|Eligibility of borrower
- Any Individual, Proprietorship firm, Partnership firm, Pvt. Ltd. Company, LLP firm [ Except HUF, AOP ] having saving / current account with our Bank complied with the norms of KYC.
- Must be a regular member of the Bank.
- Having good reputation and credit worthiness.
- Having sufficient score in CIC's reports
|Purpose of Loan
- Business development, expansion, purchase or construction, furniture & fixtures, repairing & renovation, electrification of any residential or commercial or industrial buildings or any other purpose including purchase of any items related to the nature of respective business and activities.
|Quantum of finance
- Up to 80% of estimated cost of construction by producing notarized deed of construction work with estimate of chartered engineer & if purchase of constructed factory shed 80% amount of sale deed.
- Up to 80% of quotation of such items required to be purchase related to the nature of respective business and activities.
- Borrower must have Bank share holding @ 1% of the loan sanction amount.
- Maximum up to 120 monthly installments including moratorium period.
- If necessary, moratorium period up to 6 months will be allowed.
|Rate of Interest
||11.25% p. a.
- Mortgage / Hypothecation of assets created by the Bank finance.
- Up to 100 % Collateral security by way of equitable / simple mortgage of title cleared property of the borrower / guarantor should be obtained.
- In case of loan amount up to Rs. 5.00 lakh, original sale deed of property of borrower's own OR family member's to be submit with the Bank and creating charge over such property by way of only general power of attorney in favour of the Bank.
- Third party guarantee of two personal guarantors complied with the norms of KYC and are regular member of the Bank, having good credit worthiness and financially sound.