An Initiative of the Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI
The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI is set up to promote capacity enhancement of members and firms through Networking, Merger and raising core competency of CA professionals.
The Committee has taken a major initiative to arrange financial assistance to all members in practice / firms in the form of specially designed loan scheme through Corporation Bank.
Through the scheme, eligible Chartered Accountants can avail finance for setting up of offices including cost of furniture/fixture/office equipments-computers and other accessories. The scheme would also enable the Chartered Accountants to finance a part of the working capital for building their profession and will also take care of the needs of fresher (CAs with experience below three years).
* Members & firms are requested to avail the benefits of this loan scheme. For further details, please contact nearest branch of Corporation Bank.
Highlights of the loan scheme are given below:
Eligibility:
Chartered Accountants, individually/jointly or Proprietorship Concern or a Partnership Firm/ Partnership with Limited Liability
Age of the individual/ proprietor shall not exceed 65 years.
The applicants/Firms are registered with Institute of Chartered Accountants of India (ICAI) and also holding valid certificate/license for carrying out the practice.
The applicant’s/firm’s name shall not appear in the RBI defaulters list/CIBIL report.
In case of Firms, all partners shall join as co applicants.
The applicants/firms should not have been subjected to disciplinary action by the Institute.
Purpose:
For construction of office premises
For acquisition of ready built new office premises, partly or fully constructed
To finance cost of land and construction thereon
To finance cost of furniture & fixture, fittings of office equipments/computers/other accessories etc.
To finance working capital and /or financing receivable
Nature of facility:
Demand Loan/Term Loan for acquisition of fixed assets and/or Cash Credit/Overdraft for working capital
Margin:
A. For Term Loan/Demand Loan: Uniform margin of 20%
B. For Working Capital: 25% for Book Debts/Receivables for cash credit or clean overdraft
Value of land shall not exceed 50% of project cost in case of purchase of site and construction of premises
Source Link : http://220.227.161.86/20667corpbankloanscheme.pdf
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