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Home   Procedure for Credit Guarantee Fund Scheme

Procedure for Credit Guarantee Fund Scheme

Eligibility

S.No Eligibility
1 It is a duly registered FPC under Part IX of Company’s Act, 1956
2 It has raised equity from its Members as laid down in its Articles of Association/ Bye Laws.
3 The number of its individual shareholders is not lower than 500.
4 Minimum 33% of its shareholders are small marginal and landless tenant farmers.
5 Maximum shareholding by any one member other than an institutional member is not more that 5% of total equity of the FPC.
6 It has a duly elected Board of Directors (BoD) with a minimum of five members and having adequate representation from farmers and minimum one woman member.
7 It has a duly constituted Management Committee responsible for the business of the FPC.
8 It has a business plan for next 18 months.
9 The Bank ELI has extended/ sanctioned within six months of the date of application or the Guarantee or/ in principle agreed in writing/ has expressed willingness in writing to sanction Term Loan/ Working Capital/ Composite Credit Facility without any collateral security or third party guarantee including personal guarantee of Board Members.
Online Application Form

Checklist

S.No Checklist
1 Application is as per the prescribed format and bear signature with seal of bank.
2 Recommendations with amount of CGC sought on Bank’s letter head with date and dispatch number duly signed by the Branch Manager on each page
3 Sanction letter of Sanctioning authority addressed to the recommending branch.
4 Bank’s approved appraisal/process note bearing signature of sanctioning authority.
5 Potential impact –Social, Environmental, risk analysis report.
6 Promoter’s request letter addressed to the Bank Manager on original letter head of FPC.
7 Implementation schedule confirmed by the Bank.
8 Up to date statement of a/c of TL/CC if already sanctioned.
9 Equity/CA Certificate./ RCS Certificate
10 Form-2, Form-5 and Form-23 filed with RoC for Company / RCS
11 Affidavit of promoters that they have not availed CGC from any other institution for sanctioned Credit Facility.
12 Field inspection report of Bank Official as on recent date.