Eligibility
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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
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Type of facility
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Term Loan & Cash credit
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Loan Amount
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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.
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Margin
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Min.25% of the value of property
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Purpose of Loan
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For Business development other than Promoter / Builder /Developer
OR
Personal genuine financial requirements.
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Security
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Registered / Equitable Mortgage of property
Two guarantors acceptable to the Bank
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Rate of Interest
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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
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Repayment
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Term Loan – Maximum Within 120 months' by EMI
Cash Credit - Renewal every year based on a/c performance and financial statements
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Repayment capacity
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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.
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