Tamil Nadu Industrial Investment Corporation Ltd.
INTRODUCTION:
Tamil Nadu Industrial Investment Corporation Limited (TIIC) was incorporated as a company under the Companies Act. TIIC is a State Financial Institution extending financial assistance for the creation of industrial fixed assets for starting new industrial units as well as for expansion, modernisation and diversification of existing units.
2. TYPE OF ASISTANCE:
TIIC offers long and medium term financial assistance in the following forms:
- Term Loans
- Term Loan and working capital assistance under the Single Window Scheme.
- Lease financing for machinery/equipments.
- Hire Purchase financing for machinery/equipments.
- Factoring ( i.e. Bill discounting).
ELIGIBLE ACTIVITIES:
The assistance of the Corporation is available to those concerns engaged In or processing to be engaged in:-
a) Manufacturing, Processing or preservation of goods.
b) Generation of electricity or any form of power including wind mills.
c) Setting up of nursing homes/hospitals and purchase of electro medical equipments.
d) Hotels and Restaurants.
e) Purchase of vehicles for material/goods transportation and for transport of passengers.
f) Facilities for preservation of marine products and food items including cold storage.
g) Commercial complex/Storage godown/ Marriage Hall.
h) Computer Training Institutions.
QUANTUM OF LOAN ASSISTANCE:
TIIC provides term loan assistance upto maximum of Rs. 800 lakhs. TIIC has 8 Regional Offices and 36 Branches in Tamilnadu. Branch Offices have been delegated with powers to sanction Loans upto Rs.30. lakhs. Loan above Rs.30.00 lakhs are considered by Head Office.
5.HOW TO APPLY:
For getting financial assistance from TIIC, one has to apply in the Prescribed application forms available in all the TIIC offices. There are separate application forms for various schemes.
6. APPRAISAL OF PROJECT BY TIIC:
The appraises the application for the technical feasibility and economic viability before according sanction. The applicant should satisfy TIIC regarding the marketability and furnish the details of the cost of production, cash flow etc., during the loan period to assess the pay back period.
7. RATE OF INTEREST:
The rate of intrest for the term loan is in the range of 12.5% p.a to 16% p.a. based on the quantum of loan and nature of industries. A rebate of 1% p.a. will be allowed for prompt payment at the end of every year.
For more details www.tiic.org
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