Haryana Financial Corporation(HFC)
MEETING CREDIT NEEDS
Haryana Financial Corporation (HFC) was established in the year 1967 under State Financial Corporation's Act 1951. The Corporation meets the credit needs of small /medium scale industrial units Nursing Homes, Hotels, Amusement Parks, Complexes, Sfotware Development/E-commerce, Vehicles etc by advancing term loans primarily for the purpose of acquiring fixed assets such as land, building and plant & machinery. The Head office of the Corporation is at Chandigarh and Branch Offices are at each district head quarter of the State.
TERM LOANS
MAXIMUM LOAN LIMIT
The maximum limit of loan accommodation is Rs. 500 lacs in the case of Companies and Rs. 200 lacs in case of others. The Corporation in Joint participation with HSIDC extends loans upto Rs. 1300 lacs. The existing units can also avail loans to the extent of Rs. 500 lacs for expansion/modernisation of the units. The Corporation provides financial assistance to such companies whose aggregate paid up capital and free reserves do not exceed Rs. IO crores. The cost of project should also not exceed Rs. 12 crores for industrial units and Rs 10 crores for service sector and industrial infrastructure projects.
REPAYMENT PERIOD
Loans from the Corporation are normally repayable within a period of 7 to 8 years with a moratorium period of 1 & 1/2 years for SSI units and 10 years with gestation period of 2 years for Non-SSI units.
EQUIPMENT REFINANCE SCHEME
The Corporation provides quick financial assistance upto Rs. 500 lacs to the existing well running units for acquiring equipment at a margin of 25%. The loans is repayable between 2 to 5 years depending upon the repayment capacity of the borrowers. To be eligible for loans under equipment refinance scheme, the existing industrial concerns should be in operation for 4 years and should have earned profits / declared dividends during the lost two financial years and should not be in default with the institutions/banks.
NATIONAL EQUITY FUND SCHEME (NEF)
The scheme promoted by SIDBI provides equity type support to entrepreneurs for setting up new projects in tiny and small scale sector. The promoters' contribution is only 10%. The Corporation provides 50% term loan and SIDBI gives assistance of 25% as soft loan subject to ceiling of Rs. 10.00 lacs @ 5% service charge p.a. towards equity base of the project. Balance 15% has to be brought in the shape of LTLs (intt. bearing). The project cost should not exceed Rs. 50.00 lacs.
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