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IND Art tools
EligibilityAll artisans and self employed people who are engaged in the field of carpentry and wood works, servicing & repairing of automobiles, electrical and sanitary servicing and other related works. MICO also may identify prospective borrowers and refer them to Branches.
Amount of LoanUp to Rs.1.00 lakhs
MarginNil up to loan amount of Rs.50000/-. 10% for loan amount above Rs.50000/- to Rs.100000/-
Interest RatesPlease see the Interest Rate link on home page
SecurityHypothecation of tools purchased out of the loan. No collateral security/third party guarantee. CGTSI cover compulsory.
Salient FeaturesArtisan friendly loan scheme for purchase of power tools to help artisans to improve efficiency and income
Other Requirements/Details* Guarantee fee on CGTSI cover: If applicable guarantee fee of 1.50%, Bank will bear one third viz. 0.5% of loan amount. The annual service fee (0.75%) to be borne by the borrower.
* Personal Insurance under Bank Scheme to be part of the scheme - IB Jeevan Kalyan or any other related scheme.
* BPLR and BASE RATE - Available in Home Page 

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