Saral Credit facility upto Rs. 25.00 Lacs

i.

Eligibility

–

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

ii.

Limit

–

(i) 50 % of sale as per last audited /Actual financials OR Sale as per Current GST returns.

OR

(ii) 4 times of annual income as per latest ITR / computation

Maximum upto Rs. 25.00 Lacs 

Margin on security

35 % of the value of security.

iii.

Purpose

–

Any legitimate purpose of business, except for speculative purposes.

iv.

Nature of facility

–

Overdraft & Term Loan 

v.

Primary Securities

–

Mortgage of freehold  immovable properties,  respective property for charging the same in bank’s favour. 

vi.

Sureties

–

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

vii.

Period

–

12 months, subject to review thereafter for Overdraft & 84 months in case of Term Loan

viii.

Rate of Interest

–

10.50 % p.a.  

subject to change from time to time 

(In case of priority sector, rate of interest will be reduced by 0.5 % p.a.) 

ix.

Insurance

–

All primary security/s are to be insured adequately and comprehensively with Bank’s clause at party’s cost.

x.

Other conditions

a)

Undertaking from the borrowers to exclusively deal with our bank to be obtained.

b)

Borrowers to route their entire receipts through their overdraft A/c. with the branch.

c)

Pre-sanction inspection of the unit to be carried out and report to be kept on record and thereafter to be carried out once in a year.

d)

The undertaking from the borrower declaring that she/he does not owe any overdue statutory dues like; GST, Income Tax, Corporation Tax, Professional Tax etc.

e)

Branch to endeavour to display bank’s name as financer from publicity angle.

f)

Branch to obtain financial statements /income tax return /GST of the borrower (as applicable ) at the time of review of credit facility

g)

GST return on regular basis must  be obtained, if applicable.

h)

No relaxation in respect of margin & rate of interest will be allowed

i)

Total facility including overdraft + TOD + adhoc limit will not be allowed over the limit of Rs. 25.00 Lacs