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Boat Loan for fishery business
 
Who can apply?
Applicant should be a member of fishermen`s society and entitled to get  50% Govt subsidy
 
What should be  the purpose?
Purchasing  a mechanized boat for fishing
 
Nodal Branch
Colaba branch
 
What is the age criteria?
Minimum age  : 25 years Maximum age : 65 years
 
How much loan can be granted ?
Upto  Rs.60,000.00 net of subsidy.
 
What is rate of interest?
@12.50% p.a. with monthly rest on reducing balance
 
What will be share linkage
1% of loan sanctioned.
 
What will be the repayment period?
By 84 EMIs
 
What will be the securities?
  1. Hypothecation of  the boat
  2. Collateral security  
What about guarantors?
Two  guarantors acceptable to Bank
 
How to apply?
  1. Application in prescribed format
  2. Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card etc
  3. Identity proof : Passport/voter identity card/ PAN card telephone/electricity bill etc.
  4. Income proof :  Profit& Loss account, Balance-    sheet of last 3 years,
  5. Consent letter & financial papers of guarantors
  6. Pro-forma invoice from seller
What about insurance?
The boat shall be fully insured with Bank clause
 
How disbursement will be made?
By way of  disbursement through Account Payee Pay Order in favour of the selle
 
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