|Eligibility of borrower
- Any Individual, Proprietorship, Partnership firm [ Except HUF, AOP, Company ] doing business such as trading, manufacturing, job work, contract / construction / consulting work etc. and must an IT assesse.
- Having operative current account holder of the Bank for more than 3 months.
- KYC norms should be fulfilled in all respect.
- Having income tax returns up to last 3 years.
- Having good reputation and Credit worthiness and profit making firm.
- Having sufficient score in CIC's reports
Borrower/ Partners/ Directors/ Guarantors must be a member of the Bank.
|Purpose of Loan
- To meet Working capital Requirement
|Quantum of finance
- In case of property as security, Up to 60 % of fair market value of residential property and up to 50 % of fair market value of commercial property OR maximum Rs. 20.00 lac subject to 20% of annual turnover of business. [ whichever is less ]
- Borrower must have Bank share linkage @ 1% of the loan sanction amount.
- Review once in 6 Months and renewal in 12 Months
|Rate of Interest
- Simple mortgage of title cleared property,own occupied of the borrower / guarantor
- Third party guarantee of two personal guarantors having good Credit worthiness and financially sound and member of the Bank.
- Hypothecation of stocks and book debts in favour of the Bank