GST No.: 24AABAT4356N1Z6               

Over Draft Loan

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 ]
Share Linkage
  • Borrower must have Bank share linkage @ 1% of the loan sanction  amount.
Repayment period  
  • Review once in 6 Months and  renewal  in 12 Months
Rate of Interest   12.50%
Security Prime:
  • Simple mortgage of title cleared property,own occupied of the borrower /   guarantor

Collateral:

  • 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