To provide security based finance with reduced paper work and simplified procedure to
the small traders/ professionals/service sector.
Business Enterprises engaged/ proposed to engage in the business of trading of goods or providing services in the sectors acceptable to the bank. Start Up are also encouraged.
TL – Hyp.of equipment, machineries purchased out of bank finance.
Collateral – In case of CC, collateral acceptable to bank such as EQ mortgage of residential flat, office premises, gala or pledge of FDRs, RDs, NSCs, S.V. of LIPs (Value of Security should be atleast 25% of the limit.)
Last 3 years audited balance sheet/income expenses statement of the shop firm/company.
Last 3 years income tax returns copies of owner/proprietor/Partner/director.
All licenses/permits applicable for running business.
Copy of existing Bank account statements for last 12 months.
Any other document required by the Bank.
Share Linkage: 1% of loan amount
Guarantor: 1
Multiple Banking allowed for valid reasons
Rate of Interest as applicable
No Pre-payment penalty
Takeover charges as applicable
In adherence with RBI Notification no. DoR.MCS.REC.28/01.01.001/2023-24 dated 18/08/2023,
Penal charges for delay in payment of interest/ instalment , non-compliance or delay in compliance of critical terms of sanction and takeover of loan by other bank/
NBFC would attract penal charges @ 3.25% on the sanction amount in case of Working Capital limit and on the outstanding amount in case of term loan limit.
