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.
Nature of loan:
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
3 to 5 years.
Rate of Interest
13.00 % per annum.
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.
