Borrower / partners / directors must be a member of the bank.
Any individual, above 18 years of age
For setting up of project costing above Rs.10 lakh in the manufacturing sector and above Rs. 5 lakh in the business/service sector, the beneficiaries should possess at least VIII standard pass educational qualification.
Assistance under the Scheme is available only for new projects sanctioned specifically under the PMEGP.
For new project only and Project cost Up to Rs. 25 Lacs – for manufacturing sector & Up to Rs. 10 Lacs – for Business / Service sector.
As per rules of PMEGP Scheme.
Purpose of Loan:
Purchase of machinery for their own business.
Quantum of Finance:
For General category - Up to 90% of the cost of machinery.
For Special (ladies) category - Up to 95% of the cost of machinery.
Borrower must have Bank's share linkage @ 1% of the loan sanction amount.
Loan tenure up to 84 months.
Nominal Processing Charge
2% loan closure charge of loan outstanding amount will be charged, In case of Loan closed above Rs. 10 Lacs through Bank transfer.
Interest is to be charged on reducing balance method.
Two Guarantors, out of one must be a non-relative guarantor.