The State Bank of India (SBI) in collaboration with the Small Industries Development Bank of India (SIDBI) and other PSBs developed and adopted the Contactless Lending Platform (CLP) for MSME loans. This scheme is specially rolled out for CAs who are in practice for at least 5 years.
In order to capture this important segment and to cater to the credit requirements of Chartered Accountants, a new product, “SME Finance For CAs Under Contactless Lending Platform” has been rolled out.
There are various Salient features of the product.
Firstly, SME Finance For CAs Under Contactless Lending Platform will extend finance to CAs registered with Institute of Chartered Accountants of India (ICAI).
Secondly, the minimum loan granted will be Rs.2.00 lakhs and maximum loan can be extended to Rs. 100 lakhs
Thirdly, simple assessment of limit based on Income Tax Return Nil collateral security.
Fourthly, no prepayment penalty will be applicable.
Lately, competitive rate of interest linked to EBLR, Covered under CGTMSE and Loan will be available through CLP platform.
The loan facility to CAs will be introduced in Metro and Urban centers including State Capital/ Tier-I cities.
Member Chartered Accountants (CAs) / Proprietorship / Partnership / or in any other form registered with the Institute of Chartered Accountants of India and currently under practice.
The Applicant must be minimum of 25 Years and Maximum of 65 years of age. CA must have Certificate of Membership (CoM)/ Certificate of Practice (CoP) issued by ICAI. CoM/ CoP should be at least 5 years old.
The Minimum ITR for past 3 years should be available. The applicant must obtain a minimum score of 50% as per scorecard under the scheme. Applicants must be registered in UDYAM portal as MSME. Applicants with CIBIL score below 650 will be ineligible.
“Appraisal formats for the loan product are being developed in LOS/ LLMS. Hence, till such time rolled out in LLMS branches are permitted to process the proposal outside LOS/ LLMS. Please advise the operating units and branches under your control to book maximum business under the product,” the e-circular said.
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