Purpose
To meet emergency personal and business needs
Loan Type
Overdraft against Urban/ Semi-Urban/ Rural Property except agriculture property
Target Customers
·         Individuals
·         Proprietorship concern
·         Partnership Firms
·         LLPs
·         Trusts/ Societies
·         Pvt. / Public Ltd Co.
 
In case of Trust/ Society, the following to be complied with:
 
a.       Trust deed/ Society bye-laws should clearly stipulate that they are eligible to raise loan.
b.      End-use of money for declared activity of the trust.
c.       Enabling provision for creation of security
 
Trustees/ Chairman/ any other authorized person should have power to mortgage the property with Bank/ FIs.
Purpose
For Business Purpose:
1.      To meet additional Working Capital requirement
2.      To purchase agricultural products/ to finance the working capital requirements for agriculture related purposes.
3.      For investment in business
 
For Personal Purpose:
1.      To meet the emergency Personal/Family needs of the Resident Individual.
2.      To meet the emergency family needs of NRIs
 
Restrictions:
 
Ø The facility should not be used for CRE or any activity restricted by Government or other statutory bodies. A declaration need to be obtained from the borrower that funds will not be used for these purposes.
Quantum of Finance
For Business Purpose:
Minimum Rs. 10.00 lacs
Maximum Rs. 1000.00 lacs
 
For Personal Purpose:
Minimum Rs. 3.00 lacs
Maximum Rs. 100.00 lacs
Security & Margin
1.      EM on Non – Agri. Vacant Land which is situated in Rural or Semi – Urban or Urban area and enforceable under SARFAESI Act without interference of court. The margin for various types of lands are given below:
2.       
Sl. No
Type of Land
Margin
i
Residential Land (Land registered or documented or notified as a land for residential housing purpose/ situated within residential area)
50%
ii
Commercial Land (Land registered or documented or notified as a land for commercial activity purpose/ Located within commercial area)
60%
 
2.      EM on Land with Building which is enforceable under SARFAESI Act without interference of court. The margin for various types of land with building properties are listed below:
 
Sl. No
Type of Land
Margin
i
Self Occupied/ Vacant/ Let out Residential Property (Land with Residential Building)/ Residential Flats/ Residential Villas (Urban & Semi – Urban)
40%
ii
Self Occupied/ Vacant/ Let out residential property being land with Residential Building/ Residential Flat/ Residential Villas (Rural)
50%
iii
Self Occupied/ Vacant Commercial Property (Land with Commercial Building/ Commercial Flat in Urban, Semi – Urban and Rural)
60%
3.       
3.      Land classified as wet land/ used for cultivation of plantation crops and other agriculture activities with existing Residential building may be accepted as Residential Property (Land with Building) with a margin of 50% subject to the following:
4.       
        i.          The residential portion of the property must be clearly and separately demarcated and the marked portion must have been classified as Non – Agri. Land or dry land.
 
      ii.          All necessary statutory approvals should be obtained for conversion of land wherever it is mandatory.
 
    iii.          Extent of land: maximum of 5 times of plinth area or lesser area if such marked area is lesser than 5 times of the plinth area alone should be considered as residential property for arriving at security coverage. However, EM to be created for full extent.
 
    iv.          The property should be enforceable under SARFAESI Act without intervention of court.
 
      v.          Does not have any restriction for such property by classifying under Green Belt.
 
    vi.          Notified by Govt. /Local body as Residential Plot.
 
 vii.          Land is not included in the Data Bank for paddy field/ nilam.
 
viii.          The marked property must have clear road access with a minimum width of 6.00 feet.
 
The building is numbered by the local body and EB Power connection is provided.
Rate of Interest
Click here to view the latest rate of interest
Interest Payment
Interest should be paid on a monthly basis as and when debited.
Tenor of Loan
36 months. Limit to be renewed within 36 months to continue thereafter.
Upfront/ Processing Fee
1.00% of the limit sanctioned.
Penal Interest
2% p.a. for non-renewal of account for non-renewed period and defaulted amount for the defaulted period.
Pre-closure charges
1.   2% on the sanctioned limit to be collected compulsorily if closed out of own funds within 2 year of fresh sanction/renewal.
 
2.   In case of takeover, 3% of sanctioned limit to be collected as pre-closure charges.
Takeover
Branches can takeover Overdraft against Property or such similar loans from other banks/financial institutions.
Close Relatives
a.   Members of Hindu Undivided Family (HUF)
b.   Spouse or
c.   Related to the borrower in any of the manner indicted below:
1.      Father (including Step-father)
2.      Father‘s father
3.      Father‘s mother
4.      Mother (including Step-mother)
5.      Mother‘s father
6.      Mother‘s mother
7.      Son (including Step-son)
8.      Son‘s wife
9.      Son‘s son
10. Son‘s daughter
11. Daughter (also Step- daughter)
12. Daughter‘s husband
13. Brother(also step-brother)
14. Sister (also step-sister)
Age limit for borrowers
Minimum - 21 years
Maximum - 70 years (Renewal will not be permitted after the borrower attaining the age of 70 years)
In case of Pvt. Ltd & Public Ltd companies’ property of Promoters/ Directors or Close relatives of such Promoters/Directors may be accepted even though the age of the person is above 70 years.
 
*All loans are subject to the discretion of the bank and subject to such conditions as may be stipulated by the Bank. Interest rates are subject to change without notice.
 
The scheme details are furnished in brief only. For more details please contact any of the branches near you . Click here for Branch Network