Merit Loan Scheme for Good Borrowers

Description
The "Merit Loan Scheme for Good Borrowers" was launched by the Pondicherry Industrial Promotion Development and Investment Corporation Limited PIPDIC , Department of Industries & Commerce, Puducherry. The scheme aims to assist the units of PIPDIC whose loan accounts are classified as Standard Assets continuously for 3 years. The assistance is provided for construction of additional building, purchase of additional machineries & equipments essential for expansion/modernisation/diversification and meet the working capital needs. The applications for this scheme are accepted online only.

Exclusions
• <br>

Benefits
• Loan Limit: Maximum amount of loan shall be the equal amount paid by the unit.
• Interest Concession: 1% less than the normal rate of interest.

Eligibility Criteria
1. The scheme is applicable to the following -
2. - Already assisted units of PIPDIC whose loan accounts are classified as Standard Assets continuously for 3 years.
3. - Good Borrowers who have already settled the loan account with PIPDIC.
4. <br>

Application Process
Step 1: User Manual: https://pipdic.in/uploads/PIPDIC_docs/user_manual.pdf
How to Apply: https://pipdic.in/how_to_apply
Applicant Login: https://pipdic.in/customer_login
Application Link: https://pipdic.in/forms
Grievance Form: https://pipdic.in/grievance…
Online

User Manual: https://pipdic.in/uploads/PIPDIC_docs/user_manual.pdf
How to Apply: https://pipdic.in/how_to_apply
Applicant Login: https://pipdic.in/customer_login
Application Link: https://pipdic.in/forms
Grievance Form: https://pipdic.in/grievance_form
Visit the PIPDIC website. Click "Login". Click the “New customer” link under the “Login” menu, enter a username, email-id, password, and captcha, and then click the "Register" button.
Use the registered email-id to log in. An OTP is sent to the registered email address.
The applicant is then required to enter the OTP and click "Login" to access to the customer dashboard.
Upon successful login, the customer needs to update their profile by accessing the "Edit Profile" option (top right corner of the dashboard).
The applicant must provide all required details. Click "Submit".
To initiate the loan application process, the applicant must navigate from the customer dashboard by clicking on the "Applications" tab.
A pop-up window displaying a checklist of General Terms and Conditions, interest rate structure, investigation fees, and collateral security norms will appear for review.
Carefully read this checklist, confirm that all necessary documents have been gathered as requested, and click the “I Agree” button to proceed to the application form.
Fill the multi-step application form, providing appropriate details in all mandatory fields across the required steps.
The applicant must carefully read and agree to the comprehensive declaration provided within the application form (covering confirmation of true information, absence of unauthorized borrowing arrangements, and consent to verification) before finally ticking the "I agree to terms" checkbox and clicking the final "Submit" button for the main application form.
The system will redirect the applicant to enter the Biodata of the Promoter, Partner, or Director, which is typically a multi-step process. The necessary KYC and supporting documents must be uploaded by clicking the "Choose File" button next to each field.
Once the entire application and bio-data submission is complete, pay the applicable application fee.
If selecting online payment, the system automatically redirects the applicant to the payment summary page, where they verify their details and make the payment.
Upon successful payment, the user is redirected back to PIPDIC website, where a receipt for the application fee paid is generated.
The applicant can print this receipt or save it to their computer as a PDF for future reference.
The customer can monitor the status of their submitted application (which will initially show a status like 'UNDER REVIEW') by clicking the "View My application" link on the dashboard and selecting the relevant loan application in the drop-down menu.
For loans up to ₹25,00,000/-, the application fee is ₹100/-.
For loans above ₹25,00,000/-, the application fee is ₹200/-.
The applicant can contact the Managing Director, Pondicherry Industrial Promotion Development and Investment Corporation Limited at No.60, Romain Rolland Street, Puducherry 605001.
The office phone number is 0413-2334361.
The email address for contact is [email protected].
The General Manager (Administration) can be contacted via mobile at 9894653835.

Required Documents
• Requisition Letter (No formal application form is required).
• Audited Financial Statements for the Last 3 Years.
• Income Tax (IT) Returns.
• Collateral Security Documents (Collateral security in the form of immovable property must be offered).
• Original Title Deeds in the Name of the Party.
• Antecedent Title Deeds (Title deeds executed between vendors and third parties) for 30 Years (if possible) or 20 Years (Certified Copy or Original).
• Encumbrance Certificate for the Property for 30 Years Prior to the Date of Sanction Order (Original).
• Valuation Certificate of the Property Assessed by a Chartered Engineer from the Approved Panel of the Corporation (Original).
• Patta of the Said Property.
• Field Measurement Book Copy (FMB Copy) of the Said Property (Original).
• Latest Tax Paid Receipt (Original).
• Chitta Nagal of the Said Property (Original).
• Settlement Register Copy of the Said Property.
• Adangal Certificate (Original) (If the properties are agricultural lands).
• Certificate Issued by the Village Administrative Officer to Prove the Owner's Possession (Original).
• Legal Heir Declaratory Decree Obtained from the Competent Court in Puducherry (For Puducherry property) or Legal Heir Certificate Obtained from Tahsildar, Tamil Nadu (For Tamil Nadu property) (In case of properties in the name of deceased persons).

