tiic.org Bill Financing Scheme Tamil Nadu : Industrial Investment Corporation Ltd
Organisation : Tamil Nadu Industrial Investment Corporation Ltd
Facility : Bill Financing Scheme
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Home Page :https://www.tiic.org/
Download here :https://www.statusin.in/uploads/1355-Application-BFS-TNEB.pdf
Bill Financing Scheme :
The scheme aims at financing the MSME and non-manufacturing enterprises with whom purchase orders have been issued by TNEB / TWAD / TANSI (TNEB – for the supply of ACSR conductors / AAAC conductors / distribution transformers / power transformers / cables / AB Switches, Pillar boxes, Grills) / TNPL.
Related : Industrial Investment Corporation Entrepreneur Development Scheme Tamil Nadu : www.statusin.in/5789.html
The scheme also covers execution of work contract and turn key projects, repairs and reconditioning of sick transformers of TNEB and work contract of TWAD. In respect of TNPL service providers, bills are also discounted.
Eligibility :
MSME units as well as service providers to whom TNEB / TWAD / TANSI / TNPL has issued orders for the supply of eligible materials / for the execution of work contract.
Quantum of Loan :
The quantum / limit of assistance will be 50% of the value of the order given by TNEB / TWAD / TANSI / TNPL.
Drawal Limit :
75% to 80% of the net amount of the invoice value i.e. after deducting the percentage of retention amount stipulated by TNEB / TWAD / TANSI / TNPL.
Processing fee (non-refundable) :
From Rs.2,000/- to 1%,depending upon the scheme applied, shall be collected at the time of receipt of the application towards processing fee.
Renewal Fees :
0.50% of the limit sanctioned shall be collected for renewal of the limit.
Penal Interest :
2.5% of the limit for the defaulted amount for the defaulted period.
Credit Period :
The maximum credit period of each will be 120 days.
Security :
The loan will be secured by Post Dated Cheques given by the unit. The amount of the post dated cheques will be the bill amount disbursed for each Bill together with interest from the date of disbursement to the date of post dated cheques i.e., 180 days from the date of disbursement. The loan will be secured by the personal guarantee of Proprietor / Partners / Directors of the applicant unit.
Validity of Sanction :
The sanction will be valid for a period of one year from the date of sanction and it will be renewed every year on production of TNEB / TWAD / TANSI / TNPL purchase order for the next year.