Construction Equipment Loan

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e-Circular

MID CORPORATE GROUP-CREDIT. Sl. No. : 673/2009 - 10 Circular No. : MCG/CR-ADB/1/2009 - 10 Tuesday,January 05,2010. .

CC/MCG/CR/2009-2010/2402 General Managers - All MCROs Chief General Managers All Circles Dear Sir/Madam, Advances: C&I Construction Equipment Loan (CEL) The product Construction Equipment Loan (CEL) was introduced vide Corporate Centre Circular No. MCG/Circular No. 01/2007-08/2018 dated 4th February, 2008 for meeting the requirements of construction companies to purchase new machines/equipments/vehicles for execution of construction projects/standard construction equipments. 2. The rate of interest applicable to the product was subsequently modified vide Circular No. CPP/SKY/CIR/27 dated 16.07.2008. The product has recently been reviewed and the changes brought about in the product features are duly approved by the Dy. Managing Director and GE (MC) on 28.10.2009 and the Overall Product Committee on 07.12.2009. The revised features are placed at Annexure-I. The changes will be applicable to fresh advances and will be effective from 1st January 2010. The new product code in CBS is 6240-1072. 3. Looking at the bright prospects anticipated for infrastructure and more particularly construction industry, and the improvements brought about in the product profile, please instruct the operating staff to note the instructions and market the product aggressively. The progress in booking business and disbursements under the product may please be monitored regularly at P-Review Meetings. Sd/Chief General Manager (MCG)

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