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INFORMATION TECHNOLOGY & SOFTWARE DEVELOPMENT
Information
Technology and software development has been declared a thrust area by Government
of Kerala and additional facilities like readymade infrastructure, liberlised
norms for financial assistance, financial incentives, etc are being offered to
enterprenuers setting up faculities in this sector. This is a sunrise industry
and substancial growth is expected to take place in this sector in kerala as the
State offers trained manpower.
The financial requirements of information
technology and software development sector are different from other areas in that
there are very few tangible assests and human resource is main input. Further,
the working capital requirements cannot be extended based on past trends alone.
KFC aims at satisfying the special/unique requirements of this sector and hence
has introduced the scheme.
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ELIGIBILITY
Preference will be given to units establishedd by persons
with adequate experience and exposure. The determination of the above quality
will be guided by the track record of the promoters, their group affiliations,
the management team, academic/professional qualifications and work experience
in software development and marketing, infrastructure available etc.
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UPPER LIMIT OF ASSISTANCE
Up to Rs. 500
lakh in the case of the corporate sector and upto Rs. 200 lakh for proprietary/partnership
units.
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 RATE
OF INTEREST 1
13.50% per annum with 2% additional interest on defaulted amounts for
defaulted period. The interest shall be calculated on quarterly rests
and is payable on the first day of january, April, July and October
every year. |
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MAXIMUM REPAYMENT PERIOD
Upto 6 years including a gestation period
of upto one year for starting the repayment of principal amount. The repayment
period can be refixed based on the annual review of accounts.
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SECURITY FOR THE LOAN
(1) Primary security: A Securitythe existing
assests of the unit and primary charge on assests acquired with the financial
assistance of the Corporation.
(2) Collateral Security: Collateral security
equivalent to the loan component has to be offered. However the Corporation follows
a flexible approach here.
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Personal Gurantee
To be offered
by all the persons having stake of five or more percentage in the share capital.
Special Features
(1) Cost of software developed by individuals and acquired
by the unit including the self developed ones as certified by independent acclaimed
agencies will be treated as fixed asset.
(2) Units coming up in rented premises,
Technopark, STPI's and parks developed exclusively for IT and software sector
by individuals/institutions would also qualify for drawal of term loan under the
liberalised norms.
(3) Fixed capital eligible for term loan included land,
buildings, hardware and accessories, utilities, software and miscellaneous fixed
assests.
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Other Benefits of this Sector
Investment
Subsidy: New IT units are eligible for an investment Subsidy of 25% on capital
investment subject to a maximum of Rs. 25 lakhs. KFC will process the subsidy
applications.
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