| Who can apply? |
| Applicant should be a member of fishermen`s society and entitled to get 50% Govt subsidy |
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| What should be the purpose? |
| Purchasing a mechanized boat for fishing |
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| Nodal Branch |
| Colaba branch |
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| What is the age criteria? |
| Minimum age : 25 years Maximum age : 65 years |
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| How much loan can be granted ? |
| Upto Rs.60,000.00 net of subsidy. |
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| What is rate of interest? |
| @12.50% p.a. with monthly rest on reducing balance |
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| What will be share linkage |
| 1% of loan sanctioned. |
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| What will be the repayment period? |
| By 84 EMIs |
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| What will be the securities? |
- Hypothecation of the boat
- Collateral security
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| What about guarantors? |
| Two guarantors acceptable to Bank |
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| 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
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| What about insurance? |
| The boat shall be fully insured with Bank clause |
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| How disbursement will be made? |
| By way of disbursement through Account Payee Pay Order in favour of the selle |
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