With a view to extend liberalized assistance exclusively to existing well run profit making Tourist Resorts/Hotels, the Corporation has partially modified the scheme parameters. The terms and conditions of the modified scheme are:-

PURPOSE

The loan shall be used for the developmental activities viz., the modernization and upgradation of existing profit making Tourist Resorts/Hotels.

ELIGIBLE CUSTOMERS

    Existing well run profit making Resorts/Hotels are eligible for financing under the scheme.

MAXIMUM ELIGIBILITY

90% of the estimated requirement for the development purpose, subject to a maximum of 50% of the value of the existing assets.  Balance will have to be brought in by the promoters.

SECURITY FOR THE LOAN

Properties of the Resort/Hotel will be the primary security for the loan.  This shall cover 200% of the loan amount.

MINIMUM CONTRIBUTION

The minimum contribution of the promoter shall be 10% of the total project cost

MODE OF DISBURSEMENT

50% of the Term Loan will be released as advance and balance 50% to  be released after verification of proper utilization of the first disbursement

REPAYMENT PERIOD

Maximum of 8 years.