Loan For Artisans

Loan for Artisans

Development of pretty artisans of the North Eastern Region by provising financial assistance in the form of term loan for income generating activities of handloom/handicraft sector for setting up/expansion/modernisaion/working capital and other activities related to the sector

Eligibility

Registered/unregistered artisan/Individual
Having valid qualification or practicing any art of form
No existing loan from any other Bank/Financial Institution

Photo identity and Address proof : As per RBI defined KYC guidelines.
Bank Account
Aadhaar Card (optional)

Key Features

Rate of Interest

6% p.a

Repayment

Upto 24 months

Nature of Assistance

Short Term Loan

Upfront Fee

0.5% of the Loan amount

Security

First charge on current assets including book debts both present and future.
First charge/ hypothecation on the plant and machinery, misc. fixed assets, other movable assets created out of the loan both present and future.
Personal Guarantee of the Promoter (s)/ Guarantor(s).
Coverage under CGTMSE for all proposals / collateral security as required.
Applicable CGTSME fee (AGF/ASF) as applicable, to be borne by the promoter.

Other Terms & conditions

Extent of Assistance: Maximum 85% of the project cost
Promoter’s Contribution : Minimum of 15% of the Project Cost.

Key Area

Cane & Bamboo

Water Hyacinth

Banana Fiber

Silk

Eri-Muga

Handloom

Weaving

Jewellary

Wooden Artware

Maximum Loan Amount upto 1 Lakh

Interest calculation on Reducing Balance

No Detailed Project Report is required