BILL FINANCE SCHEME – GCC Contractors
|Purpose||Aims at offering Bill Financing facility to contractors/ suppliers against the bill drawn towards contract work completed partly/fully and material supplied.|
1) All MSME and non manufacturing units located in Tamil Nadu and who are registered as contractors/suppliers with TANGEDCO/TANTRANSCO/TWAD/GREATER CHENNAI CORPORATION who have received work order from them.
2) Proprietary/Partnership including Limited Liability Partnership /Limited Company including One Person Company.
|Amount of Assistance||
125% of existing turnover (last financial year – one full year) executed or applied BFS limit whichever is lower.
|Drawal Limit||85% of the net amount of the individual bills.|
|Bill Finance Credit Period||Maximum credit period for each bill will be 240 days only from the date of disbursement. Penal interest of 2.5% will be collected for the period beyond 240 days.|
|Guarantee||Personal guarantee of Proprietor/Partners/Directors of the applicant unit. In case of lady promoters, husband/father of the lady promoter shall guarantee the loan.|
|Security||The loan will be secured by Post dated cheques and the amount of the cheques will be the amount disbursed against each bill together with interest from the date of disbursement to the date of post dated cheques, i.e. 240 days from the date of disbursement.|