Introduction: Central Bank of India, a leading financial institution, has introduced the Cent CA/CS/CMA scheme aimed at supporting finance professionals in establishing their own businesses. This scheme offers attractive interest rates and flexible financing options to eligible professionals. Let’s delve into the details of this initiative and its benefits for finance professionals.
Detailed Analysis: The Cent CA/CS/CMA scheme targets all professionals registered with ICAI/ICSI/ICMAI who aspire to set up their own establishments. With a maximum age limit of 70 years, the scheme aims to provide financial assistance for various purposes, including the purchase of ready-built offices, construction of new offices, procurement of furniture and fixtures, computers, and meeting working capital requirements.
Eligible professionals can avail of financing ranging from Rs. 5.00 lakh to Rs. 50.00 lakh with CGTMSE coverage, and up to Rs. 200.00 lakh with 100% collateral security. The quantum of finance is determined based on the registration period as CA/CS/CMA, with different limits applicable for professionals with up to 5 years of registration and those with more than 5 years of registration.
The scheme offers flexibility in terms of limits, with overdraft facilities available for 12 months and term loans for 144 months, including a 6-month moratorium period.
Central Bank encourages professionals to explore the scheme details on its website or visit the nearest regional/branch offices for more information. Contact details are provided for further inquiries and assistance.
Conclusion: Central Bank’s Cent CA/CS/CMA scheme emerges as a valuable initiative for finance professionals seeking to venture into entrepreneurship. By offering attractive interest rates, flexible financing options, and easy accessibility, the scheme aims to empower professionals in realizing their business aspirations. Central Bank urges professionals to take advantage of this opportunity and invites collaboration from relevant institutions to promote the scheme among their members. With the support of such initiatives, finance professionals can contribute significantly to the economic growth and development of the nation.
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Central Bureau of Investigation
Central Office
MSME & OTHER CREDIT DEPARTMENT
CO/MSME/2024-25/15 Date 03-04-2024
President
The Institute of Cost accountants of India (ICMAI)
CMA Bhavan, 3rd floor, C-42, Sector 62,
NOIDA,(UP ) 201309
Dear Sir
Reg: Request for uploading of information of our New Scheme Cent CA/CS/CMA in your Member’s Portal
Greetings from Central Bank of India.
In the captioned matter, our Bank has launched a customer friendly scheme Cent CA/CS/CMA in the month of December 2023 for Finance Professionals with attractive interest rate ie. on RBLR Presently 9.35 % (with CGTMSE cover) and RBLR — 0.85% (8.50%) with 100% collateral.
The main aim of the scheme is to support the Finance Professionals who have qualified themselves after rigorous training and examinations to set up their own establishments in case they wish to start their own business.
Salient features of Cent CA/CS/CMA Scheme are as under:-
| Target group |
All professionals registered with ICAI/ICSI/ICMAI |
| Maximum Age |
70 Years |
| Purpose | Purchase of Ready built office/construction of new office, purchase of Furniture & fixture/Computers other accessories, to meet the Working Capital requirements etc |
| Eligibility | Min. — Rs. 5.00 Lakh,
Max. — Rs. 50.00 Lakh (With CGTMSE Coverage) and Rs. 200.00 Lakh (With 100% Collateral Security) |
| Quantum of Finance | – Registration as CA/CS/CMA up to 5 years (2 times gross annual receipt with maximum of Rs.20 lakh)
– Registration as CA/CS/CMA above 5 years – (5 times gross annual receipt with maximum of Rs.50 lakh with CGTMSE Cover and Rs.200.00 lakh with 100 % Collateral security.) |
| Type of limits | OD — 12 Months (Annual Review)
TL — For 144 Months (including 6 months moratorium) |
You may visit our website www.centralbankofindia.co.in for scheme details and/ or may visit our nearest Regional/ Branch Offices or on contact below mentioned e mail IDs
1- cmmsme@centralbank.co.in
2- cm2msme@centralbank.co.in
3- agm2msme@centralbank.co.in
4- dgmmsme@centralbank.co.in
We kindly request you to popularise our Cent CAJCS/CMA scheme amongst your members so that maximum CMAs may avail loan under this attractive scheme. We also requesting our Regional Offices/ Zonal Offices to visit your local offices/ chapters at various centres with the hope of extension of kind support from your side.
Thanking you in anticipation and with best regards
Yours faithfully,
(MAHENDRA SINGH)
DY.GENERAL MANAGER
MSME & OTHER CREDIT
