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- Loan Limit : Maximum Upto Rs.400.00 Lacs.
- Repayment : On demand. (Renewable yearly)
- Rate of Interest : Attractive rate of Interest.
- Margin : 20 – 50%
- Interest Calculation : Interest calculation on daily reducing balance.
- Purpose : To meet working capital Requirement.
- Security : Hypothecation of Stock ,furniture, fixture, plant & Machinery, Book Debts and Registered Mortgage of Immovable Property.
- Guarantors : Min Two Guarantors acceptable to bank.
- Shares Contribution : Main Share of Rs.1000/- + Additional shares of 2.5% of loan amount.
- Charges :
- Processing Fess : 1% of loan amount + applicable S.T.
- Stationery Charges : Upto 1 Lakh Rs. 100 + applicable S.T.
More than 1 Lakh Rs. 200 + applicable S.T.
- CERSAI, Franking Charges, Property Valuation, Search & mortgage Fess as applicable
- Condition : The turnover in cash credit a/c must be more than 5 time of sanctioned limit
Documents Required :
- Loan application
- PAN Card, Address Proof, latest Photograph, of the Applicant and Guarantors.
- All property Related Documents.
- In case of Businessman :
- Proof of Business ( Shop Act, Food & Drugs License etc. as per applicability)
- Last 3 years ITR, P& L A/c , Balance sheet
- Last 6 months bank statement of business
- Insurance : Insurance cover of Stock, Shop, factory, Plant & Machinery, Furniture & Fixtures and Immovable Property as per bank’s policy.
- Any other documents as required by the bank at later stage.