Loan to be advanced by the SPTF shall not in the aggregate exceed the value of fixed asset of the applicant tea estate.
In case of 2nd charge / paripassu arrangements of equitable mortgage, the admissible amount of loan would be fixed in the following manner:
(A) Value of fixed asset as per latest Balance Sheet -- X
(B) Value of crop of average 3 yrs. as per Profit & Loss Accounts. -- Y
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Total : X + Y
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75% of above, i.e. total of X + Y
C
Less :
I)Cash Credit Limit -- a
(II)Term Loan --
b
(III)Tea Board outstanding Loan -- c
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Total : a + b + c
D
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Admissible limit =
(C) minus (D)
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In case of direct charge arrangement with SPTF, the loan will be restricted to a maximum of 75% of the value of fixed asset of the tea estate after deducting the Tea Board's outstanding dues, if any.
DISBURSEMENT OF LOAN :-
The loan under SPTF Scheme will be disbursed in one shot within one month after completion of necessary formalities including execution of loan agreements and signing of various deed of conveyances as per scheme.
Note:
- If the applicant is willing to carry out replanting / replacement planting/rejuvenation in a phased programme in subsequent years and indicates the area to be planted in
each phase, then the amount of loan eligible for different phases of the programme will be calculated separately on the basis of the
area to be covered in each phase and treated as separate loan for the purpose of disbursement as well as repayment.
- Tea Board will have the right of refusing any further loans under the scheme, if it is not satisfied that the previous loans already
disbursed has been properly utilised.
- In the event of non utilization of the loan advanced for the purpose for which it was advanced within two years from
the date of disbursement of loan, then the unutilized portion of the loan or / whole amount of loan as the case may be
shall become immediately repayable with interest as applicable. In this connection, the decision of the SPTF will be
final in all such cases.
