We had availed a small term loan of Rs.7.25 lakhs from TIIC way back in 1997 for the purchase of a blow room for our spinning mill.  We planned for a bigger expansion in 2006. We were approached by officials from TIIC at that time.  They also informed us that they could take over our existing term loan outstanding with Bank of India. Since the rate of interest offered by TIIC was competitive, we filed an application with TIIC for the sanction of term loan for take over of our term loan liability with Bank of India and for meeting our expansion requirements.

         We filed our application with TIIC on 09.08.2006.  Af first, we were apprehensive that being a Govt. Institution TIIC might take a long time for processing.  To our surprise, we were called for the sanction committee interview within a month's time and the loan was sanctioned on 08.09.2006. We were sanctioned Takeover loan of Rs.399.88 lakhs and an expansion Term Loan of Rs.1750 lakhs.  The time taken by TIIC for sanction of loan was really very quick which we never anticipated.  Though the disbursement of loan made in stages, we did not face any difficulty in complying with TIIC's procedure requirements.

              On the whole, our association with TIIC during the past 3 years has been a pleasant experience.

              I take this opportunity to put forth (not as a criticism but as a suggestion) that TIIC might speed up claiming TUF Subsidy.  We paid our first interest instalment in May 2007 and we are yet to receive TUF Subsidy since beginning.  Though release of subsidy amount by the Govt.  might involve procedure formalities, we would be too glad if TIIC uses its good offices to make the TUF Subsidy available to us in time as this will help us to reduce our interest burden, especially when we are facing recessionary trend in the market.

           Our hearty wishes for the 60 year old organisation to go from strength to strength and to a be a partner in the industrial development of the State of Tamil Nadu.