Professional Loan PDF Print E-mail
A loan product specially designed to offer security based and hassie free financial assistance to professionals and self-employeed persons.
Purpose :
  •  For improvemen/expansion of existing business.
  • Bank guarantee for any need related to the profession.
 Eligibility:
Individuals, proprietorship, partnership concerns, firms & private Ltd., Cos., engaged in any profession, self employment, service sector (Other than trading, processing and manufacturing units & transport operators).
 e.g. Charged Accountants, Doctors, Practising company Secretaries, Architects, Consultants, Institutions providing eduction/training, coaching classes, interior decorators, which are required by community and not prohibited by law or opposed to public interest.
 Eligible loan amount of margin money:
  • 15% of the project cost should be brought in by the applicant.
  • The total exposure i.e. both  fund and non fund based should no exceed the limit sanctioned.
Period of Loan & Repayment:
  • Overdraft:
    12 Months subject to annual review.
  • Term Loan:
           Maximum 60 EMI (depending on the repayment capacity)  
Security:
  • Collateral Security of urban immovable property mortgaged to the Bank with 200% value of the limit sanctioned based on guidance valuation.
  • Hypothecation of assets acquired out of loan amount.
Limit:
  •  Maximum : Rs. 100.00 Lakhs
Rate of Interst:        
  • 14.00% per annum.
Penal interest:
  • 2% will be charged on overdue amount.
 Processing Charges:
  • 1% of limit sanctioned.
Pre-Closer Charges:
  • 1.00% on outstanding balance.
 
< Prev   Next >
[ Back ]