Purpose – Pre-sale and Post-sale working capital requirements
Eligibility – Any regular member of the Bank engaged in any trade or industry or services or profession.
Nature of facility – Cash Credit or overdraft WCTL
Bills purchased (BP) and/or Bills Discounted (BD)
Primary Securities – stocks and/or Book Debts of the firm outstanding for not more than 90 days Pledge of cheques /Bills/duly accepted Hundies in case of BP/BD facility.
Collateral Security – As per merit of each case, by way of mortgage of immovable property and/or hypothecation/or pledge of any other tangible security acceptable to the Bank owned by the borrower or surety, who shall have to stand as Guarantor/s.
Sureties – At least two sureties of good means and enjoying high reputation, subject to satisfaction of Bank.
Margin – As per merits of each case, nature of security etc
Limit – Need based credit limits to be assessed as per Bank’s policy/Rules.
Period – 12 months, subject to review thereafter; WCTL is however, repayable within a maximum period of 72 months in suitable installments.
Rate of Interest– As per Bank’s guidelines from time to time, including penal interest also as per bank’s rules, for non-compliance of term/s of sanction.
Insurance – All primary and collateral securities are to be insured adequately and comprehensively with Bank’s clause at party’s cost.
The bank also offers financial assistance to people in the form of loans such as home loan, personal loan, educational loan, car loan etc