BILL FINANCE SCHEME FOR TNEB CONTRACTORS
|Objective||For discounting the Bills of TNEB as per purchase order/ Turnkey projects.|
|Eligibility||Registered Contractors/ Units of TNEB|
|Sanction Limit||50% of value of order given by TNEB.|
|Drawal Limit||85% of individual bill amount only or as per the scheme whichever is lower.|
|Credit Period||Maximum credit period of 120 days for each bill.|
a) The loan will be secured by post dated cheques given by the unit. The amount of post dated cheques will be the amount disbursed for each bill together with interest from the date of disbursement to the date of post dated cheque i.e.120 days from the date of disbursement.
b) The loan will be secured by the personal guarantee of proprietor/ partner/directors of the unit.
c) In case of Limited Companies, necessary charge has to be created with ROC.