Purpose

The limit may be utilized for

  • Addition or replacement of existing machinery, upgradation of existing machinery.
  • Purchase of Software / Hardware for Fashion Designing.
  • Repairs / renovation of industrial sheds / factory building.
  • Travelling abroad for business purposes, participation in Trade Fairs, Exhibitions abroad or International Fairs in India or any other sales promotional activities.
  • Replacing tools, jigs, fixtures etc
Eligibility
  • Export customers having regular credit limits and having satisfactory track record with the Bank for at least past three years (under sole banking / multiple banking arrangements / consortium arrangements ) for Apparel Exports and
  • Minimum export turnover of Rs 1 crore during the immediate preceding year.
Type of Loan The facility will be permitted as TERM LOAN.
Quantum of loan Maximum Quantum: Rs.100 lakhs.
Margin

15% to 25% of the cost of the fixed asset to be acquired under the loan

Rate of interest Rate of interest as per prevailing guidelines of the Bank linked to RLLR Rate of the Bank, subject to changes from time to time
Repayment Each Term Loan is repayable in a period of above 36 months and within 60 months with suitable repayment holiday not exceeding six months, in monthly / quarterly instalments depending upon income generation. Interest is to be repaid as and when due.

Conditions apply. The information provided above is only illustrative and not exhaustive.

Contact: For more details, please contact your nearest: Canara Bank Branch or E-mail to:hosbu@canarabank.com