Top-up loan to cover all your extra expenses. From Business Expansion / House Expenses / Personal Expenses to self-declared expenses.
Features
Rates & Charges
Repayment
Eligibility Criteria
Documents Required
Features
- Business Loan
- Purpose – For meeting Own Business needs
- Loan Quantum – Minimum :- Rs.2.00 lakh , Maximum : – Rs.30.00 lakh
Rates & Charges
- Margin – 30% of the Market value of the property
- Rate of Interest – 11%
- Guarantor – Minimum one guarantor
- Processing Fee – Processing fee @ 0.50 % + GST
Repayment
- Maximum Repayment period of 5 years
Eligibility Criteria
- A borrower should have a relationship with our bank with a minimum last 3 years satisfactory loan account repayment history.
- The composite income of spouse can be taken into account.
- The proportionate amount so as to monthly net income (NP + Depreciation + TL Int.) of last year, including proposed loan EMI should not be less than 1/3rd, as per income tax returns.
- Undertaking/MOU of mortgagor/borrower with guarantors consent for the continuation of Existing Registered / Equitable Mortgage of Land & Building till the closure of subject Personal Loan. There should be a margin equal to or more than 1.25 times of business loan to the amount sanctioned.
- Precaution to be observed Unsecured Loan Limit per borrower sanction amount should not exceed Rs. 5 Lac at any point in time. Confirm that Existing Loans are Regular from the disbursement date.
Documents Required
- Proof of identity
- Proof of address
- Proof of income (Of the last 3 years)
- 5 PDC’s & Standing instructions of Saving/ Current Accounts / Ecs.
- Search report of property having clear & marketable title.
- KYC of Applicant & Guarantor(s)
