Rinn Suraksha for Micro & Small Enterprises - Business

Features

• Target Group :
  • New as well as existing Micro and Small Enterprises which are paying the Annual Guarantee Fee (AGF) for the CGTMSE coverage.
  • New demand loan to be sanctioned on yearly basis for the payment of AGF.
  • Coverage to Standard Account only.
• Facilities Available : Demand Loan (There should only one Demand loan for each guarantee fee paid)
• Quantum of Loan : Equivalent to the amount of AGF for CGTMSE Coverage plus applicable GST.
• Pricing :Same as applicable to linked SME Facility / loan
• Borrower’s Margin / Contribution :Nil
• Repayment Period:
  • Interest to be repaid as and when applied.
  • Principle to be repaid in maximum 12 months / repayment to be co-terminus with the tenure of the loans (for which CGTMSE fee is paid) whichever is earlier.
• Processing Fee/ Upfront Fee : Nil
• Other Charges: As per Bank Guidelines which will be appraised to the borrower before sanction of loans
• Special Feature
  • Loan to be sanctioned at the time of Sanction/ renewal, however the disbursement will be done only at the time of payment of CGTMSE fee.
  • Guarantee fee will be debited by the SME Loan disbursing branch.
  • Any debits, charges, withdrawals other than CGTMSE fee payment will not be permitted in this account.
  • For new limits, the disbursement of the Primary facility for which CGTMSE coverage is sought should be done only after capturing of CGPAN in CBS.