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Micro, Small and Medium Enterprises (MSME) sector in India play an important role in the growth of the economy. These businesses are important to drive the employment rates at low investments. Central Bank of India offers MSME Loans through various schemes to help provide hassle-free credit. The bank offers both term loan and working capital credit to these businesses. Loan amounts vary from Rs. 10,000 up to Rs. 5 crores. Central Bank of India has set up specialized MSME branches for enabling entrepreneurs have easy access to credit facility. More details on Central Bank of India MSME loan can be found below.
Central Bank of India MSME Loans are provided through various schemes.
1) CENT – BUSINESS GOLD LOAN
Repayment in case of Term Loan: 12-36 Months.
Repayment in case of Overdraft or Cash Credit: On demand and renewable on yearly basis
2) CENT - CONSTRUCTION EQUIPMENT FINANCE SCHEME (CCEF)
Hypothecation of machinery/ equipment/ vehicles financed by the Bank
25% of the loan amount by way of mortgage of property/ land & building/ Liquid security.
3) CENT - CONTRACTOR
Hypothecation of all types of Construction Raw Materials/ Plant & Machinery and consumable stores Collateral
Up to Rs.1.00 crore: Equitable mortgage of immovable property, 100% of limit sanctioned
Above Rs.1 crore and up to Rs.5 crore: Equitable Mortgage of immovable property, 150% of limit sanctioned
4) CENT - DOCTOR
Minimum - Rs.1.00 Lac
Maximum- Maximum: Rs.5.00 Crore
25% against the construction of Nursing Home / Clinic.
15% against equipment.
Primary - Hypothecation of assets acquired out of bank finance.
Collateral - No guarantee /collateral for loans up to Rs.100.00 lacs, which are to be covered under CGTMSE Guarantee only.
For loans above Rs.100.00 lacs, collateral up to at Least 50% of the loan amount to be taken.
5) CENT - FOOD PROCESSING PLUS
Loan Limit Up to Rs.1 crore: Collateral Security by way of EM of immovable property having 50% of the limit sanctioned
Loan Limit above Rs.1 crore: Collateral Security by way of EM of immovable property having a market value not less than 50% of the limit sanctioned
6) CENT - KALYANI
7) CENT – MORTGAGE
Minimum: Rs.1 lac
Maximum: Rs.100 lacs for property located in a rural area and Rs.1000 lacs for property located in other areas.
8) CENT - MORTGAGE- EDUCATIONAL INSTITUTIONS
Minimum: Rs.1 Lac
Maximum: Rs.500 Lac
9) CENT - TRADE
10) CENT - WAREHOUSE RECEIPT (WHR) SCHEME
11) CENT - WEAVER CREDT CARD (WCC)
Up to Rs.25000/-: No Margin
Above Rs.25000/-: 20%
12) CENT - LAGHU UDHYAMI CREDIT CARD
13) CENT MUDRA (PMMY)
Micro Unit Development and Refinance Agency Ltd. (MUDRA) was launched in 2015 as a new financial entity for developing and financing intermediaries in the manufacturing, trading and service sector. This segment mainly focuses on non-farming enterprises who credit needs are less than Rs. 10 lacs. Central Bank of India has extended more than Rs. 2,800 crores towards this initiative. Anyone in the country can apply for this loan online or by visiting the nearest branch.
The application form for Central Bank of India MSME Loan can be downloaded from the official website of the bank. This form needs to be submitted along with the checklist documents for the bank to process the loan application. Alternatively, one can drop in to the nearest bank branch to submit MSME Loan application. Some of the main documents to be submitted with the loan application form are:
1. Does Central Bank of India offer working capital for MSMEs?
Central Bank of India offers both Working Capital and Term Loan under its MSME schemes.
2. What are the collateral security requirements for MSME loans?
There is no requirement for collateral security or third-party guarantee for loans up to Rs. 10 lacs. Depending on the profile of the applicant, the bank can extend this special support for loans up to Rs. 25 lacs.
3. What is the loan repayment timeline under the CENT – BUSINESS GOLD LOAN scheme?
For Term Loan, repayment period is 12-36 Months. In case of Overdraft or Cash Credit, it is on demand and renewable on yearly basis
4. What is the purpose of CENT KALYANI scheme?
The objective of CENT KALYANI scheme is to meet capital expenditure (Plant & Machinery /Equipment etc). and day to day expenditure. The maximum amount of loan available under this scheme is Rs. 100 lacs.
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