Purpose – For the purpose of Business
Eligibility – Any salaried persons / Professionals – Self Employed
Quantum of Loan – Loan maximum up to 50 % Valuation of the property by the Bank’s approved valuer; Property offered for mortgage requires Titles Clearance certificate from Bank’s approved advocate (This requires before disbursement of loan); Amount of Credit Facility will depend upon the nature of business of the applicant and the worth of the personal guarantees offered.
Personal Guarantee – at least two persons having income / asset expectable to the Bank
Primary Security – Mortgage of the Property offered.
Rate of Interest – 14 %
Processing Charges – At the prevailing rates of the Bank from time to time
Pre-Payment Charges – Nil
Share Money Contribution – 2.5 % of the Loan Sanctioned
Renewal – Limit required to be renewed every year.
Tenure For Repayment – This limit will be reduced @ 20 % every year at the time of renewal and required to be satisfied in full on or before 5 years.
Apart from the O.D. Facility against Mortgage of Property the bank also offers home loan, personal loan, educational loan, vehicle loan etc.