The West Bengal Incentive Scheme: Interest Subsidy on Term Loan

About This Scheme

“Interest Subsidy on Term Loan” is a sub scheme under “The West Bengal Incentive Scheme”. It was launched on 22nd February, 2021, by the Department of Tourism, Government of West Bengal, and shall remain valid upto 31st December, 2025. > *Objective of the "West Bengal Incentive Scheme” Scheme:* The object of the Scheme is to provide financial assistance and help enthusiastic intending or prospective entrepreneurs to start their own business as a self-employed youth who will become an employer in upcoming days and generate more employment. > *Objectives of the "Interest Subsidy on Term Loan" Scheme:* Through this incentive, an approved project of an eligible unit shall receive an Interest Subsidy on annual interest liability on the Term Loan borrowed from a Commercial Bank/Financial Institution.

Eligibility

- The Scheme shall be generally applicable to all eligible tourism projects/units and also to expansion projects of existing units set up on or after the effective date (i.e. 22nd February, 2021) of this incentive scheme. Or, - Eligible Hotel Units who started their commercial operation on or after 7th January, 2015 to 31st December, 2020 but could not apply under previous scheme 2015 due to absence of a Bar in the Hotel. - The units may be in the private sector, co-operative sector, joint sector as also companies/ undertakings owned or managed by the State Government. - The project should be covered by a detailed feasibility report/project prepared for the purpose. - The project should have been approved and sanctioned by a Central Financial Institution or Commercial Banks or State Financial Institutions. - The unit should hold an Registration Certificate, Date of Commencement Certificate and Eligibility Certificate issued by the West Bengal Tourism Development Corporation Limited on satisfaction of arrangement.

Benefits

Group-'A’ and ‘B' areas: 50%, subject to a limit of ₹ 25,00,000/- per year, for 5 years. Group-'C' and 'D' areas: 60%, subject to a limit of ₹ 25,00,000/- per year, for 7 years. Special Areas: 75% , subject to a limit of ₹ 30,00,000/- per year, for 7 years. Note: The interest subsidy will be payable annually subject to submission of statement or certificate by the lending bank/financial institution to prove that the unit has paid the due interest to the institution on the due dates. The subsidy shall, however, not be paid in respect of term loans availed for second-hand plant and machinery or hire-purchase equipment.

How to Apply

Where This Comes From

This scheme was sourced from myScheme, the Government of India's official Central+State scheme discovery portal, and reviewed by an editor before publishing. Use the button above to read the full details and apply directly on the official source.