal to 5 times of cash generation |
2:1 | Equal to 6 times of cash generation |
2.5:1 | Equal to 8 times of cash generation |
3:1 | Equal to 10 times of cash generation |
f) Working capital term loan to non assisted
units
This Scheme provides to finance gap in working capital requirement and working
capital available from bank subject to maximum of Rs. 100.00 lac on security
debt ratio of 2:1. To become eligible under this scheme, a unit should have
been in production during last 3 preceding years and should reveal positive
cash generation in 2 years out of last 3 years including cash generation
in immediate preceding year and ready to provide prime security under Ist
charge in favour of the Corporation.
Under this scheme, prevailing rate of interest shall be charged and rebate
@ 1% for timely payment is available. Further the security debt ratio shall
be kept at 2:1.
g) Silver Card Scheme
Introduction
The Corporation is already operating
the "Gold Card Scheme" for its existing good borrowers and has
now also introduced the "Silver Card Scheme" for its other potential
good borrowers ie who have repaid more than 50% of the amount disbursed
in term loan. Under this scheme the Corporation provides financial assistance
as would facilitate the entrepreneurs to save the higher cost of funds which
would otherwise have to be borrowed from a private financier.
Objective
To provide financial assistance to
the borrowers of the Corporation to meet out their requirement, either for
working capital need or to acquire fixed assets or both, without going into
detailed appraisal.
Eligibility Criteria
Note: With the approval of CMD the unit can be sanctioned fresh Gold Card Loan by accepting pre-payment without premium from Silver Card Holders in case their repayment is satisfactory for a minimum period of one year and if the concern fulfills the eligibility criteria of Gold Card Loan scheme.
Eligible amount
The maximum eligible loan shall be
an amount equal to 50% of the loan repaid against principal in term loan
(loan repaid under WCTL shall not be considered) and shall be considered
in two parts:
Floating limit : Equal to 10% of total loan admissible may be availed by the borrower from any of our BO, including Delhi Sub Office any time during currency of loan. The loan so availed shall have to be deposited within the LDR of the fixed limit.
Note:
Securities and Security Debt Ratio
The outstanding in existing loan accounts and proposed loan ie. Total debt of the unit from the Corporation should not exceed 50% of the total security of fixed assets mortgaged to the Corporation. For the purpose of calculation of security, MRV of land and building and book value of P&M and MFA shall be considered. The minimum security debt ratio shall not be less than 2:1.
Interest rate
The unit will have the option to choose fixed or flexi rate of interest.
The loan carries a rate of interest @ 0.5% below the prevailing rate. However
the scheme does not carry the facility of rebate on timely payment.
Liquidated Damages
Liquidated damages @ 2.00% over and above the interest rate shall be charged
for the amount of default and for the period of default if the default extends
even upto two quarters.
Service charges
Processing charges @ 1% of amount to
be disbursed shall be charged at the time of disbursement.
Margin and Promoter's contribution
No additional margin and promoter's
contribution shall be required, provided the existing debt equity ratio
does not exceed 1.5:1.
Repayment and Moratorium period
The loan shall be repayable in maximum
5 years in quarterly instalments, including the moratorium period. The moratorium
period for payment of principal sum would be six months. However, interest
shall be paid quarterly.
Disbursement
Fixed limit: The sanctioned amount
shall have to be availed of within 6 months from the date of communication
of intention of sanction and the disbursement shall be released in maximum
three instalments.
Floating limit
Floating limit as and when availed of, shall be payable on or before the
last date of repayment.
h) Tatkaal
Scheme
Introduction
As is self-evident from the
name itself, the 'Tatkaal scheme' provides immediate financial assistance
to the Corporation's itself good borrowers without entering into detailed
examination and detailed appraisal.
Scope and Objectives
Financial assistance under the scheme shall be provided to the following
purposes:
(1) There should be adequate justification of additional working capital requirement in the peak season and also no additional working capital requirement has been made available by the banker during the peak season.
(2) The security margin in agro
based and seasonal industries is kept at 40% which should continue to
be kept/maintained intact while calculating additional working capital
requirement in peak season.
