Central Bank of India Cent Food Processing Plus Loan
This loan helps businesses in the MSME sector meet their capital expenditure and working capital requirements. The business must have been active for the past 3 years to be eligible for this loan.
Features of Cent Food Processing Plus Loan
Why this Loan?
- This Central Bank of India Cent Food Processing Plus Loan is meant for Food and Agro processing units in the MSME sector who need financial assistance to meet their working capital and capital expenditure needs
- The maximum loan amount sanctioned under this loan depends on the needs and repayment capacity of the business
Loan Amount
- This is a need-based loan
Interest
- Loans up to Rs 1 crore: As of March 2020, the effective rate of interest for this loan is 8.50%
- Loans Above Rs. 1 crore: The interest rate applicable on loans above Rs. 1 crore is defined as the sum of two factors viz. one-year Marginal Cost of Funds Based Lending Rate (MCLR) and Strategic Spread where the Strategic Spread depends on the collateral security coverage. If you want to know more details, we suggest getting in touch with a bank representative
Repayment
- Working Capital Loan: These loans need to be repaid within 12 months
- Term Loan: This loan must be repaid within 7 years. As of March 2020, the moratorium period for this loan is not mentioned on the bank’s website. Please get in touch with the bank customer care to know more
Security Needed
- The bank asks for collateral security of immovable property to secure this loan
Borrower Contribution to Total Cost (Margin Money)
- The bank charges 20% of the total loan amount as margin
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, you will have to contribute 20% which comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
Processing Charges
- As of March 2020, the processing charges levied on this loan are not mentioned on the bank’s website. Please ask a bank representative before applying for this loan
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- A4 size copies of the aforementioned documents
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- All A4 size copies of the aforementioned documents
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- All A4 size copies of the aforementioned documents
Reference Facts
- Central Bank of India Website: www.centralbankofindia.co.in and www.centralbank.net.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 22 1911, 1800 110 001, 1800 180 1111