Baroda SME Loan Pack provides single line of credit for meeting SME borrowers’ working capital as well as long term requirements within the overall limit approved by the bank.
PURPOSE :
- To provide hassle free credit for working capital (fund based and non-fund based) as also long term requirements, taking into account nature of business, cyclical trends, cash flow projections, peak time requirements and any eventuality of unforeseen spurt in the business.
ELIGIBILITY
- All Enterprises, i.e. Small and Medium Enterprises, and other entities (including Service Sector) with sales turnover upto Rs. 100/- Crores, exclusively banking with our bank/new borrowers desirous of having sole banking arrangement with our bank.
COMPOSITE LIMIT :
- 4 times of borrower’s tangible net worth as per last audited Balance Sheet, or, Rs. 2.00 Crores, whichever is lower.
MARGIN : 25%.
RATE OF INTEREST :
- As per credit rating of the borrower.
SECURITY :
- Exclusive charge on the assets of the enterprise.
- Personal Guarantees of all promoter Directors.
- Charge on the unencumbered personal properties of the partners, promoter Directors, wherever applicable.
- Third party guarantee in case of credit line above Rs. 25.00 Lakhs.
- Any other collateral for the credit line above Rs. 25. 00 Lakhs to maintain asset coverage ratio above 1.25.
PERIOD :
- 12 months in case of Working Capital
- 3 to 7 years in case of Term Loan, depending upon the cash flow.
OTHER FEATURES :
- Loans upto Rs. 25/- Lakhs will be covered under Credit Guarantee Fund Trust Scheme.
To know the current interest rates Click here.
