Entertainment Loan

About 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: 
    1. Trade/business license
    2. Copyright© – for movies only
    3. Loan Care Life insurance(QNLP-II)
    4. Securitize assets currently owned by the business.

Eligibility Criteria

  1. Must have a valid business license valid until 10th April 2020 and thereafter.
  2. Must have retained the establishment till the date of loan application either on credit or rent payment through self-financing.
  3. 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.
  4. Clean CIR of the Proponent, their spouse, and the guarantor before March 2020
  5. Must have physical business establishments
  6. Valid tenancy agreement between the entertainment center and the landlord
  7. Limit to only one loan for one owner with multiple licenses in various locations.
  8. The bank shall not fund lessees if in case the business is operated on a leased license.
  9. Any subsidies/grants/support availed or received from RGoB during the pandemic shall not form part of the loan.
  10. If business inventories/equipment are not already mortgaged with other banks
  11. Any other criteria that may be applicable as per Bank’s Credit Manual

Categories

Entertainment Centers such as Karaokes, Drayangs, Discotheques, and Movie Producers (series, documentaries, short movies not applicable).

Checklist

  1. Duly filled customized NCSIDBL Loan application form;
  2. Duly filled Guarantor form;
  3. A copy of the Citizen Identity Card of the proponent, Spouse, and Guarantor;
  4. Copy of valid business license;
  5. 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.
  6. A copy of the lease or rental agreement (if the unit is operated from a rented Apartment)
  7. Confirmatory note from the landlord about rent concession, if any, and its continuity during the pandemic.
  8. List of business inventories/equipment (if applicable) to be annexed with the contract agreement.
  9. The applicant must produce a guarantor who has a reliable source of income.

Entertainment Loan