| Variants of the Loan |
- Overdraft
- Dropline Overdraft
- Term Loan
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| Purpose |
- Any business purpose
- Balance Transfer of Existing limits/loans with other banks
- Consolidation of debt
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|
Target
Customers
|
- Individual /HUF ( Proof of the business to be submitted )
- Proprietorship concern & Partnership firm
- LLP
- Private & Public Limited Companies
- Trust & Society
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Age
|
|
Minimum
|
21 years
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|
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- 70 years (Self-employed )
- 75 years (Property owner & Income not considered)
Maximum Age at the time of Loan maturity
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|
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Amount
|
|
Minimum
|
5.00 lacs
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|
Maximum
|
3.00 crores
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|
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Tenure
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|
Minimum
|
For Overdraft: 36 months. Limit to be renewed within 36 months to continue thereafter.
For other variants:
Minimum – 3 years
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Maximum
|
12 years
|
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Interest rate
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|
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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.
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|
Processing fees
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From 1.00% to 2.00 % of loan amount (Minimum Rs 10000.00 +GST)
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Penal Interest
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2.00% p.a. for the defaulted amount for the defaulted period
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Prepayment / Pre-closure charges
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As per extant guidelines
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List Of Documents Required With Respect To The Purpose Of Loan
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Business Class
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KYC Docs (PAN Card and Aadhar Card and Photographs)
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ITR for the two years with computation sheet
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Recent financials
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Account Statement for 6 months.
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Title deeds, Possession Certificate, Encumbrance certificate, location certificate and sketch Tax Paid Receipts
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