Collateral Free Loans for SME By IDBI Bank CGMSE Loans

Providing adequate security for the facility availed by the micro/small enterprises units (MSEs) has been a major roadblock for their inability to access banking system. Keeping this in view, Government of India and SIDBI had set up "Credit Guarantee Fund Trust for Micro and Small Enterprises" (CGTMSE). On the basis of CGTMSE guidelines IDBI Bank offers collateral free loans up to Rs. 1 crore to realize the areas of those entrepreneurs who have viable Projects/ proposals but lacks adequate collateral security to offer. 

The product details are as below: 
 

FUNDING UNDER CGMSE

Sr. No.

Field

Content

1

Eligible Segments

  •  Micro/ Small Enterprise (manufacturing/ services) as defined under MSMED Act and by RBI

2

Purpose / Facility

  •  Fund Based: Working Capital and Term Finance for capex/ takeover of existing loans
  •  Non-Fund based limit viz., Bank Guarantee (BG) and Letter of Credit (LC)

3

Loan Amount

  •   Maximum: Rs. 1 Crore

4

Tenor

  •  Cash Credit: 12 months
  •  Term Loan: Max 5 years
  •  Bill Discounting/Letter of Credit: upto 180 days
  •  Bank Guarantee: Not to exceed 12 months

5

Pricing

  •  Linked to Bank Base Rate and Rating

6

Security

  •  Primary: Exclusive charge on current and fixed assets
  •  No Collateral / Third party guarantee

About

IDBI Bank Ltd. is a Universal Bank with its operations driven by a cutting edge core Banking IT platform. The Bank offers personalized banking and financial solutions to its clients in the retail and corporate banking arena through its large network of Branches and ATMs, spread across length and breadth of India. We have also set up an overseas branch at Dubai and have plans to open representative offices in various other parts of the Globe, for encashing emerging global opportunities. Our experience of financial markets will help us to effectively cope with challenges and capitalize on the emerging opportunities by participating effectively in our country’s growth process.

IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients. The Bank had an aggregate Balance sheet size of Rs.3, 28,997 crore and total business of Rs.4,33,460 crore as on March 31, 2014. IDBI Bank's operations during the financial year ended March 31, 2014 resulted in a net profit of Rs. 1121 crore

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