Purpose – For working capital requirement only for construction of residential or commercial buildings
Eligibility – Any individual, group of individuals, Proprietorship, Partnership firm, companies who is/are a bonafide member of the bank and is/are undertaking small construction work on their own and no advance payment is received by them for the purpose, whose annual turnover does not exceed Rs.200.00 Lakhs
Nature of facility – Term Loan (WCTL) and /or Cash Credit
Sureties – At least two sureties, subject to satisfaction of bank.
Margin – Minimum of 40 %, depending on merit of each case
Limit – Up to maximum of 25.00 Lakhs subject to viability of the project and repaying capacity of the prospective borrower.
Period – Repayable within a maximum period of 60 months subject to the maximum of term of completion of project, if any; CEO is authorized to relax the period of repayment on merits of individual case.
Rate of Interest – As per Bank’s guidelines from time to time, and Levy of penal interest for non compliance of terms of sanction, as per bank’s rules
Insurance – All primary and collateral securities are to be adequately and comprehensively insured with Bank’s clause at party’s cost.
Other conditions – Wherever land is accepted as collateral, valuation of such land should be at the current market price only.
The bank also offers financial assistance to people in the form of loans such as home loan, personal loan, educational loan, car loan etc