Prime minister loan scheme 2013 Details procedure

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Purpose of Scheme:

To provide tiny business loans in form of Term loan specialise in (but won’t restricted to) idle youth, particularly educated youth probing for establishing or extending commerce.

Eligibility Criteria:

Females age between 21 to 45 year having ability to start their own business or intend to expand the existing business. Applicant should have some experience of relevant field or holds a business related diploma/certificate pertaining trade of proposed business setup.

Pricing / Markup Rate : 8%

Tenor:

Maximum 7 years. The tenor will depend upon the nature of business, pattern of income and repayment capacity.

Finance Limit

Minimum : 500,000 Rs.

Maximum : 2,000,000 Rs.

Processing Time:

Processing time will not exceed 15 working days after submission of complete basic documents by the applicant.

Borrower’s Capital : 10% of Loam Amount

Collateral / Security:

From Rs. 500,000/- to Rs 749,999/- will be secured against Hypothecation of stocks/Assets & two personal guarantees of high net/credit worthy individuals including one of government servants minimum in BPS 17.

From Rs. 750,000/= up-to Rs 2,000,000/= will be secured against tangible securities such as Lien on deposit certificates, property mortgage, pledge of gold ornaments, Pledge of stocks.

Repayment of the Loan:

Equal monthly installments with grace period of 6 months for principal payment Sector and Products

Sectors and Products:

All sectors. Borrowers will be encouraged to obtain standardized schemes/projects/undertakings from SMEDA or any other body but this will not be mandatory for the borrower.

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Please contact on below mentioned Contact no. for Prime Minister’s Youth Business Loan Scheme : 03311006767

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