SME Finance for CA firms - Business

Features

• Target Group : CA Firms (Proprietorship/ Partnership) registered with the Institute of Chartered Accountants of India and currently under practice.
  • Eligibility:
  • CA firm should be registered with ICAI.
  • Promotor’s Age: Minimum Age: 25 Years, Maximum Age: 65 years
  • CA must have Certificate of Membership (CoM)/ Certificate of Practice (CoP) issued by ICAI. CoM/ CoP should be at least 5 years old.
  • Minimum ITR – ITR for past 3 years should be available.
  • The applicant must obtain a above 60% score as per score card under the scheme.
  • Applicant must be registered in UDYAM portal as MSME. Applicants with CIBIL score below 650 will be ineligible.
• Facilities Available :  Overdraft, Term Loan.
• Quantum of loan : 
  • Overdraft : Min: Rs. 2 Lakhs; Max. Rs.25 Lakhs.
  • Term Loan :
  • Min. Rs.2 Lakhs;
  • Max:
  • (i) Metros: Delhi, Mumbai, Chennai, Kolkata, Ahmedabad, Bengaluru: Rs. 100 Lakhs.
  • (ii) Other Centres (State Capital/ Tier-I cities): Max. Rs.75 Lakhs.
• Pricing : 
  • Attractive Interest rates based on rating of the Borrower/ External Rating or as per Scheme Specific Rating (if applicable) or as per extant guidelines of the Bank. EBR (Linked to Repo Rate and Currently EBR is Repo Rate + 2.65%) linked (for MSMEs) & 6 months MCLR linked (for Non-MSMEs)
• Borrower’s Margin / Contribution Term Loan: 25%, Overdraft: Nil.
• Repayment Period
  • Overdraft : On demand.
  • Term Loan: Repayable in 60 EMIs. (With maximum moratorium of 12 months)
• Processing Fee/ Upfront Fee Flat Rs. 2000 + applicable taxes.
• Other Charges: As per Bank Guidelines which will be appraised to the borrower before sanction of loans.
• Special Feature
  • Collateral Security:
  • Overdraft: Nil.
  • Term Loan: Loan to be covered under CGTMSE. CGTMSE fee to be borne by the borrower.