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Canara GST
Purpose
“To provide credit for working capital requirement of GST MSME borrowers against mortgage of property/approved securities.”
Canara GST Scheme provides hassle free Working Capital facilities to GST registered MSMEs at concessional interest rates & processing charges.
Eligibility
- The Scheme is available to GST registered MSMEs including Individuals/Partnership Firm (other than partnership firms where HUF is a partner)/ company (excluding NBFC)/ Traders/ Businessmen/ professionals or self-employed persons/LLPs/ proprietary firms.
- At least 75% of turnover reflected in GST return should have been routed through the Bank account.
- New GST Registered MSMEs with minimum of 6 months’ GST turnover will be eligible under the scheme.
- MSME unit should have a valid Udyam Registration Certificate (URC)
Quantum of Loan:
Margin:
- Nil
Rate of Interest:
Security:
- Collateral Security value shall be minimum 75% of the loan amount in the form of (i) Mortgage of immovable properties (Land & Building)/
- (ii) Other Approved Financial Collaterals
Repayment Period:
- Working Capital tenable for 1 year
Documents:
- As per extant guidelines issued by the Bank.
- Stock statement: Quarterly submission of stock & Book Debt Statement.
Type of Facilities:
- Working Capital
Stock Statement:
- Half Yearly submission of stock statement
Upfront fee / processing charges:
- 50% concession in the applicable upfront fee/ processing charges.
Other Terms & Conditions
- CGTMSE Coverage: Not Applicable.
- Switch Over: Existing customers enjoying limits with us may be permitted to switch over to this scheme upon complying with all the applicable guidelines under the scheme.
- Others : Classification, Risk Rating, KYC, Project Appraisal, Project Parameters, Credit Risk Rating, LSR, Insurance, end use and other guidelines as per extant guidelines.