Eligibility

Individuals / Proprietor of Proprietorship firms/ partners of Registered Partnership firms, Directors of Pvt. Ltd. Cos etc., who own unencumbered property either in their individual capacity or in the name of their firm / company

Type of facility

Term Loan & Cash credit

Loan Amount

A) Max.75% of value of property     

                  OR

B) EMI should not exceed 60% of available repayment  capacity based on average income of last 3 years whichever is less.

Margin

Min.25% of the value of property

Purpose of Loan

For Business development other than Promoter / Builder /Developer

                       OR

Personal genuine financial requirements.

Security

Registered / Equitable Mortgage of property

Two guarantors acceptable to the Bank

Rate of Interest

For Business : Term Loan/Cash Credit 13.00% p.a. (with monthly rests)

Personal/Others : Term Loan/Cash Credit 13.00% p.a. (with monthly rests)

For Builders & Developers : Term Loan/Cash Credit 13.00% p.a. (with monthly rests)

Subject to change as per RBI guidelines / our Bank's policy

Repayment

Term Loan – Maximum Within 120 months' by EMI

Cash Credit - Renewal every year based on a/c  performance and financial statements

Repayment capacity

Repayment should not be from the Cash flow generated by the real estate but should be operating profit from Salary / Business operations or some other assured income.