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The West Bengal Incentive Scheme: Interest Subsidy on Term Loan

“Interest Subsidy on Term Loan” incentives under “The West Bengal Incentive Scheme” scheme by the Dept. of Tourism, Government of West Bengal, aims to provide Interest Subsidy on annual interest liability on the Term Loan borrowed from a Bank to an approved project of an eligible unit.

Start date22 Feb 2021

Last verifiedToday

Official Source ↗

About This Scheme

“Interest Subsidy on Term Loan” is a sub scheme under “The West Bengal Incentive Scheme”. It was launched on 22nd February, 2021, by the Department of Tourism, Government of West Bengal, and shall remain valid upto 31st December, 2025. > Objective of the "West Bengal Incentive Scheme” Scheme: The object of the Scheme is to provide financial assistance and help enthusiastic intending or prospective entrepreneurs to start their own business as a self-employed youth who will become an employer in upcoming days and generate more employment. > Objectives of the "Interest Subsidy on Term Loan" Scheme: Through this incentive, an approved project of an eligible unit shall receive an Interest Subsidy on annual interest liability on the Term Loan borrowed from a Commercial Bank/Financial Institution.

Benefits

₹25.0 L · annual

Group-'A’ and ‘B' areas: 50%, subject to a limit of ₹ 25,00,000/- per year, for 5 years.

₹25.0 L · annual

Group-'C' and 'D' areas: 60%, subject to a limit of ₹ 25,00,000/- per year, for 7 years.

₹30.0 L · annual

Special Areas: 75% , subject to a limit of ₹ 30,00,000/- per year, for 7 years.

Note: The interest subsidy will be payable annually subject to submission of statement or certificate by the lending bank/financial institution to prove that the unit has paid the due interest to the institution on the due dates. The subsidy shall, however, not be paid in respect of term loans availed for second-hand plant and machinery or hire-purchase equipment.

Eligibility

Note: You may be eligible based on the information shown. Please verify the official eligibility requirements before applying.

Required Documents

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> Documents required for the Registration and Eligibility Certificate [(Form I)](https://westbengalincentive21.wb.gov.in/files/contents/notification_wbis_2021.pdf):
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A copy of the Memorandum and Articles of Association issued by the Registrar of Companies/ Partnership agreement.
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A Statement of names and addresses of the Director/ Partners/Owners of the company.
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Project Report.
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Valid No objection Certificate from pollution control Board.
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Valid No objection Certificate from West Bengal Fire Service.
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In case of loan, Photocopy of Sanction letter from the Central Financial Institution/State Financial institution/ Bank.
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Copy of the Audited Balance sheet for the last 3 years with Income Tax acknowledgement.
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Estimate for Building and Plant & Machinery vetted by Govt. Registered Valluer / Chattered Valluer.
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Land Deed and all other Documents supporting statements made in the Form (Mutation/ROR, Conversion Certificate, site plan,clearance from M.A. Deptt. etc.
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All applicable clearance from Govt. authorities (Forest, CRZ, Police, etc.)
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Sarai Registration Certificate under Bengal Sarai Regulation Act (in case Hotel started their Commercial operation)
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Valid Trade License from appropriate authority.
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GST Certificate and GST return.
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Sanctioned Building Plan from appropriate authority (KMC/ Municipality/ Panchayat/or any other appropriate authority).
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> Documents required for the application of Interest Subsidy on Term Loan:
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A Certificate from a Bank/Financial Institution is to be furnished in the format as per [Annexure-A](https://westbengalincentive21.wb.gov.in/files/contents/notification_wbis_2021.pdf) (format is available for download in attachment section).

✦ Required ◦ Optional

How to Apply

OOnline

Quick Info

Level: Central Government
Max benefit: ₹30.0 L
Launched: 22 Feb 2021