Loans > Business Loan

FAQs on Cash Credit Limit to Traders

1.  Who can apply for this loan?

Any individual who is running manufacturing or trading unit can apply for this loan.

2.  What would be minimum or maximum age for getting this loan?

Age should be 21 years minimum.

3.  How much loan I can get?

Maximum 25.00 Lacs loan can be financed for working capital requirements.

4.  Where can I utilize this loan amount?

The Limit can be given for meeting of working capital requirements and other Business needs.

5.  In how much time I can repay this loan?

This limit must renewed every year.

6.  Can I prepay this loan?

Yes, limit can be prepaid without any prepayment charges.

7.  What would be the Rate of Interest for this loan?

13.00 % p.a. or as contracted at the time of advancement on reducing balance.

8.  Will there be any Charges?

Yes, processing fee is charged on this loan.

a.       For the loans up to RS. 0.50 Lacs                                        =             200/- P.A.

b.      For the loans from RS. 0.50 Lacs to RS. 2.00 Lacs         =             0.50% of the sanction limit

c.       For the loans from RS. 0.50 Lacs to RS. 2.00 Lacs         =             0.40% of the sanction limit

d.      For the loans from RS. 0.50 Lacs to RS. 2.00 Lacs         =             0.25% of the sanction limit

9.  What would be the documents required for this loan?

Residential proof, Proof of income, Balance sheet for the last 3 years with projected Balance Sheet, Proof Of ownership of property which will be mortgaged to the bank, Legal opinion and Non Encumbrance of property, Valuation of that property (both Govt. and Market value), Registration Certificate with Sale Tax Dept. of firm (if  Registered),

10.   Will there be any Collateral Security Required?

Yes, collateral security is required i.e. mortgage of property in favour of Bank and 2 Guarantors are required to stand as Surety for repayment of this loan. 

FAQs on Non-Farm Sector Loan

1.  Who can apply for this loan?

Any individual who is running manufacturing unit can apply for this loan.

2.  What would be minimum or maximum age for getting this loan?

Age should be 21 years minimum.

3.  How much loan I can get?

Maximum 25.00 Lacs loan can be financed for working capital requirements.

4.  Where can I utilize this loan amount?

The Limit can be given for meeting of working capital requirements and other Business needs.

5.  In how much time I can repay this loan?

This limit must renewed every year.

6.  Can I prepay this loan?

Yes, limit can be prepaid without any prepayment charges.

7.  What would be the Rate of Interest for this loan?

13.00 % p.a. or as contracted at the time of advancement on reducing balance.

8.  Will there be any Charges?

Yes, processing fee is charged on this loan.

a.       For the loans up to RS. 5.00 Lacs                                        =             0.50% of the sanction limit

b.      For the loans from RS. 5.00 Lacs to RS. 10.00 Lacs       =             0.40% of the sanction limit

c.       For the loans above RS. 10.00 Lacs                                    =             0.25% of the sanction limit

(Minimum RS.4000/- and maximum RS. 10000/--)

9.  What would be the documents required for this loan?

Residential proof, Proof of income, Registration Certificate with Sale Tax Dept. of firm (if  Registered),Balance Sheets of last three (3) Years, Quotations of Machines which have to be installed, Proof Of ownership of property which will be mortgaged to the bank, Legal opinion and Non Encumbrance of property, Valuation of that property (both Govt. and Market value),

10.  Will there be any Collateral Security Required?Yes, collateral security is required i.e. mortgage of property in favour of Bank and 2 Guarantors are required to stand as Surety for repayment of this loan.