GRADED INTEREST REBATE

SCHEME FOR EXISTING BORROWERS

The existing borrowers whose account is classified as Standard Account on the close of the financial year shall be eligible for benefit under Graded Interest Rebate System (GIRS) over and above the rebate for timely payment. The applicable interest rate will be reduced by 0.50%, 0.25%, and 0.25% with effect from April 15 of next three years, respectively.

The existing standard borrower, as on the close of the financial year, which are less than one (1) year old with the Corporation would be eligible for Graded Interest Rebate System (GIRS) over and above the rebate for timely payment. The applicable interest rate will be reduced by 0.25%, 0.25% and 0.50% in II, III and IV years respectively.

The interest rebate under this scheme shall be admissible only in case the account is classified as Standard Asset, as on close of the financial year, during entire period of the loan repayment, and any slippage in categorization will lead to withdrawal of the interest rate reduction allowed and reversion to the original documented rate of interest. The cases covered under "Incentive Scheme for Good Borrowers" will not be eligible under this scheme.