i.

Eligibility

-

Individuals & Business entities who is a bonafide member of the bank.

ii.

Purpose

-

Any legitimate requirement of finance, except for speculative purposes.

iii.

Limit

(i)

(ii)

Minimum Rs.5.00 Lacs

Maximum Rs.50.00 Lacs, subject  to :

(a) Maximum of 36 months salary / income in case of individual borrowers

(b) Level of Debt Service Coverage Ratio (DSCR) shall not be less than 1.50 in       case of business entities.

iv.

Nature of Facility

-

Term Loan or overdraft

v.

Rate of interest

-

As per bank rules subject to levy of penal interest.

vi.

Margin

-

60% of value of mortgaged property.

vii.

Period  

a)

b)

Loan – 72 months subject to repaying capacity

Overdraft – 12 months subject to annual review.

viii.

Insurance

-

The property will be comprehensively insured by the borrower with usual bank clause for the market value of the property (excluding value of land).

ix.

Sureties

-

At least two satisfactory sureties  of good means.

x.

Security

-

Mortgage of non-encumbered freehold property owned by the borrower or third party and  in case the same  is owned by third party, his/her personal guarantee to be stipulated, subject the condition that the relevant is a self occupied property.