IB Vidya Mandhir Scheme

Indian Bank Vidya Mandhir Scheme


Target Groups

Private / Aided Schools

Purpose

a) Construction of pucca building with Re-inforced Cement Concrete (RCC) roofing or b) Up gradation of thatched roofing of School Buildings with alternatives like Asbestos Cement Sheets, Fibre Glass, G I Sheets, Red mud plastic sheet.
Loan to be provided for Security Equipment/ Fire Alarm / Fire Extinguisher etc.

Loan Amount

For construction of pucca Building:
Max. Rs.10 lakh

For upgradation of thatched roofing:
Max. Rs.5 lakh

Pucca Construction: @ Rs.500 per sq.ft. (max.)
For upgradation of thatched roofing: Rs.200 per sq.ft. (max.)

Margin :
NIL up to Rs. 2 lakhs
10% for loan amount exceeding
Rs.2 lakhs.

Interest

BPLR + TP minus 3.00% i.e.10.50 %- Floating

Repayment Period

Not exceeding 84 EMIs - Repayment to be fixed based on the fee collection structure - with maximum holiday period/moratorium period of one year . Interest during holiday period to be recovered in equal instalments in the remaining loan period.

Security

Up to Rs.2 lakhs : Personal guarantee of Promoters.
For more than Rs. 2 lakhs: EM of School Building / other collateral securities

Other Terms:

* Estimation / Valuation from our Bank approved Engineer
* Legal Opinion for clear, valid and marketable title to the property given as security to Bank.
* Encumberance Certificate for 13 years
* Plan approval from appropriate local body viz. Panchayat, Municipality, Corporation etc.
* If any grant / aid is given for the same purpose, our loan amount should be reduced to that extent.
* Building insurance premium could be included in the loan component for the first year and thereafter the Institution should bear the same.

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