Registered Companies and Societies/Registered Partnership Firms/Sole Proprietorship firms/Individual SC Entrepreneurs having more than 51% shareholding by Scheduled Caste entrepreneurs/promoters/members with management control for the past 6 months engaged in manufacturing and services sector are cover under the Scheme.
Yes, an individual is covered in the scheme.
Yes, Registered companies including One Person Companies are eligible to be covered under the scheme.
No, Only the banks who have signed the undertaking for the scheme to become a member of the scheme known as Member Lending Institution (MLI) are allowed to get benefits of the scheme for their borrowers. The list of MLIs along with their Nodal Officers for the scheme is available on the IFCI's website, i.e. ifciltd.com and also on portal of the scheme, i.e. https://ifcicegssc.in.
Yes. The term “Loan” shall cover Working Capital Loan, Term Loan/Composite Term loan granted to SC Enterprises by MLIs is covered under the scheme.
No Collateral security is required for the loan availed in the scheme.
No, Third party Guarantee is not required for the loan availed in the scheme.
There is no restriction on the quantum of loan that a bank can sanction in the scheme. However, guarantee cover under the scheme will be minimum for Rs.0.15 crore and maximum Rs.5.00 crore.
An undertaking needs to be signed by the Bank to become MLI.
The rate of interest admissible on the loans covered under the scheme will be per the interest rate policy of the MLI and will be linked to base rate of the MLI subject to maximum interest rate charged by MLI will not be more than 3% over and above the base rate of the MLI.
The maximum tenure of the guarantee cover may be upto 7 years or loan repayment period whichever is earlier. However, initially the loan shall be guaranteed for 1 years and renewed at yearly intervals.
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