Disclaimer….before you read ahead!
The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updation, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.
Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this email.
About the scheme…
MSE Vijeta Scheme was launched by Canara Bank during April – June quarter of 2014 as a part of Bank’s initiative to meet business related needs of women entrepreneurs.
How is it being implemented?
Under MSE Vijeta Scheme, direct financial assistance, in the form of loans, is given to
- Women entrepreneurs operating a Micro or Small Enterprise (defined as per MSMED Act, 2006) that is engaged in manufacturing or service activity including retail traders
What’s on offer?
I. Product:
- Term loans and/or working capital by way of overdraft
- Quantum from ₹10 Lakhs upto ₹2 Crores
II. Purpose:
- Acquisition of fixed assets
- Working capital requirements
III. Borrower Type
- Individuals, Proprietorship Concern, Partnership Firm, LLP, Corporate Bodies
IV. Security or Collateral or Guarantee or Insurance
- Nil security or collateral at the option of the borrower
- Upto ₹1 Crore to be covered under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) at the option of the borrower else Equitable Mortgage of Title Deeds (EMT) of property to the extent of 60% of the loan amount
- However, hypothecation of all assets created out of the loan extended
- Nil third party guarantee
- For information around requirement of insurance, please contact your nearest Canara branch
V. Interest Rate
- Per Bank’s prevailing guidelines which is linked to Bank’s RLLR (Repo Linked Lending Rate), subject to changes from time to time
- RLLR + CRP (Credit Risk Premium) of 1.40 to 1.65% – Interest Concession of 0.25% for for CGTMSE covered accounts
- For details around Bank’s current RLLR, please get in touch with the Bank via means mentioned below
VI. Processing fee
- 75% of applicable charges
- For applicable charges, please click here or contact Bank via means mentioned below
- Nil inspection charges
VII. Margin money requirement
- 20%
VIII. Tenure
- For term loans, maximum 84 months including suitable moratorium
- For working capital finance, tenability of 2 years subject to annual review
IX. Turnaround Time
- For turnaround time, please contact your nearest Canara branch
Interested? Read ahead to check your eligibility….
I.
Are you running a Micro-enterprise or Small-enterprise defined per MSMED Act, meaning Investment in Plant & Machinery or Equipment of your Enterprise does not exceed ₹10 Crores and Turnover does not exceed ₹50 Crores?
II.
Do you fully manage your business?
OR
Do you individually or jointly with other women constitute majority in the Partnership Firm?
OR
Do you individually or jointly with other women control the management in the Body Corporate?
If your answers to the question above is an emphatic YES, you are all set to avail NSIC’s Bank Credit Facilitation Scheme!
So…how big is this scheme and what has been done so far?
I. Details don’t seem to be available in the public domain
So, now, how should you go about it?
IMPORTANT NOTE: Please note that some of the links are unsecured and your browser may prompt you for a permission to open such unsecured links to access them further. Please do so to view the links.
I. Contact your nearest Canara Bank Branch – https://canarabank.com/locator.aspx
II. Alternatively, contact Canara Bank’s MSME Banking Unit –
E-mail: hosbu@canarabank.com
Phone: 91-80-22240903
Phone (Toll Free): 1800 425 0018
OR
Apply for the loan online here
III. For information on loan application and indicative list of documentation requirement in English & Hindi, click here
You may also refer to the indicative list of documentation required here
Go on then…and do spread the word!
Sources:
