i.

Eligibility

-

Any bonafide individual/firm member engaged in any business or profession, or service of any type.

ii.

Limit

-

Need based credit facility upto
Rs. 25.00 Lacs

iii.

Purpose

-

Pre-sale Working Capital requirement of the business entities who do not have significant amount of tangible Current Assets to offer as primary security like Service Providers, Contractors, Chartered Accountants, Advocates, Doctors etc.

iv.

Nature of facility

-

Overdraft

v.

Primary Securities

-

           ----NA----

vi.

Collateral Securities

-

Mortgage of freehold or leasehold immovable properties with permission from Lessor of the respective property for charging the same in bank’s favour or pledge of any other tangible security as acceptable to the bank, owned by the borrowers or their sureties.

vii.

Sureties

-

At least two sureties of good means and reputation, subject to the satisfaction of the bank.

viii.

Margin

-

40 % of the value of security.

ix.

Period

-

12 months, subject to review thereafter.

x.

Rate of Interest

-

As per Bank’s guidelines from time to time including penal interest for non-compliance of terms of sanction as per bank’s rules.

xi.

Insurance

-

All collateral securities are to be insured adequately and comprehensively with Bank’s clause at party’s cost.