Loan Against Property

Revised rates as of 01-Jul-2017

  Perticulars
  Self-employed, Professional Business Enterprise, Salaried
Purpose of the Loan a)Business expansion / professional needs / marketing

b)Improvement/extension of existing property

c)Repayment of high interest bearing existing loans from other banks/FIs

d)Purchase of new shop / office / go down for business expansion

e)Working capital needs
Type Of Loan Term Loan
Cash credit / Drop down OD facility with 15% reduction in DP(for working capital)
Quantum of Loan For Salaried class - Min. : Rs. 2.00 lacs Max. : Rs. 300.00 lacs
For Business class / Professional - Min. : Rs. 5.00 lacs Max. : Rs. 750.00 lacs
Rate of Interest Term Loan:
Loan upto 10.00 lacs
EMI – 10.50 %
Non EMI – 11.00 %
Loan above 10.00 lacs
EMI – 10.00 %
Non EMI – 10.50 %

Drop down CC - 10.50%
Processing Fees 0.40%
Margin 40%
Security Mortgage of Immovable property
 
Repayment of loan For Term loan – Tenure: 7 Years by EMI/ Non EMI
 
Sanctioning Powers 1) Branch managers are delegated powers to sanction LAP upto ` 10.00 Lacs for Business class/ Professionals.
2) All other LAP proposals including those for personal needs will be sanctioned by H.O. Credit Dept.
Title Clearance
and valuation
charges.
To be borne by the customer
Documents
required
Business Enterprise/Professional/Self-employed

1) I.T returns for past 3 years along with COI

2) Details of all existing loans

3) Last 6 months bank statements of main bankers(satisfactory conduct of account)

4) Audited/unaudited Balance sheet for last 3 years and profit and loss account (CA certificate for unaudited B/S)
Share linking 1% of the the loan amount (Maximum – Rs. 2.00 Lacs)
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