Small Traders and Businessmen provide yeoman service to the community. They are honest and hard working and not so educated community with low financial means who need to be supported by banks.
Bank has recognized their potential. They are trusted and trustworthy people.
Bank has devised a hassle free scheme to extend credit facilities to them.
The details of the scheme are as under.
Loan For : Working Capital Finance & Term Loan
Quantum of Loan : Maximum : Rs.100 Lakhs
Margin : 30% of valuation of mortgage property
Repayment Period : On Demand (Reviewed every 12 Months) Term Loan-Maximum 84 months (including maximum moratorium period of 12 months)
Share Linking : 1% of the loan amount sanctioned (Max. Rs. 2,00,000 i.e.8000/-Shares)
Security(Movable/ Immovable) : Primary : Any title clear, unemcumbered free security.
The borrower has to create charge on Stock and Book Debts of the firm by way of Hypothecation.
Personal Guarantee : All the Partners of the firm, Directors of the Company and any other person having taxable income and immovable property in any other case.
