Business Loan

Eligibility

Individuals or Firms providing any service

Professionals & Sself employed persons

Sanction Limit

Working capital – Need Based

Term Loan – 75% of the proforma invoice

Repayment period

For a term loan – 84 monthly installments

Working capital – on demand

No pre-payment penalty

Rate of interest

– Upto 5 Lakhs – 14.50% p.a.

– Above 5 Lakhs – 15.00% p.a.

– Compulsory Audited Business Firms can avail Special Offer at 14.00% p.a.

Security

– premises – Mortgage of Premises purchased by Bank Finance

– Working capital – Charge over tangible / intangible assets available

– Machinery – Hypothecation of machinery purchased

– Two guarantors

– Any other security that may be deemed necessary by the bank

Documents required as per KYC

Proof of Residence – Photocopy of Ration Card / Electricity Bill / Telephone bill

Proof of Income – Statement of Accounts (Balance sheet & Profit & Loss statement) / Tax returns for last 3 years with projections

Documentary evidence for the purpose of the loan