Rajasthan State Industrial Development and Investment Corporation (RIICO) has launched three new schemes to augment its term loan activity for financing of industrial land in its sectors.
The schemes, recently approved by the Board of Directors of RIICO, will offer financing of industrial land in its industrial areas, solar power projects as well as make finance available against immovable property, a statement today quoted its Principal Secretary of Industries and Managing Director Veenu Gupta as saying.
She said RIICO has been devising new business models to give further fillip to term loan activity through new schemes at highly competitive rates of interest.
"The corporation will now be offering financial support to entrepreneurs right in the beginning of the project implementation. Fresh allotment of industrial plot or plots auctioned by RIICO in its industrial areas will also be eligible under the scheme.
"The minimum amount of term loan under the scheme will be Rs2 crores with minimum promoters' contribution of 40 per cent of the bare cost of the land", she said. "The corporation will also finance small and medium-sized solar power projects in the range of 0.5 MW to 10 MW. The extent of financing will be up to 70 per cent of the project cost, for which the period of repayment will be 10 years", she said.
In yet another scheme, the corporation will finance up to Rs10 crores against immovable properties like industrial units, real estate, hotels, nursing homes and other service sector units situated in municipal limit of the divisional headquarters. The loan can be utilized for creation of fixed assets or meeting working capital requirement or for meeting various financial needs.