Business BankingDomestic FinanceOverdraft Against Property - Business

 OVERDRAFT AGAINST PROPERTY-ODAP – FOR BUSINESS PURPOSE     

Purpose
  • To meet additional Working Capital requirement
  • To purchase agricultural products/ to finance the working capital requirements for agriculture related purposes
  • For investment in business
Target
Customers
Business Class
Age
Minimum
21Years
Maximum
70 Years
Amount
Minimum
Rs 10.00 lacs
Maximum
Rs 1000.00 lacs
Tenure
Limit validity for three years
Margin
From 40%-60%
Interest rate
Attractive interest rate from MCLR (1 Year)+ 2.00%
Eligibility
Minimum Bureau Score of 500 for applicant/ Co-applicant
Features
  • Wide range of properties accepted (Semi urban/Urban/Rural/Panchayat/Municipality/Corporation).
  • Limit validity for 3 years, no hassles and headaches of yearly renewals.
Processing fees
Processing Fees of up to 1%
Pre closure charges
  • 2% on the sanctioned limit to be collected compulsorily if closed out of own funds within 2 year of fresh sanction/renewal.
  • In case of takeover, 3% of sanctioned limit to be collected as pre-closure charges

 
Documents required
  • Income Tax Returns along with computation of income for the last 3 Assessment Years.
  • Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules.
  • Latest 6 months' Current A/c Statements of the firm
  • Partnership deed in case of the business entity being a partnership firm
  • Memorandum and Articles of Association of the Company/Trust Deeds/Bye laws as applicable for the entity type.
  • Title Deeds, Possession Certificate, Tax Paid, Encumbrance Certificate of the property to be mortgaged.
  • For takeover of existing loan, produce the sanction order copies and the account statement.