Term Loans

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Term loans can be sanctioned for project loan (green field or brown field) or non-project loan. Project loans are sanctioned for setting up a new unit or for expansion of existing units whereas Term Loans (Non-project) are extended for the purpose of acquisition of fixed assets. Viz., Building, Plant and Machinery etc.

The Bank provides term loan assistance in both rupee and foreign currencies for Greenfield projects as also for expansion, diversification and modernization. Interest rate on rupee term loan is fixed or floating based on BBR plus a fixed spread, as per creditworthiness of borrower, rating, risk perception, tenure of loan and other relevant factors. Interest Rate on Foreign Currency Loan is normally floating rate based on LIBOR plus a fixed spread according to creditworthiness of borrower, rating, risk perception, tenure of loan and other relevant factors.

Bills are classified into four categories as

Bank will normally finance upto 75% of the value of fixed assets and the balance amount should be brought by the applicant as margin. However depending upon the activity and quantum of advance the bank may either increase the margin or decrease the margin.

Security / Third Party Guarantee:

Bank will not insist for collateral security / Third Party Guarantee for total credit limits upto Rs.10 lakhs for SME borrowers. In respect of credit limits above Rs.10 lakhs and upto Rs.100 lakhs Collateral Security / Third Party Guarantee may be waived for deserving cases and those limits will be covered under Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).

Repayment:

The repayment of term loan will be fixed based on the cash generation of the unit and gestation period. Suitable holiday period will be allowed for repayment of the term loan.

*Conditions apply: Loans are at the sole discretion of Finance Companies and are subject to guidelines of the Reserve Bank of India. SSFS may engage the services of marketing agents for the purpose of sourcing loan assets in certain locations.

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