Eligibility Criteria
Units fulfiling the following norms shall be eligible for loan under the scheme:
Amount of assistance
Financial assistance under the scheme shall extend above Rs.10 lac and upto Rs.50 lac, subject to a maximum exposure of Rs.500 lac (including outstanding in existing term loan account). However, in case of proprietor/partnership, the maximum limit of assistance shall be of Rs.200 lac.
A higher requirement of loan (upto Rs.100 lac) may also be considered on the merits of the case.
Admissibility of loan
The admissibility of loan shall be calculated as under:
Purpose Security margin
(a) On working capital 25%
requirement
(to execute the specific
orders)
(b) On plant & machinery (i) 25%
(ii) 50% in case of P&M based on virgin/new technology.
Repayment & Moratorium period
Initially the term loan
will be provided for a short period extending to one year. However, where
the loan is availed for acquiring plant & machinery, the repayment period
may later on be converted into regular loan, payable in 3 years. In case
the party wants to repay it earlier, no prepayment charge would be levied.
The repayment shall be made in equated quarterly instalments.
The moratorium period shall not exceed 6 months from the date of release of funds.
Security
(i) First charge/first pari
passu charge by way of mortgage of land and building and hypothecation of
plant and machinery etc.
(ii) First charge/exclusive charge over the fixed assets proposed to be
created out of the proposed assistance or on the current assets (including
debtors) if the assistance is proposed to be utilized for working capital
requirement.
Rebate
While no rebate is offered
under the scheme in the first year, a rebate on timely payment, however,
shall be available in the subsequent two year period.
Service charges
Annual service charges @
1% p.a.payable quarterly on the outstanding amount for term loan, is payable
alongwith equated quarterly instalment.
Security Debt Ratio
A minimum security debt
ratio of 1.5:1 shall be maintained under the scheme. For the purpose of
calculation of security debt ratio, MRV of land (RIICO's present rate) and
building and WDV of plant & machinery shall be considered.
Application and Documentation fee:
The loan under the scheme shall carry:
· The application form shall
be deposited alongwith application fee @ 0.1% of the loan amount.
· Documentation charges : @ 1% of the loan intended to be sanctioned
are also payable.
Interest rate
The loan shall bear the
rate of interest prevailing as on the date of first disbursement.
Liquidated Damages
Liquidated damages @ 2.00% pa. Shall be charged on the amount of default
for the period of default, over and above the interest rate applicable.
Disbursement
The amount shall be released
in single instalment or in parts if so required by the unit, after ensuring
the following:
Repayment
The loan shall be repayable
through post dated cheques in equated quarterly instalments.
Sanctioning Authority
All loans irrespective of
amount shall be processed and considered at HO. The loan shall be sanctioned
by CMD or the Committee to be constituted by CMD.
i) PLATINUM CARD LOAN SCHEME
Introduction:
RFC
is providing financial assistance to the SSI and medium scale units since
last four decades. During the course of financing, a number of entrepreneurs
have established themselves as good borrowers (GB) of the Corporation and
the Corporation has already taken steps to provide financial assistance
to them on liberal terms through its various exclusive schemes.
In
order to encourage the existing entrepreneurs/good borrowers to have continued
business relationship with the Corporation in a competitive business scenario,
the Corporation has now introduced a new scheme termed as �Platinum Card
Loan Scheme� so that the existing entrepreneurs availing loan facilities
under GB schemes with satisfactory repayment behaviour may be further elevated/upgraded
under this new scheme.
Purpose:
Eligible
Units:
- Existing
gold card holders with proven track record of repayment of two years under
Gold Card Scheme.
OR
- Existing
gold card holders with proven track record of repayment of one year under
Gold Card Scheme and two years in other Good Borrowers Schemes.
Note:
This facility would not be available in joint finance cases.
Eligibility
criteria:
OR
-
On considering the proposed platinum card limit, the debt equity ratio would
not exceed 2:1.
-
Working results and financial performance of the unit should have been satisfactory
in the last 4 financial year and it should have revealed positive cash generation
at least for 2 years in the last 3 years.
-
There should be no overdue in sister/associate/ family concern of the unit
and also no benefit of waiver of penal interest should have been granted
during last three years.
-
The working result of the concerns should justify repayment of existing
and proposed loan.
