This loan is for technology up gradation for one’s business. This loan will give you opportunity for mordenisation of machinery, for reduction in cost of production, improvement in quality, meeting challenges of global competition. There is special scheme for textile industry. You will get rebate on regular payments. In this loan Government of India offers 5% interest subsidy also.
Purpose – Purpose for Technology Up gradation.
Eligibility – You must be at least 24 years of age when the loan is sanctioned, The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier, Any individual in the age group of 21-60 involved in the business for at least 3 years.
Margins – 10 % Margin for Technology Up gradation Loan
Repayment – Repayment in easy installments spread up to 12 to 60 months. The borrower can prepay at will with no penalty, or pay more than his/her stipulated monthly installment at any time, depending upon availability of funds with you. This would enable the borrower to pay off the loan faster and reduce his interest burden. There is No Prepayment Penalty in home loan.