| 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 |
ctioned. |
| What will be the repayment period? |
By 84 EMIs |
| What will be the securities? |
- Hypothecation of the boat
- Collateral security
|
| What about guarantors? |
Two guarantors acceptable to Bank |
| How to apply? |
- Application in prescribed format
- Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card etc
- Identity proof : Passport/voter identity card/ PAN card telephone/electricity bill etc.
- Income proof : Profit& Loss account, Balance- sheet of last 3 years,
- Consent letter & financial papers of guarantors
- 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 |