Purpose – The purpose of the loan is to offer financial assistance to Builders and Developers, Grain Commission agent, Transportation License Holder to develop their business
Eligibility – Builders and Developers, Grain Commission agent, Transportation License Holder, the applicant should be a permanent member of the Bank.
Basis for deciding loan limit
· Up to 50% of main security that is movable or immovable assets.
· Up to 20% to 25% of turn over.
Fees and Charge – 2.5% Linking shares, Processing fees as per the Bank Rule, Stamp duty as per Bank Rule.
Guarantors – Two guarantors with good network Should not be defaulter of Bank. .
Collateral security – Collateral security is to 200% of limit.
Interest Rate – Interest will be charge on monthly basis as per the prevailing rate, penal interest 2% will be charged in case of default.
Guarantors – Only two guarantors similar to the other personal loan
Projects loan
· 50% of the Project Cost.
· Position of the receivables to be obtained every quarter certified by the Auditor of the firm within 15 days from the close of the quarter.
· Statement of work-in-progress to be obtained every quarter certified by the Auditor of the firm within 15 days from the close of the quarter.
· Property mortgage (Registered).
· Insurance of mortgage property for full value with Bank clause.