75% of the working capital requirement of business for one cycle of operation. Promoters’ Contribution: 25%
Interest rate: PLR + weightage of risk. Repayment Period: Maximum 3 years
The borrower shall approach commercial banks for meeting its normal working capital requirement at any time during currency of the loan. As and when the assistance is sanctioned by the bank, the working capital loan from NEDFi should be repaid out of the proceeds of the loan sanctioned by the bank. NEDFi in turn shall release its charge on current assets and also concede second charge on fixed assets if so insisted by the bank.
First charge by way of hypotheticating of current assets
Charge on fixed assets of the unit
Personal Guarantee of Promoter Director/Corporate Guarantee
First pari-passu charge on the fixed assets of the unit, if the assets are mortgaged to other institutions/ Bank
Adequate collateral security
Upfront fee: 0.1% of the loan amount
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Self-attested copy of KYC Documents
Entity proof – Partnership deed/Certificate of Incorporation/Shops and Establishment certificate
Copy of PAN Card of Entity, Proprietors/Partners/Directors, Security providers and guarantors
Address Proof of Entity, Proprietors/Partners/Directors, Security providers and guarantors
Last 3 years Audited/Provisional Financials (Audited financials to include Balance Sheet, Profit and Loss Account along with schedules and Notes to Accounts, Tax audit reports, Statutory Audit report). In case of Provisional financials, VAT returns are also required
Current year performance and projected turnover on letterhead of the entity
Last 1 year Income Tax returns of the borrowing entity (along with Computation of Income), if filed online, acknowledgement number is required
Latest Bank Statements for last 6 months (in case of First Time Borrower) and 12 months (in case of Takeover proposals). In case of multiple banking, statements covering minimum 75% of banking turnover is to be provided
Orders in hand and status along with order copies/Letters of intent/Contract agreements
Previous 3 inland LC transaction details for ascertaining track record
Project report containing cost of project, means of finance, expenditure incurred and projections along with justifiable details
Government approvals for power, Pollution, Building plan along with documentary proofs
Proforma invoices of assets to be purchased, copy of allotment letter/conveyance deed in case of land, architect certificate for validating cost of building to be constructed.