| Variants of the Loan |
- Dropline Overdraft
- Term Loan
|
| Purpose |
- Any business purpose
- Balance Transfer of Existing limits/loans with other banks
- Consolidation of debt
|
|
Target
Customers
|
- Individual /HUF ( Proof of the business to be submitted )
- Proprietorship concern & Partnership firm
- LLP
- Private & Public Limited Companies
- Trust & Society
|
|
Age
|
|
Minimum
|
21 years
|
|
|
- 70 years (Self-employed )
- 75 years (Property owner & Income not considered)
Maximum Age at the time of Loan maturity
|
|
|
Amount
|
|
Minimum
|
5.00 lacs
|
|
Maximum
|
3.00 crores
|
|
|
Tenure
|
|
Minimum
|
For Overdraft: 36 months. Limit to be renewed within 36 months to continue thereafter.
For other variants:
Minimum – 3 years
|
|
Maximum
|
12 years
|
|
|
Interest rate
|
|
|
Features
|
- Only residential (residential properties) located in Corporation or Municipality shall be accepted
- Panchayat residential plot situated in prime location can be accepted , if total extent is below 30 cents
- Spouse of property owner is to join as guarantor.
- Wherever a second signatory is not available, one guarantor is to be obtained from the applicant’s close relatives.
|
|
Processing fees
|
From 1.00% to 2.00 % of loan amount (Minimum Rs 10000.00 +GST)
|
|
Penal Interest
|
2.00% p.a. for the defaulted amount for the defaulted period
|
|
Prepayment / Pre-closure charges
|
As per extant guidelines
|
|
List Of Documents Required With Respect To The Purpose Of Loan
|
|
Business Class
|
|
KYC Docs (PAN Card and Aadhar Card and Photographs)
|
|
ITR for the two years with computation sheet
|
|
Recent financials
|
|
Account Statement for 6 months.
|
Title deeds, Possession Certificate, Encumbrance certificate, location certificate and sketch Tax Paid Receipts
|