Purpose – To offer loan to professionals to excel in their field of expertise
Eligibility – Professionals like Medical practitioner, chartered accountant, architect, surveyors, construction contractors, management consultant, lawyer, engineer, software professional or person trained in any other profession who holds either a degree or diploma from any institution established, aided, or recognized by govt. Or to a person who is considered by bank as technically qualified or skilled in the field in which he is employed.
Self employed like Xerox operator, small tea stall owner, carpenter, plumber, weaver, milk producer, quilt maker launders vegetable, fruit, egg, fish vendor hawker hand block printer new garment maker , old and used garment sellers etc . Age in between 21 yrs to 65 years; The borrower must be engaged in profession or self employment since last 2 years
Repayment – C/C limit sanctioned for one year subject to annual review/renewal. For term loans EMI maximum 84 months.
Document – Loan application form, Membership form (share money/ nominal fee), DPN, Letter of waiver, Letter of guarantee, Loan agreement like any other personal loan.
Rate of Interest – 12.00%
Security – Hypothecation of goods in case of cash credit limit / term loan, EQM by deposit of title deed, Pledge of term deposit, KVP, etc. assignment of life insurance policy.