State Bank of Travancore (SBT) has introduced a scheme named ‘SBT Contractor Plus’ that intends to provide hassle-free loans to contractors of various work relating to public infrastructure.
All registered/empanelled contractors and sub-contractors undertaking works on behalf of Central and State departments and multinational organisations are eligible.
Working capital The loan is extended for meeting working capital needs as term loans for purchase of construction equipment and for providing bank guarantees for the purpose of earnest money deposit or security deposit. The loans offer liberal terms and competitive interest rates, a spokesman for SBT said.
Amounts up to ₹1 crore are sanctioned without collateral security. Under the scheme, the bank provides guarantee fee for loans up to ₹50 lakh. More details can be had from www.statebankoftravancore.com or the nearest branch of the bank.
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