Term Loan
The Corporation extends finance by way of term loan for a wide range of income generating activities, but does not finance any infrastructure development schemes unless such schemes lead directly to income generation.
Micro-Credit
The Corporation also extends assistance to promote micro-credit scheme at the grass root level to the low-income groups in the rural, semi-urban and urban areas to enable them to raise their income level and be self-reliant. Under this scheme, loans will be provided either directly or through NGOs and SHGs.
- The NGOs will organize SHGs of micro-entrepreneurs, arrange skill development training programmes and extend financial assistance to these groups.
- The Corporation will extend loans to the NGOs for undertaking such activities.
Schemes for Assistance
- Agriculture and Allied: Agriculture production and related fields such as purchase of agriculture machinery and implements, animal breeding, poultry, dairy, piggery, and bee-keeping. Horticulture, floriculture, mushroom cultivation, cash crops like cardamom, orange, apple, potato, ginger, etc.
- Artisan and Traditional Occupation: These include handicrafts, tailoring, weaving, knitting, carpet weaving, jewellery, carpentry, blacksmith, bakery, beauty parlour, etc.
- Technical Trades: All self-employment schemes such as electrician, plumber, steel fabrication works, TV/Radio repair, motor mechanic, book binding, clinical labs, Xerox/Fax/Typing, Lamination Centres, STD/PCO booths, etc.
- Hotel/Guest House/Lodging/Restaurant: The loan facility is available to SC/ST/OBC/Persons with Disabilities/Minorities beneficiaries only for conversion of, renovation of rooms, kitchen, etc. of existing building to guest houses/lodging in areas having tourism potential.
- Small Business: Loans for setting up small business ventures such as tea shops, general provision stores, grocery/manihari shops, readymade garments shop, newspaper/magazine shop, etc.
- Transport Services: Purchase of commercial vehicles for self-employment.
Procedure for Availing Loans
- Submission of application form in the prescribed format (available in the Corporation’s Office) duly filled in along with a passport size photograph duly attested by a Gazetted Officer.
- Certificate of Identification issued by District Collector/Addl. District Collector/Sub-Div. Magistrate.
- SC/ST/OBC/MBC Certificate issued by District Collector/Additional District Collector/Sub-Div. Magistrate.
- Annual family Income Certificate issued by District Collector/Additional District Collector/Sub-Div. Magistrate.
- Land title/Parcha.
- Salary Certificate of Guarantor.
- Project Report/Profile.
- For handicapped/disabled persons, certificate from Medical Board certifying disability.
Policy for Payment Gateway Implementation
Scope and Purpose
- The payment gateway aims to facilitate smooth transactions for loan disbursements and repayments for the beneficiaries of SABCCO's financial assistance programs.
- It ensures transparency, security, and efficiency in financial transactions between SABCCO and its beneficiaries.
User Eligibility
All beneficiaries of SABCCO belonging to Scheduled Castes, Scheduled Tribes, Other Backward Classes, Persons with Disabilities, and Minorities living Below Double the Poverty Line who have taken loan from SABCCO are eligible to utilize the payment gateway.
Transaction Security
- The payment gateway will implement industry-standard encryption protocols to safeguard the confidentiality and integrity of financial transactions.
- Multi-factor authentication will be enforced to prevent unauthorized access to beneficiary accounts.
Transaction Limits
Clear transaction limits will be set for both loan disbursements and repayments, ensuring compliance with regulatory requirements and mitigating financial risks.
Fee Structure
Transparent fee structures will be established, clearly outlining any processing fees or service charges associated with transactions. These fees should be minimal to ensure affordability for beneficiaries.
Refund/Cancellation
If a loanee overpays an installment, the extra amount will be applied to the principle amount. At the end of the loan term, any remaining overpayment can be refunded by presenting proof of payment. SABCCO does not offer loan installment cancellations.
Contact Us
- Name: Arun Gurung
- E-mail: arungurung1975@gmail.com
- Phone No: 8372038920
Your Message: Our new payment gateway is live, making transactions with SABCCO easier and safer. Need help? Our support team is here for you. Let's empower together!
Registration No.: Item No.537 Volume No. I
Address
- Sonam Tshering Marg, Gangtok East Sikkim -737101
- Call Us
- Phone: 8372038920
- E-mail: arungurung1975@gmail.com
Customer Support
- Dedicated customer support channels will be provided to assist beneficiaries in case of any issues or queries related to transactions conducted through the payment gateway.
- Support services will be accessible through multiple channels including phone, email, and online chat.
Data Privacy and Compliance
- The payment gateway will adhere to all relevant data protection regulations to safeguard the privacy and confidentiality of beneficiary information.
- Regular audits and assessments will be conducted to ensure compliance with applicable regulatory frameworks.
Integration with Existing Systems
- Seamless integration with SABCCO's existing software infrastructure will be ensured to facilitate real-time updates and reconciliation of transaction data.
- Compatibility with various devices and operating systems will be considered to accommodate diverse user preferences.
Terms and Conditions
Account Registration
Beneficiaries must register an account with SABCCO's payment gateway platform using valid identification documents and contact information.
Transaction Authorization
Beneficiaries are responsible for ensuring the accuracy and completeness of transaction details before authorizing any payments or loan disbursements through the payment gateway.
Payment Settlement
Loan repayments made through the payment gateway will be credited to the beneficiary's account within a specified timeframe, subject to processing and clearance by financial institutions.
Transaction Disputes
Beneficiaries can raise disputes regarding unauthorized transactions or discrepancies in transaction records through the designated customer support channels within a reasonable timeframe.
Termination of Services
SABCCO reserves the right to suspend or terminate access to the payment gateway in cases of fraudulent activities, violation of terms and conditions, or non-compliance with regulatory requirements.
Modification of Terms
SABCCO retains the authority to modify or update the terms and conditions governing the use of the payment gateway platform, with prior notice to beneficiaries.
Legal Jurisdiction
All legal matters, disputes, or proceedings arising from the use of the payment gateway and related services provided by SABCCO shall be governed by the laws of Gangtok, Sikkim. Any legal proceedings or disputes shall fall under the exclusive jurisdiction of the courts in Gangtok, Sikkim, India.