IFSC Code : IBKL0497LUC

CC facility for Small Business Loan

1)

Loan Amount

:-

Up to Rs. 5,00,000/- (maximum)

2)

Rate of Interest

:-

12% to 16% ( under the sole discretion of sanctioning authority)

3)

Period

:-

Maximum 12 months ( Renewal every Year)

4)

Margin

:-

30%

5)

Guarantor

:-

Two good means(explore the possibility of additional guarantee of spouse although spouse in not having any documentary income proof)

6)

Share Holding

:-

@2.5% of sanction limit

7)

Processing Fees

 

@ 1 % of loan amount + applicable ST. (amount will be reduced to the extent of 0.5% in deserving cases subject to entire banking with us)

@ 0.50% every year at the time of renewal

8)

Eligibility

:-

20% of total Salesor

70% of (Debtors+stock-creditors)or

Requested amount whichever is lower.

9)

Documents

:-

As Applicable. (ITR, Financials, Bank statements, Stock & debtors statement, any other as applicable)

10)

Insurance

:-

As applicable. (Personal insurance and insurance for stock & furniture at shop)

11)

Renewal

:-

Every year

12)

Security

:-

Hypothecation of stock + debtors – creditors, Furniture in premises,

13)

Who can Apply

:-

  • Business units having more than 3 year’s continuous business activity in same premises within the vicinity of branch.

  • Valid permission for business must be live and renewed properly and timely.

  • Proper maintaining record of stock, debtors and creditors

  • Constant rise of sales and profit for continue three years

  • Proper filing of income tax/Sales Tax/any other as applicable.

  • No default of any statutory payment

  • Net worth to be certified by branch authority and documents related to same be kept on record.

  • CIBIL more than 600 ( No adverse Remarks)

  • Quarterly inspection of business unit and stock by branch verification

 

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