| Who can apply? |
| Business entities (Proprietorship / partnership / P.Ltd / Public Ltd companies ) |
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| What should be the purpose? |
| Cash credit or overdraft facility for meeting working capital requirement. |
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| How much loan can be granted ? |
| Depending upon the purpose & end-use, cash credit facility against hypothecation of fully paid stocks or overdraft facility against book-debt/deposit receipt/property/other tangible security |
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| What is rate of interest? |
| Cash credit : @13.00% p.a. (on monthly rest) Overdraft : @13.00% p.a.( on monthly rest ) |
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| What will be share linkage |
| 1% of loan sanctioned |
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| What will be margin? |
| 30 – 40 % on stocks 40—50% on book debts |
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| What will be the securities? |
| Prime: Hypothecation of stocks/book debts Collateral : Mortgage of immoveable assets |
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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.
- Photographs of borrower & guarantors
- Audited Profit & Loss accounts & Balance sheet for last 3 years
- Income Tax Return/Assessment order for last 3 years
- Latest stock statement /book debt statement
- Valid Shop & Establishment Registration copy, Drug license, Tax registrations, rent paid receipts etc
- Regd Deed of partnership / Memorandum & Articles of Asscn ( Also copy of Form 32 if there is any change of Director)
- Copy of Board Resolution
- Copy of registered sale agreement of the property to be mortgaged,
- Search report/ valuation report
- NOC from builder/Society, NOC from CIDCO
- share certificate
- Consent letter & financial papers of guarantors
- Position of Statutory dues
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| What about insurance? |
| The assets financed shall be fully insured with Bank clause |
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| Period for Sanctioning |
Loan / OD against our own deposits sanctioned within Half An Hour :
- In the name of borrower/s up to Rs. 10 Lacs.
- Against 3rd party (other than Trust Deposit) up to Rs. 5 Lacs.
- Against minor’s deposit (only for benefit of the minor) up to 1 Lac.
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| Existing OD/CC Account (Additional Term Loan) |
- Loan Limit : Up to Rs. 25 Lakhs
- Repayment Period : Up to 7 years
- Rate of Interest : 9.00% (First year fixed rate of interest and Floating thereafter
- Processing Fees : 0.5%
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