Corp CA - A specially designed scheme for Chartered Accountants
Corp CA - An attractive Scheme specially designed for Chartered Accountants
Eligibility
• Chartered Accountants, individually/jointly or Proprietorship Concern or a Partnership Firm/ Partnership with Limited Liability
• Age of the individual/proprietor shall not exceed 65 years.
• The applicants/Firm are registered with Institute of Chartered Accountants (ICAI) and also holding valid certificate/license for carrying out the practice
• The applicants/firms name shall not appear in the RBI defaulters list/CIBIL report
• In case of Firm, all partners shall join as co applicants
• The applicants/firm should not have been subjected to disciplinary action by the Institute
Purpose
• For construction of office premises
• For acquisition of ready built new office premises, partly or fully constructed
• To finance cost of land and construction thereon
• To finance cost of furniture & fixture, fittings of office equipments/ computers/ other accessories etc.
● To finance working capital and/or financing receivables
Nature of facility
Demand Loan /Term Loan for acquisition of fixed assets and/or
Cash Credit/Overdraft for Working capital
Margin
A. For Term Loan/ Demand Loan : Uniform margin of 20%
B. For Working Capital - 25% for Book Debts/ Receivables for cash credit or clean overdraft
Value of land shall not exceed 50% of project cost in case of purchase of site and construction of premises.
Please click below to download Quantum of Loan:
Quantum of Loan:
Security
a. Term Loan /Demand Loan - Assets acquired out of the loan.
b. Working Capital Loan - Assignment of Book Debts/Receivables
Collateral Security : Suitable third party guarantee or Tangible securities
Repayment
• Term Loan - Repayable in maximum period of 10 years by EMI/PMI, with initial moratorium of upto 18 to 24 months.
• Demand Loan - Repayable in maximum 3 years by EMI/PMI, including initial moratorium of 6 months
• Repayment to commence from date of commercial operations or after completion of initial repayment holiday or as per the terms of sanction
• Interest shall be serviced as and when debited
ROI
Upto Rs.10 lacs – Min.10% Max. 11.50%
Above Rs.10 lacs – Min.10.75% Max. 12.50%
(Investment in fixed assets less than Rs.100 lacs)
Above Rs.10 lacs – Min.11.75% Max.14.00%
(Investment in fixed assets above Rs.100 lacs)
Subject to gradation of the borrower
• ROI at floating rate linked to Base Rate
• ROI is subject to review
Note : Concession of 0.50% extended, if additional collateral security viz., property, LIC policies, Deposit etc., to the extent of 25% of loan amount is provided
Processing Charges :
0.25% of loan amount subject to a minimum of Rs.5000/-
Prepayment Charges
-NIL-
Source: https://www.corpbank.com/asp/0100text.asp?presentID=1818&headID=96
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