TIME SCHEDULE FOR PROCESSING OF APPLICATIONS:
A. | For projects costing up to Rs.1.00 lac | Further, The loan is disbursed to the applicant within 30 days after completion of all the required formalities prescribed by the Corporation. |
C. | For projects costing above Rs.1.00 to Rs.5,00,000=00 | The loan is disbursed within 5 months subject to completion of prescribed formalities by the Corporation and subject to receipt of sanction from the Apex Corporations. |
VARIOUS STAGES OF PROCEEDING OF LOAN APPLICATIONS:
The activity Chart/ Stages of processing of loan applications | Time frame | ||
In case of projects costing Rs. 1.00 lac | (a) | Receipt and scrutiny of application | 5 working days |
(b) | Survey and issuance of Sanction letter | 5 working days | |
(c) | Vetting of documents by Finance & Accounts Section | 10 working day | |
(d) | For seeking legal opinion in particular case from legal section | 2 days | |
(e) | Final approval of GM/MD | 8 days | |
In case of projects costing up to Rs.5,00,000=00(5 months) | (a) | Issue of letter for completion of formalities for the purpose of disbursement of loan | 15 days |
(b) | Documentation etc. by the applicant | 15 days | |
(c) | Submission of the application/ proposal to the apex Corporation for sanction. | 30 days | |
(d) | Obtaining letter of intent from the Apex Corporation | 30 days | |
(e) | Acceptance of letter of intent by the Corporation | 15 days | |
(f) | Issue of sanction letter for completion of formalities for the purpose of disbursement of loan | 15 days | |
(g) | Documentation etc. by the applicant and disbursement/ release of sanctioned loan | 15 days |