availed a small term loan of Rs.7.25 lakhs
from TIIC way back in 1997 for the purchase
of a blow room for our spinning mill.
We planned for a bigger expansion in 2006.
We were approached by officials from TIIC at
that time. They also informed us that
they could take over our existing term loan
outstanding with Bank of India. Since the
rate of interest offered by TIIC was
competitive, we filed an application with
TIIC for the sanction of term loan for take
over of our term loan liability with Bank of
India and for meeting our expansion
We filed our application with TIIC on
09.08.2006. Af first, we were
apprehensive that being a Govt. Institution
TIIC might take a long time for processing.
To our surprise, we were called for the
sanction committee interview within a
month's time and the loan was sanctioned on
08.09.2006. We were sanctioned Takeover loan
of Rs.399.88 lakhs and an expansion Term
Loan of Rs.1750 lakhs. The time taken
by TIIC for sanction of loan was really very
quick which we never anticipated.
Though the disbursement of loan made in
stages, we did not face any difficulty in
complying with TIIC's procedure
On the whole, our association with TIIC
during the past 3 years has been a pleasant
I take this opportunity to put forth (not as
a criticism but as a suggestion) that TIIC
might speed up claiming TUF Subsidy.
We paid our first interest instalment in May
2007 and we are yet to receive TUF Subsidy
since beginning. Though release of
subsidy amount by the Govt. might
formalities, we would be too glad if TIIC
uses its good offices to make the TUF
Subsidy available to us in time as this will
help us to reduce our interest burden,
especially when we are facing recessionary
trend in the market.
Our hearty wishes for the 60 year old
organisation to go from strength to strength
and to a be a partner in the industrial
development of the State of Tamil Nadu.