With a view to offer financial support to the industries and industrialists right from the beginning of the project, the scheme for financing of Industrial Land in RIICO Industrial Areas has been formulated. The details of the scheme are as under:
- Fresh allotment of plot or plots auctioned by RIICO in its Industrial Areas for setting up industrial project will be eligible under the scheme. Plot purchased under resale will not be eligible.
- Promoter should have satisfactory record of repayment and should not be a defaulter to any financial institution/bank.
- The borrowers who have already availed facility of payment of cost of land on instalment basis will not be eligible under this scheme.
- Minimum amount of term loan will be Rs. 200.00 lacs.
- Minimum promoter’s contribution will be 40% of the bare cost of land.
- The rate of interest will be 14.75% per annum.
- The maximum period of repayment will be 5 years.
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