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SWAROJGAR YOJNA LOAN (TERM LOAN)

AMOUNT OF LOAN: IN FIRST INSTANCE THE MAXIMUM LOAN AMOUNT SHOULD BE 25000/- AND THEREAFTER FULLY REPAYING THE EARLIER LOAN AMOUNT THE NEXT TIME LOAN AMOUNT MAY BE INCREASED IN THE MULTIPLE OF 25000/- UP TO MAXIMUM OF RS. 100000/-

Rate of Interest: 12% P.A (Calculation of interest rests monthly)

REPAYMENT: 5 YEARS IN EMIS

Terms and Conditions:

i) Loanee and guarantors should be resident of Chandigarh.

ii) Loanee and guarantors should be nominal member of the bank.

iii) Two good guarantors.

iv) 5 Advance cheques in favour of bank.

v) Bank statement of last 6 months.

vi) The project should be located in Chandigarh.

vii) The borrower should provide the project report for which purpose he needs the money.

viii) The borrower should provide the bills and stock statement of trade in which he invested the loan amount.

ix) That 20% of the loan amount shall remain working capital and 80% for purchase of machine, goods, articles etc for which third party payment will be made.

x) Loanee should not be in service with any organization and institution and should have experience in work for which loan is to be obtained.