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Terms loans and working capital loan for purchase of Tools.
Loan to Auto-mechanics/Electricians/Plumbers and Carpenters engaged in servicing & repairing, to meet their working capital requirements.
Self-employed persons who are engaged in servicing and repairs.
Preference to those who have undergone training in the prescribed disciplines in the reputed training institutes.
Purpose:
- To provide term loans for purchase of power tools and need based working capital for the following
- Auto-mechanics for servicing & repairs.
- Electricals for servicing & repairs.
- Plumbers for sanitary servicing & repairs.
- Carpenters and wood workers.
Eligibility:- All artisans and self employed persons who are engaged in the field of carpentry and wood works, servicing and repairs of automobiles, electrical and sanitary servicing.
- Preference to the trainees who have undergone training in the prescribed disciplines as above in the reputed training institutes.
- Clusters of Artisans/Self employed persons who have joined to form SHGs.
- All existing eligible artisans borrowers of the Bank can also be brought under this scheme.
- A composite loan for Tool kit finance in the form of Term loan and need based working capital OR term loan/working capital alone.
Quantum:
- A Maximum of Rs.1,00,000/-
Security:
- Assets created out of Bank finance are to be hypothecated.
- collateral or Guarantee or Co-obligation.
Repayment
Rate of Interest
Pre-Closer Charges:- 1.00% on outstanding balance.
Documentation:
- Application Pronote/Pronote covering letter.
- Photograph of the borrower/co-obligant.
- Agreement for hypothecation.
- Proof of address, proof of income with duly attestation by competitive authority.
- Spot inspection by Manager.
- Mahajar can be drawn by Manager.
Insurance:
- The assets must be insured.
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