| Salient Features | Artisan friendly loan scheme for purchase of power tools to help artisans to improve efficiency and income |
| Eligibility | All artisans and self employed people who are engaged in the field of carpentry and wood works, servicing & repairing of automobiles, electrical and sanitary servicing and other related works. MICO also may identify prospective borrowers and refer them to Branches. |
| Quantum of Loan | Up to Rs.1.00 lakhs |
| Margin | Nil up to loan amount of Rs.50000/-. 10% for loan amount above Rs.50000/- to Rs.100000/- |
| Interest Rates | Please see the Interest Rate link on home page |
| Security | Hypothecation of tools purchased out of the loan. No collateral security/third party guarantee. CGTSI cover compulsory. |
| Other Requirements/Details | * Guarantee fee on CGTSI cover: If applicable guarantee fee of 1.50%, Bank will bear one third viz. 0.5% of loan amount. The annual service fee (0.75%) to be borne by the borrower.
* Personal Insurance under Bank Scheme to be part of the scheme - IB Jeevan Kalyan or any other related scheme. |
| * BPLR = 12.50 % and BASE RATE = 8.00 % | |
