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India : SBT announces loan scheme for contractors

July 7, 2014

State Bank of Travancore (SBT) has announced a scheme SBT Contractor Plus in a move to provide hassle-free loans to contractors of various work relating to public infrastructure.

Benefits under this scheme can be availed by all registered/empanelled contractors and sub-contractors undertaking works on behalf of Central and State departments and multinational organisations.

A spokesman for SBT said that, mainly, the loan will be to address working capital requirements as term loans to procure construction equipment and for providing bank guarantees for the purpose of earnest money deposit or security deposit.

The loans offer liberal terms and competitive interest rates, the spokesman added.

Without any need for collateral security, an amounts to the tune of around INR 1 crore are sanctioned.

Under this newly announced scheme, the bank provides guarantee fee for loans up to INR 50 lakh.

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Source: TendersInfo (India)

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