SIDBI offers easy loan to traders, says Nath

Source: The Hitavada      Date: 13 Apr 2018 11:14:18


Business Bureau,

Here onwards even traders will be able to get term loan from SIDBI at a very normal interest rate of about 8 percent per year. The loan amount will be in the range Rs 25 lakh and Rs 200 lakh against collateral security said, Pradeep Nath, Deputy Generl Manager in SIDBI, Nagpur.
He was speaking at an interactive meet of traders from sectors like consumer product distribution, jewellary, retail trade, Pharmaceutical products etc.

The meeting was organized by the Confederation of All India Traders (CAIT), New Delhi in its city office. Nath said that through the new scheme money would be available to traders to fund their working capital requirement. He further explained the whole scheme in a very simple language.
B.C.Bhartia, National President - CAIT, said that for quite long, the traders were demanding the authorities to provide loan at
reasonable interest rates so they could raise money for working capital.

Bhartia said that traders need financial because prices of most of the commodities have gone up in recent past. “ Moreover many new products have come into the market and thus the working capital of the traders has increased significantly,” he said.

During the interaction traders said that the minimum limit of Rs 25 lakh should be brought down to a level of Rs 10 lakh as Mudra loan is available up to Rs 10 lakh only. The traders further suggested that the condition of cash sales upto 20 per cent of annual turnover should be waived off. Similarly the condition for rent agreement of 15 years is also not a workable proposition. Traders said that some other proof of existence like shop and establishment registration could be introduced to confirm existence of the trade.

Kishore Dharashivkar, President of Team CAIT Nagpur, expressed gratitude towards the governmnet for introducing such a good scheme through SIDBI. Prabhakar Deshmukh, Senior Vice-President, said that CAIT will try to extend all the help to traders to enjoy the benefits of this scheme by traders.

Present were Priyanka from SIDBI, Punit Kusumgar, Sunil Bhatiya, Chhagan Dhoble, Archan Rastogi, Bagesh Mahajan, Sandip Agrawal, Ravindra Gupta, Ghyaneshwar Rakshak, Anil Nagpal, Ramesh Umate, Rajkumar Gupta, Madhusudan Trivedi and others.