 | What is WBFC ? | |
 | A state level financial institution catering to the financial needs of all industries as well as those of service sectors on easy and tailor-made terms. Yours may be a micro, small or medium scale industry/service sector, existing or proposed - anywhere in the state of West Bengal. | |
| For what is the loan granted ? | |
| You can avail of loans for acquiring land, building, plant & machinery, electrical equipment, miscellaneous fixed assets, furniture, etc. as also for meeting a portion or the whole of the working capital requirement of your enterprise. | |
| Who can apply for the loan ? | |
| Any individual, partnership firm, corporate body or registered co-operative society. | |
| How much loan does wbfc grant ? | |
| Up to Rs 10.00 crore per project, if you are a corporate body or a registered co-operative society. For others it is Rs. 4.00 crore. Under special circumstances the limits may go up to Rs. 20.00 crore and Rs.8.00 crore, respectively. | |
| What is the rate of interest ? | |
| Interest rates are as follows.The stated rates may undergo changes from time to time, as may be directed by the competent authority. | |
| From when is the interest calculated ? | |
| From the date of disbursement of the loan and on the actual amount disbursed. | |
| When are the interests payable ? | |
| On 30 June, 30 September, 31 December and 31 March every year, during the tenure of the loan. | |
| Repayment period ? | |
| Long (Maximum : 10 years) and tailor-made, according to the nature, size, repayment capacity of your project as also the quantum of the loan. | |
| When does the repayment start ? | |
| Normally after 6 to 24 months form the date of first disbursement of the loan, in quarterly instalments. In certain cases it starts after six months. | |
| How is the quantum of loan determined ? | |
| The loan quantum depends, primarily, on the project cost. It ranges between 50% to 75% of the project cost, depending on the size and nature of the project, category and financial strength of the borrower, repayment capacity of the project,risk factors etc. | |
| What is project cost ? | |
| The total cost of fixed assets viz., land, building, machinery, electrical, furniture, preliminary expenses etc. together with the margin money required for working capital requirement constitute the project cost. | |
| Who finances the rest of the project cost ? | |
| The promoters, and this is known as promoters' contribution. | |
| Is the loan disbursed in one stroke ? | |
| Depends on the situation. Normally the loan is disbursed in stages with the progress of implementation of the project and in proportion with the quantum of promoters' contribution raised. | |
| What are the securities to be offered against the loan ? | |
| Depending on the category and purpose of the loan, the fixed and/or the current assets created shall be mortgaged and/or hypothecated in favour of the Corporation, having first charge in its favour. | |
| Is any additional cash security required ? | |
| Apart from the personal guarantee of the owners of the enterprise, a small amount of cash security in the form of pledging of NSCs / KVPs/ Bank FDs / LIC policies or mortgage of landed property may be insisted upon- depending upon various aspects like risk factor etc. - as a percentage of the loan sanctioned. Such percentage shall, however, vary from case to case. | |
| When are the securities released ? | |
| On full liquidation of the loan along with interest and other costs thereon | |
| What are the activities eligible for getting loan ? | |
| Any type of industrial or service sector activity (excluding trading), including hotels, nursing homes, transport, commercial complex, infrastructure, consultancy services, floriculture, and a host of others. | |
| Is there any prepayment fee ? | |
| Yes. | |
| What are the fees payable ? | |
| An one time payment @ 0.50% p.a of the amount of loan sanctioned is payable as commitment, legal and processing fee @ 0.50% and legal-cum-service charges @ 0.40%. | |
| The first step you need to take for getting a loan. | |
| Prepare a project report and call on us at any of our branch offices (we have one for each district) or at the HO at DD22 Sector-I ,SaltLake Kolkata 700064. | |
| Who to call on at WBFC ? | |
| The General Manager ( Operations ) at HO or the Branch Managers at the branch offices. | |
| Will WBFC mind if we call your officers to our office ? | |
| WBFC would be glad to discuss any loan proposal right with you at its state offices. However should circumstances warrant, we may also call on you. | |
| How long does it take for getting the sanction ? | |
| Every endeavor, with your active cooperation, shall be taken to sanction the loan in the quickest possible time. | |