Naini Nirman for Contractors
Eligibility Criteria :
- All Individual, Firm, Company, Regd. Society, engaged in undertaking construction or any other type of work as contractor for lawful activity i.e., construction in infrastructure project, Housing/Building, Rail Roads Projects and any other sector of economy etc.
- The prospective borrower/s must be an income tax assessee/ payee for last three financial years (Return should not be filed in a bunch).
- The borrower should not be a defaulter of any bank/financial institutions/others.
- The borrower should be permanent resident of the area/nearby area of branch and should have satisfactory social and economic status.
For Meeting working capital requirement, purchase of machinery, vehicle (loader, JCB etc. required for the activity) etc., construction/furnishing of Office building and Furnishing bank guarantee
Nature & Amount Of Facility :
Aggregate Credit Facilities Rs.200.00 lacs
|Cash Credit (H)
||Maximum Rs.200.00 lacs
||Maximum Rs.100.00 lacs (Max.Rs.10.00 lacs for construction/renovation/furnishing of self owned Office building.
||Maximum Rs.100.00 lacs.
In case of Individual/s*
Five times of average of last 3 years returned income. However deductions/rebates under I.T.Act which don’t effect cash accruals may be considered for assessing permissible amount. Income of spouse may be included for assessing permissible amount if she/he is also income tax payee for last three years. In that case he/she should stand as co-borrower.
Firm / Company / Others**
Five times of average of last 3 years cash accruals i.e. Net profit after tax plus depreciation.
*In case of individual/s the total deductions/other repayment obligations including interest burden on proposed facility should not exceed 60% of gross total income as per I.T.Return.
**Gross total income of partners may be included for ascertaining eligible amount of advance.
Or 20% of the amount of actual contract receipts/executed /contracts awarded in hand to be executed Whichever is less.
In case of loan projections for total repayment period should be obtained and DSCR should be as per LPD of the bank.
Application for Financial Accommodations