Scheme of term loan Assistance to qualified professionals

To provide financial assistance to finance acquisition of
premises, machinery and furniture & fixtures required for setting
up new or acquiring additional fixed assets for professional
practice / consultancy venture.

ELIGIBILITY
1. Professionals such as Registered Medical Practitioners and
Doctors in Homeopathy, Ayurvedic, Veterinary, Dentists
including Physiotherapist, Pharmacist, IT professionals,
Chartered Accountants, Company Secretaries, Advocates,
Consulting Engineers, Chartered Engineers / Registered
Valuers, Architects, Cost Accountants etc. in the
individual/joint capacity or as a partnership
concern/LLP/Company.
2. The promoter should have a minimum of two years
experience in the line and the age limit shall be upto 55
years.
3. The loan amount shall be utilized for creation of fixed assets,
take-over/repayment of outstanding loans (only standard
assets) of applicants from other banks/institutions against
fixed assets acquired, during the past 18 months.
4. The proposed property to be mortgaged should not be
presently leased out/rented out and should not be leased
out/rented out in future without the permission of the
Corporation.
5. The repayment history& past dealings of the promoters/unit
/sister concerns/group concerns with the
Corporation/Banks/FIs should be satisfactory.
6. The applicant should be agreeable to mortgage its
immovable property as prime security and hypothecate its
moveable assets with first charge to the Corporation.
AREA OF OPERATION
Only in the State of Goa.
QUANTUM OF LOAN
Up to 75.00 lakhs.
The actual amount of loan sanctioned shall be decided by the
Corporation based on its norms.
MAXIMUM DEBT-EQUITY
For loans upto 50 lakhs : 3:1
For loans above 50 lakhs : 2:1
MARGIN ON SECURITY
The minimum margin on the security shall be 25%.
SECURITY FOR LOAN
The loan shall be secured as per the norms of the Corporation by
first charge of the Corporation on the following security with clear
marketable title:
Primary: The assets financed i.e. land, building & machinery,
etc.
Additional/Collateral: Commercial or residential nonagricultural immoveable properties or any other security
acceptable to the Corporation on case-to-case basis, if required.