Registered Companies and Societies/Registered Partnership Firms/Sole Proprietorship firms/Individual
SC Entrepreneurs having more than 51% shareholding by Scheduled Caste
entrepreneurs/promoters/members with management control for the past 6 months engaged in
manufacturing and services sector are cover under the Scheme.
No, Only the banks who have signed the undertaking for the
scheme to become a member of the scheme known as Member Lending Institution (MLI) are allowed to get benefits of the scheme for
their borrowers. The list of MLIs along with their Nodal Officers for the scheme is available on the
IFCI's website, i.e. ifciltd.com and also on portal of the scheme, i.e. https://ifcicegssc.in.
The rate of interest admissible on the loans covered under the scheme will be per the interest rate
policy of the MLI and will be linked to base rate of the MLI subject to maximum interest rate charged by MLI will not be more than 3% over and above the base rate of the MLI.
The maximum tenure of the guarantee cover may be upto 7 years or loan repayment period whichever is earlier.
However, initially the loan shall be guaranteed for 1 years and renewed at yearly intervals.