Purpose – The loan can be sanction either Term Loan or Working Capital Loan. The loan can be sanction for the purchase of Plot and Construction of Building, Purchase of Equipment and Instruments, Purchase of Furniture’s and Fixtures, Purchase of Computers, Laptops and other peripherals, Purchase of Books and other materials in the profession.
Eligibility – Professional loan shall be granted to the Doctors, Engineers, Chartered Accountant, Sale tax practitioners, Income tax practitioners, Pathologist, Technicians, Advocates, and all type of all professionals.
Membership – the applicants and the guarantors should be permanent or Nominal Members of the Bank.
Quantum of Loan – The maximum exposure limit is fixed by the Bank to the Single borrower and Group borrower.
Margin – For Term Loan 25% to 40% margin, for Working Capital Turn over Loan 50% of movable stock & 50% of immovable property unlike other personal loan
Repayment Period – For Term Loan the period of loan shall be minimum 3 to 10 years, for Working Capital Turn over Loan the period of loan shall be minimum 1 to maximum 3 years
Collateral Security – The acceptable collateral security is plot, building, agriculture land, liquid security like deposit, life insurance policy, NSC. Collateral security shall be accepted from borrowers or guarantors.
Interest – Interest will be charged on monthly basis as per prevailing interest rate of the bank.