Frequently Asked Questions
Q: How do I create an account and begin the registration process on the application portal?
A: To create your account, visit the PIPDIC website at https://pipdic.in/, click &quot;Login&quot;, and then select the &quot;New customer&quot; link. Enter a unique username, your email address, a secure password, and the Captcha code, then click &quot;Register&quot; to complete the registration process.
<br>

Q: What is the purpose of the One-Time Password verification during the login process?
A: The OTP is a security measure sent to your registered email address to verify your identity and ensure that only authorized users can access your account. You must enter this OTP and click &quot;Login&quot; to proceed to your customer dashboard.
<br>

Q: What information am I required to provide when updating my profile after successful login?
A: Upon logging in, you must access the &quot;Edit Profile&quot; option in the top right corner of your dashboard and complete all required profile details as requested by the system. These details are necessary for the loan application processing and verification purposes.
<br>

Q: What documents and information should I prepare before starting my loan application?
A: Before beginning your loan application, gather all Know Your Customer (KYC) documents and supporting documents as specified in the application checklist. Additionally, prepare detailed biodata information for the Promoter, Partner, or Director, as you will need to upload these documents during the application process.
<br>

Q: Where can I access the loan application form once I have completed my profile setup?
A: After completing your profile update, navigate to the &quot;Applications&quot; tab on your customer dashboard to access the loan application form section.
<br>

Q: What is included in the checklist that appears before I can proceed with the loan application?
A: The pop-up checklist displays the General Terms and Conditions, interest rate structure, investigation fees, and collateral security norms applicable to your loan. You must carefully review this information and confirm that you have gathered all necessary documents before proceeding.
<br>

Q: What declaration must I read and agree to before submitting my loan application?
A: You must read the comprehensive declaration within the application form, which covers confirmation of true and accurate information provided, absence of unauthorized borrowing arrangements, and consent to verification and investigation by PIPDIC officials.
<br>

Q: How many steps does the loan application form typically contain, and what should I do if I need to pause my application?
A: The loan application is structured as a multi-step form across several stages. While the document does not specify a save-and-resume feature, you should complete all mandatory fields across each required step before proceeding to the next stage.
<br>

Q: What is the process for uploading Know Your Customer and supporting documents after submitting my application details?
A: After completing the main application form submission, the system will redirect you to enter your Promoter, Partner, or Director biodata information in a multi-step process. For each required document field, click the &quot;Choose File&quot; button, select the appropriate file from your computer in the format specified by the portal, and upload it to the system.
<br>

Q: What are the applicable application fees for different loan amounts under this scheme?
A: For loan amounts up to ₹25,00,000/-, the application fee is ₹100/-. For loan amounts exceeding ₹25,00,000/-, the application fee is ₹200/-.
<br>

Q: How do I make the payment for my application fee, and what happens after successful payment?
A: Once your application and biodata submission is complete, proceed to pay the applicable application fee. If you select online payment, the system will automatically redirect you to a payment summary page where you can verify your details and complete the payment transaction.
<br>

Q: What should I do with the payment receipt I receive after paying my application fee?
A: Upon successful payment, a receipt for your application fee is generated automatically. You can print this receipt or save it to your computer as a PDF for future reference and record-keeping purposes.
<br>

Q: How can I track the status of my submitted loan application after submission?
A: You can monitor your application status by clicking the &quot;View My Application&quot; link on your customer dashboard and selecting your relevant loan application from the drop-down menu. Your application will initially display a status such as &quot;UNDER REVIEW&quot; as it progresses through processing.
<br>

Q: What contact information and support channels are available if I need assistance or wish to file a grievance regarding my application?
A: You can contact the Managing Director at the Pondicherry Industrial Promotion Development and Investment Corporation Limited office located at No.60, Romain Rolland Street, Puducherry 605001. The office phone number is 0413-2334361, and you can email your queries to [email protected]. The General Manager (Administration) is also available via mobile contact at 9894653835. You can also submit a grievance form at https://pipdic.in/grievance_form.
<br>