| Purpose |
To meet the temporary unforeseen contingencies arising due to COVID-19. |
| Eligibility |
a) All existing standard limit accounts (except Contractor Finance) which have not remained overdrawn beyond the drawing power for a period of more than 15 days during last three months. b) There should be sufficient, consistent and satisfactory credits in the limit account for the last three months. c) Accounts declared NPA as on 01.02.2020 and after will not be eligible under the scheme. |
| Quantum of Finance |
Limit: Max. 10% of the existing Fund Based Working Capital Limits (FBWC). Maximum: Rs.20.00 lakh |
| Repayment |
Repayable in 06 Equated Monthly Instalments (EMI) after a moratorium period of 06 months from the date of disbursement of the loan. Interest to be served as and when applied. |
| Margin |
NIL |
| Interest Rate |
8.35% p.a. OR as may be prescribed from time to time with monthly rests. |
| Security |
Above Rs.10.00 Lakh Primary: Hypothecation of all receivables of the educational institution. Collateral: a). Mortgage of Immovable Property sufficient to cover the total exposure of the party . |
| Processing Fee |
NIL |
For more details contact your nearest Branch of JKGB
*Terms & Conditions apply.