Loan schemes/Interest Rates
The Corporation would endeavour to extend comprehensive services including term loan, working capital and special schemes that may be required for benefit of the SME sector. The Interest and principal are to be paid in monthly rests for all schemes.
The extent of financing is based on the type of the project and credit rating. Interest rates, extent of financing and maximum period of loans are given below:
INTEREST RATES FOR LOAN SCHEMES FOLLOWING FLOATING RATE EFFECTIVE FROM 01/05/2014
- For all existing loan which are availing interest reduction based on credit rating the same has to be reviewed annually and at the time the account goes standard.
- Loan to existing Micro Finance Institutions will be at 14%.
- In case of any change in market conditions, trends, cost of funds, or any other new development, interest rates can be varied upto 1% (increased or decreased) for
any scheme by CMD.
- The existing loans extended under NRK scheme will continue to carry the existing rate of interest.
- Interest reduction based on credit rating of 70%/75% and above can be allowed by CMD on case to case basis.
- Warehouse/Godown will come under service sector with Gross rate of 15.5%.
HEERA LIFE STYLE (P) LTD, ERANAKULAM is for e-Sale
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