| Salient Features | For purchase of necessary tools / equipments, vehicles (ambulance/jeep for office use), upgradation of existing equipments/renovation of Office building including Air-conditioners, furnishings, reference books, purchase of new vehicles (even if new vehicle /equipment has already been purchased out of own sources, reimbursement can be allowed, if it was acquired within 6 months). |
| Eligibility | Qualified professional(s) like Chartered Accountants, Architects/ Interior Decorators, Qualified caterers etc. who are practicing in Metropolitan/ Urban/semi-urban areas, with minimum of 3 years experience (including internship). The scheme is generally applicable only to resident Indians (either individual or Registered Firm) not above 60 years |
| Quantum of Loan | Experience exceeding 3 years - Max. Rs. 5 Lakhs with an overall ceiling of 12 months gross monthly projected income with the previous year's income as indication Experience less than 3 years - Loan restricted to 50% of the eligible amount. |
| Margin | No margin for loan upto Rs.1 lakh limit Above Rs.1 lakh, a margin of 20% is to be brought in |
| Interest Rates | Please see the Interest Rate link on home page |
| Repayment Period | 60 EMI with an option for holiday period of 6 months (MAX). |
| Security | Assets created, if any, out of the loan amount for the advance upto Rs.1 lakh For limits above Rs 1.00 lakh, hypothecation of Equipments/ assets purchased out of the loan Where creation of tangible security is not involved, LIC Policy to the extent of shortfall in security coverage. |
| Master Circular (For updations see the latest circulars) | ADV/125/05-06 dt 22/12/05
ADV/133/05-06 dt 18/01/06 |
| * BPLR = 12.50 % and BASE RATE = 8.00 % | |
