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IB CONTRACTORS

IB CONTRACTORS

Particulars Guidelines
Target Group Individual / Proprietor / Registered Partnership / Limited Liability Partnership (LLP) / Pvt  & Public Limited Companies under Micro, Small & Medium Enterprises (MSME) as per extant definition of Government of India

Well established contractors (civil, mechanical, electrical etc.), performing contracts for Central / State Govt. / reputed PSUs / reputed Corporates.

Contractors / Sub-Contractors should be in the line of business for 3 years & has earned continuous profit for last 2 years.

Sub-Contractors are eligible for finance

GST registration of the borrower is mandatory, wherever applicable.

Applicant Should have certificate under MSME Act, 2006

Purpose To finance contractors carrying out work orders from various Central / State Govt departments /reputed PSUs/ reputed Corporates  covers all aspects like purchase of machinery, working capital requirements etc.
Types of Facility Fund Based: Secured OD / OCC / Term Loan / BP

Non-Fund Based: Bank Guarantee / LC

Loan Amount Minimum Loan Amount: Above Rs. 10 lakh per  borrower

Maximum: Rs. 10 Crores per borrower (FB+NFB)

Rs. 20 Crores per group (FB+NFB)

Margin (Promoter’s contribution) 50% on EM property for Secured OD

20% on Stock and Book Debts

20% on equipments / Term Loan

15% for Bill Finance.

10% against Guarantees / LC

Security Primary Security: 

o   SOD – EM of property (Min. 200% of the limit).

o   OCC –  Stock and Book Debts

o   MTL – Hypothecation of equipments purchased by availing MTL.

o   BG- Counter guarantee by applicant.

o   Cash margin by way of FDR.  Portion uncovered by cash margin should be covered with value of security.

o   LC- Cash margin by way of FDR and Hyp. of stocks procured against LC.

o   BP- Undertaking from the debtors to make payment directly to the Bank.

Collateral Security: 

In case of OCC, 100% collateral security coverage in the form of immovable property / liquid security to be obtained.

Repayment terms Term Loan shall be repayable in maximum of 84 months, including holiday period.
Processing & other charges All Charges are at Card Rate

( अंतिम संशोधन Apr 01, 2020 at 04:04:28 PM )