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Traders loan
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Can I get loan under your Traders loan Scheme ?
- Yes, If you are engaged in trade of any commodity / goods which are required by commnunity and trading in them is not prohibited by law and opposed to public interest and you are established in your line of business for 3 years.
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Whether other than individuals can get loan under Traders Loan Scheme?
- Yes, proprietorship and partnership concern engaged in trade and registered co-operative societies are also eligible.
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How much amount your bank lend under Traders Loan Scheme ?
- Need based loan. Minimum Rs.25000/- & Maximum Rs.10,00,000/-
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Where can I approach for loan under your Traders Loan Scheme ?
- Please approach our branch nearest to your place of business
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What are the financial statements required to be submitted under the scheme ?
- Obtention of financial statements i.e. Balance Sheet and profit & loss a/c is dispensed with. However, declaration on annual sales, supported by Returns/Assessment on sales tax/Income tax to be submitted to the Bank.
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Whether copy of latest sales tax return is required to be submitted for sanction of loan under Traders Loan Scheme ?
- Submission of sales tax return is not required except in cases of firms having annual sales more than Rs.40 lacs.
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What is the periodicity for submission of stock statements ?
- Stock statements are to be submitted only once in a year i.e. as of March every year.
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Whether inspection of units under the scheme is required ?
- Yes, inspection is required to be conducted once in a year.
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Is it mandatory to take insurance for premises/ stock ?
- Obtaining insurance cover may not be a condition for sanction of the facility. However, borrowers should insure premises/stock in their own interest at their cost.
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As existing borrower under your usual scheme for retail traders, can I get loan under Traders Loan Scheme ?
- Borrowers will NOT be considered for working capital assistance both under this scheme and under our usual scheme for retail traders simultaneously. However, retail traders enjoying finance under the existing scheme can have the facilities transferred into an overdraft/loan account under BOB VYAPAR if they so desire after providing for the collateral security.
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