Mahalir Loan
exclusive loan for women entrepreneurs
Learn more about our Loan for Women Entrepreneurs (Mahalir) Scheme under TMB Business Loan Products.
As the name implies, this scheme is exclusively tailored for women in business to give them that extra edge and succeed. This loan scheme is suitable for all the general business that need funding for the working capital and other business related funding necessities. This scheme is attractive and offers loan upto Rs. 10 Lakhs with interest on diminishing balance.
- Purpose
- Working Capital requirements / term loan to purchase fixed assets such as plant & machinery etc...
- Eligibility
- Women Entrepreneurs consisting of all units managed by one or more women entrepreneurs in proprietary concern or in which she / they individually or jointly have a share of not less than 51% as partners / share holders / directors of private limited company / members of co-operative society.
- Form of Advance
- WCTL / WCDL / Term Loan / Demand Loan / Working Capital Limits such as OD, CC etc.
- Loan Quantum
- The requirement of the borrower is assessed on case to case basis. The total credit exposure under this loan scheme is restricted up to Rs. 10 Lakhs.
- Repayment
- Working Capital Limit - 1 Year.
- Term Loan / Demand Loan: The repayment period shall be fixed on the basis of income generation of the borrower upto the maximum of 7 years.
- Security
- Primary: Hypothecation of Stock / Book Debts / Equipments / Machineries & Fitting & Furniture etc.
- Collateral: Collateral Security should be obtained to fully cover the advance.
- Guarantee
- The guarantee should be obtained from husband / father of (borrower) the proprietor / partner. Third Party guarantee need not be insisted.
- Insurance
- Comprehensive insurance has to be made on all the assets hypothecated to the bank. Machineries and Collateral Security like Building should also be insured.
- Rate of Interest
- BR + 4.75% (15.50% p.a.) for Loans upto Rs. 2 Lakhs.
- BR + 5.75% (16.50% p.a.) for Loans above Rs. 2 Lakhs and upto Rs. 10 Lakhs.
- Current Base Rate for Lending (BR) is 10.75% p.a.
- Margin
- Loans upto Rs. 25,000.00 - Nil
- Loans Above Rs. 25,000.00 - 20%
- Penal Interest
- Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
- Processing Charges
- Term Loan: 1.00% of Limit sanctioned without any maximum cap.
- Working Capital [Fund and Non-Fund Based]: 0.50% of the loan amount without maximum cap.
All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.
