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