| Purpose |
To provide hassle free working capital / contingency finance to borrowers in Trade, Services and Agriculture sector who are willing to furnish mortgage of property of adequate value. |
| Nature of Facility |
Overdraft |
| Eligibility |
- Retail Traders / Wholesale traders
- Small Business Enterprises
- Professionals and self employed
- Individuals
- Agriculturists
|
| Quantum of Loan |
Up to Rs.10.00 Lakhs |
| Assessment of Limits |
50% of realizable value of property, decided on the basis of the valuation report of an approved valuer. The immovable property offered as security shall be exclusive for the mortgage loan and no charge, whatsoever, shall be extended on the property for any other loan. |
| Repayment |
Repayable on demand |
| Validity |
Sanctioned limit will be valid for a period of 3 years. 1.50% of the limit should be serviced by the borrower, every month towards interest and incidental charges. In respect of agriculturist, repayment of interest to coincide with the agricultural income. |
| Review |
Quarterly by the Branch Manager to ensure that the account is being properly serviced.
|
| Interest Rate |
(PLR) 11.0% |
| Processing Charges |
As applicable |
| Security |
Tangible collateral security of a minimum of 200% of the loan amount in the form of Equitable / Registered Mortgage of land and building. |
| Documentation |
As applicable to Overdraft |
| Insurance |
Waived |
| |
