IB-Shanthi Niketan - A new loan scheme for financing of Hostels
Target segment
* Registered Trust/NGO/Individual owning Property/registered firms/schools and colleges/HUFs/Individuals running 'paying guest' facility.
* Preference to be given to Females for running working women hostel or student hostel for girls.
Purpose
1. Extension/renovation of hostel for working women/men/students(school/college).Capacity of the hostel could range from 5 rooms to 60
rooms.
2. For furnishing the living rooms, common room and office like for purchasing beds,study tables, chairs, fans, curtains, mattresses etc.
3. For Purchasing kitchen items like chimney, gas strove, refrigerator etc.
4. For purchasing computer, computer peripherals and modem for internet connectivity for the office use/ commercial purpose in the hostel premises.
5. Working Capital.
Extent of Finance
Rs 2 lakhs (minimum) to Rs 25 lakhs (Maximum)
Margin
Term Loan – 10 %
Working Capital – 25%
Repayment Period
36 months to 60 months. EMI based on cash flow
Interest
Term Loan- 12.50 %
Working Capital – 12.00 %
(0.5% lesser interest rate for borrowers who are
women entrepreneurs.)shall be charged.
Security
Equitable mortgage of the land & building in case of selfowned property. In case of property on lease an additional security by way of any other property of equivalent value of loan to be taken.
• Hypothecation of asset financed, personal
guarantees of the promoters is to be insisted.
• Third party guarantee is preferable.
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