Eligible
amount:
The
eligibility of loan shall be assessed by the Corporation, which shall not
be more than 1.25 times of the loan repaid against principal in term loan,
including UPGB and short term loan under GB scheme (loan repaid in WCTL/Silver
Card/Gold Card loan account shall not be considered).
-
The
eligible amount under Platinum Card Scheme would be considered in two segments
ie. Fixed limit and floating limit.
-
The
floating limit would be equal to 10% (in multiple of Rs.0.50 lac) of total
platinum card loan admissible, subject to maximum of Rs.5.00 lac.
-
Platinum
card would be considered only in the cases where admissible loan under this
scheme is Rs.10 lac or above.
- The maximum loan admissible under Platinum card loan scheme on the basis of security debt ratio is as under:
Security Debt Ratio | Loan admissible |
1.75:1 | Equal to 5 times of cash generation |
2:1 | Equal to 6 times of cash generation |
2.5:1 | Equal to 8 times of cash generation |
3:1 | Equal to 10 times of cash generation |
Securities
and security debt ratio:
The
security debt ratio should not be less than 1.75:1. For the purpose of calculation
of security, MRV of land and building and book value of plant and machinery
and MFA (subject to maximum of MRV of land and building) shall be considered.
Note:
If any gold card holder becomes eligible for platinum card, while considering
the eligible amount under Platinum Card Scheme, the outstanding in existing
gold card account will be simultaneously squared up and shall be upgraded
to the Platinum Card Scheme by way of roll over. In other words, the entrepreneur
cannot have gold card as well as platinum card simultaneously. However,
no prepayment charges would be charged for such upgradation of gold card
loan amount. The borrower shall, however, have to surrender his gold card
to get Platinum Card.
Processing
of loan application:
Application
and application fee:
After
prima facie clearance of the case of the unit, the entrepreneurs shall submit
formal application in the prescribed format alongwith the application fee
as per the existing norms.
Margin
and promoter's contribution:
No
additional margin and promoter�s contribution will be required to be brought
in, provided that the existing debt equity ratio is not more than 1.5:1.
However, if after proposed availment of platinum card limit, the debt equity
ratio increases beyond 2:1, the concern/unit has to bring additional capital
or unsecured (Interest Free) loan so as to keep the debt equity ratio below
2:1.
Processing
charges:
Processing
charges @1% of amount to be disbursed shall be charged at the time of disbursement.
Interest
rate:
The
unit would have the option to choose fixed or flexi rate of interest at
the time of filing the application. Request for change in option in interest
from fixed to flexi and vice versa can be considered by the GM(Loans) before
execution of loan documents. After execution of loan documents, no such
request shall be entertained.
-
Fixed
rate of interest: 1.25% below the prevailing applicable rate of interest
under the General Term Loan Scheme, interest being payable quarterly, with
no further rebate.
OR
-
Flexi
rate of interest : 1.25% below the rate of interest applicable under the
General Term Loan Scheme prevailing from time to time.
Note:
Liquidated
damages:
No
liquidated damages shall be charged, till default in two consecutive quarters.
In case default persists for more than two quarters, liquidated damages
shall be charged @ 2.00% over and above the applicable rate of interest
for the period of default on the amount of default.
Repayment
period:
The
loan shall be repayable in maximum 5 years in quarterly instalments; (including
a moratorium period not exceeding six months) through PDCs of principle
sum of fixed limit. Interest is to be paid on due dates separately.
Moratorium
period:
The
moratorium period for payment of principal sum would not exceed six months.
However, interest shall be paid quarterly.
Disbursement:
The
disbursement will be released in maximum two instalments.
Validity
of sanction:
The
sanction will be valid for 6 months only from the date of communication
of sanction. Extension in sanction beyond 6 months to 12 months shall be
considered by the sanctioning authority.
9. MISCELLANEOUS
a) Interest rate:
(i) Prevailing rate of interest is chargeable in all the Schemes of good
borrowers, potential good borrowers, UPGB Scheme and WCTL to non assisted
units and Special purposes WCTL Scheme.
(ii) Intt. at 1% below the prevailing rate of interest is chargeable under
Gold Card Scheme.
b) Processing Charges:
Processing
charges @ 1% p.a. is chargeable under WCTL, SPWCTL, WCTL to non assisted
units in both the Schemes for good borrowers and PGB Scheme.
c) Rebate
Rebate for timely payment is available as under:-
(i) Good borrower scheme - 2%
(ii) Under Potential good borrower scheme - 1%
and working capital term loan to non
assisted units.
