Entertainment Loan
- Interest Rate: 5%
- Project Cost Limit: Nu 1.5 M
- Gestation Period: 6 months (extendable to a maximum of 1 year)
- Loan Tenure: 4 Years (excluding gestation period)
- Collateral Requirement:
- Trade/business license
- Copyright© – for movies only
- Loan Care Life insurance(QNLP-II)
- Securitize assets currently owned by the business.
- Must have a valid business license valid until 10th April 2020 and thereafter.
- Must have retained the establishment till the date of loan application either on credit or rent payment through self-financing.
- Business commencement before Pandemic – The business should have been established and was running in full swing before the pandemic. Just holding a license to start the business at good times will not be eligible.
- Clean CIR of the Proponent, their spouse, and the guarantor before March 2020
- Must have physical business establishments
- Valid tenancy agreement between the entertainment center and the landlord
- Limit to only one loan for one owner with multiple licenses in various locations.
- The bank shall not fund lessees if in case the business is operated on a leased license.
- Any subsidies/grants/support availed or received from RGoB during the pandemic shall not form part of the loan.
- If business inventories/equipment are not already mortgaged with other banks
- Any other criteria that may be applicable as per Bank’s Credit Manual
Entertainment Centers such as Karaokes, Drayangs, Discotheques, and Movie Producers (series, documentaries, short movies not applicable).
- Duly filled customized NCSIDBL Loan application form;
- Duly filled Guarantor form;
- A copy of the Citizen Identity Card of the proponent, Spouse, and Guarantor;
- Copy of valid business license;
- A copy of the latest Tax Clearance Certificate with the latest Financial statements or financial information (if filed in a lump sum), filed to RRCO.
- A copy of the lease or rental agreement (if the unit is operated from a rented Apartment)
- Confirmatory note from the landlord about rent concession, if any, and its continuity during the pandemic.
- List of business inventories/equipment (if applicable) to be annexed with the contract agreement.
- The applicant must produce a guarantor who has a reliable source of income.