(iii)Gold Card Scheme - Nil
d) Repayment:
Under all the Schemes (except Gold card scheme)repayment is taken through
PDCs.
10. DELEGATION OF POWERS
Exclusively powers for sanction of loan are available to field offices under
GB Schemes to the extent power available in general term loan scheme. However
power for sanction of loan under Gold card scheme and WCTL to non assisted
units are available at HO only irrespective of amount.
11. Application form under different schemes of Good borrowers:-
i. Short term loan(STL) - Annexure-A
(both under GB Scheme and)
Potential GB scheme )
ii. Working Capital term loan(WCTL) - Annexure-B
(Under GB Scheme/Potential GB
Scheme and WCTL to non assisted
units)
iii. Unit promoted by Good borrower(UPGB) - Application
form above Rs. 2.00 lac applicable
under general term loan Scheme may
be used.
Note: These forms are available on
Website and can be electronically transmitted. Application form can be submitted
to the office along with cost of form besides application fee prescribed.
Application forms for Special purposes WCTL Scheme and Gold Card scheme
can be obtained from our branch office.
Please ensure filling of correct application form relating to concerned
scheme.
SCHEME OF ROLL OVER OF HIGHER INTEREST RATE UNDER GOOD BORROWERS/POTENTIAL GOOD BORROWERS SCHEME
1. ELIGIBILITY CRITERIA
a. The existing borrowers financed under good borrowers/potential good borrowers scheme shall be eligible for roll over of interest under this scheme irrespective of the fact whether it is defaulting unit or rescheduled account.
b. There should not be any overdue in any of the loan account of the borrowers as on the date of application. In case there are overdues, the borrower has to deposit entire overdues on the date of registration of application.
c. Borrowers having rate of interest above 13% in case of MSI and above 12.75% in case of SSI sector in existing loan account.
d. Loans sanctioned under card schemes ie. Silver, Gold and Platinum card holder shall not be eligible for Rollover as they are already having option of flexi rate of interest. However, their other loan accounts financed under GB/PGB shall be eligible.
e. In case of multiple GB/PGB accounts it is necessary to Rollover all such accounts where documented rate of interest is above 12.75% in SSI and above 13% in non-SSI.
Note: The scheme shall be operative as account wise and not as borrower wise.
2. AMOUNT OF PREMIUM:
The borrower has to deposit the premium with the Corporation to be calculated @ 3% of principal outstanding as on 31st Dec.,2004.
3. PROCESSING CHARGES
No processing charges, application fee shall be charged separately.
4. LAST DATE OF REGISTRATION OF APPLICATION
The last date of receiving request for roll over application shall be 31.12.04 and application shall be registered (accountwise) by charging registration fee of Rs.1000/- separately for each account.
5. TIMELY PAYMENT REBATE:
Rebate in interest on timely payment available shall continue to be available as per terms of original sanction.
6. COMPETENT AUTHORITY AND PROCESSING OF ROLL OVER APPLICATION
All such applications shall be registered/processed and examined at BO level and shall be considered by the BO irrespective of delegation of power for sanction of loan under GB/PGB scheme.
7. DOCUMENTATION
To give the effect of current rate of interest in the roll over account, the deed of modification only shall be executed by the borrower.
8. SWITCH OVER CHARGES:
In case any borrower avails the benefit of Roll over and thereafter switch over to another FI/Banks the Corporation shall charge 1.2% of amount so switched over besides premium payable, if any.
The other terms and conditions of respective sanction letter of these borrowers shall remain unchanged.
9. EFFECTIVE DATE OF CURRENT INTEREST RATE:
The branch shall give necessary effect in� the loan account of the borrower so as to reflect current concessional rate of interest wef. 1.4.2005.
10. MISCELLANEOUS:
i. The repayment schedule as per the original schedule (and for rescheduled cases the existing revised schedule) shall be applicable without any moratorium period.
ii. The borrowers who will avail benefit of Roll over shall continue to be eligible for further financial assistance under Good Borrower, Potential Good Borrower and Card scheme, as usual.
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