- Individuals (Resident) and Non-Individuals (Proprietorship/ Partnership/ Private Limited Companies/ LLPs / Registered Co-operative Societies engaged in trade of any commodity/goods in physical form required by the community and trading in them is not prohibited by law or opposed in public interest.
- Dealers in Silver and Gold Jewelry (except for traders dealing in bullion/ raw gold)
- HUF AND PUBLIC LIMITED COMPANIES ARE NOT ELIGIBLE
- Overdraft: Working capital requirements
- Term Loan: Development of shop (Purchase of equipment, Computer, Air-Conditioner, Furniture etc.; but not for purchase of shop, for need based requirements subject to a maximum of 25% of the working capital limit sanctioned.
- Non-fund based facilities (Letter of Credit & Bank Guarantee)
(Non- fund facility can be considered over and above the Working capital / Term Loan limit, but within the limit assessed based on value of securities and Up to The specified maximum limit under the scheme.
However, if requested non fund based limit cannot be accommodated separately based on projected turnover orOffered securities, the same can be considered as a sub Limit of working capital limit.)
Individuals (Resident/ Non Resident Indians)
Salaried/ Professionals/ self-employed/ Business persons/ Agriculturists employed/ engaged in business/ profession for a minimum period of 3 years. (Break in service can be considered for maximum period of 3 months)
Minimum Gross Annual Income (average of Last 3 years) should be Rs. 3 lacs including co-applicants whose income is considered for eligibility of limit.
Any NRI, holding valid Indian Passport, and having regular employment / self-employed/ business for a minimum period of -2- years and holding a valid Job-Contract / work-permit for minimum -2- years in foreign country.
Minimum Gross Annual Income (average of Last 3 years) should be Rs. 5 lacs including co-applicants whose income is considered for eligibility of limit.
HUF / TRUST/ PUBLIC LIMITED COMPANY ARE NOT ELIGBLE UNDER THE SCHEME.
Type of facility
Term Loan/ Demand Loan / Overdraft
NRIs will be granted Term Loan / Demand Loan only>
40% on Realizable Value of immovable properties
Mortgage of Immovable Properties
- Residential Property (House / Flat)
- Commercial property (Building / Land & Building)
- Plot of Land (not agricultural land)
Minimum: Rs.2.00 Lacs
Maximum: (For all category of borrowers)
- Metro branches : Rs.10.00 Crores
- Urban branches : Rs.5.00 Crores
- Semi Urban branches : Rs.3.00 Crores
- Rural branches : Rs.25 Lacs
Term Loan : -120- months
Overdraft : -12- months; subject to annual review
- GMI up to Rs.75,000/- : -30- times of GMI
- GMI above Rs. 75,000/- up to Rs.3.00 Lacs : -48- times of GMI
- GMI above Rs.3.00 Lacs : -60- times of GMI
- GAI up to Rs.5 Lacs : -5- times of GAI
- GAI above Rs.5 Lacs up to Rs.8 Lacs : -6- times of GAI
- GAI above Rs.8 Lacs : -8- times of GAI
Income to be considered for multiplier
For Salaried Persons
Average of last 3 months‟ Gross Monthly Income (GMI)
Average of last 3 years’ Gross Annual Income (GAI).
Repayment Capacity: (for all category borrowers)
For All category of borrowers
- GMI up to Rs.75,000/- : 50%
- GMI above Rs.75,000/- to Rs.3.00 Lacs : 60%
- GMI above Rs.3.00 Lacs : 70%
Unified Processing Charges
The unified processing charges (which includes Processing Charges ,Documentation charges ,Document Verification/ vetting charges ,Pre- Inspection (Contact Point Verification-CPV) charges ,One time post inspection charges ,Advocate charges for legal opinion ,Valuer charges for valuation (One time at the time of sanction) ,Bureau report charges ,CERSAI charges ,ITR Verification charges ) to be levied as detailed below
For Term Loan
1% of Loan amount with maximum Rs.1,50,000/-
Minimum: Rs.7, 500/- (upfront)**. Balance amount of processing charges will be recovered at the time of conveying sanction.
For Over Draft
Up to Rs.3.00 Crores : 0.35% of limit with maximum: Rs.75,000/-
Above Rs.3.00 Crores : 0.25% of the limit without any maximum.
Rs.7, 500/- (upfront)**. Balance amount of processing charges will be recovered at the time of conveying sanction.
** The above upfront charges considered as if only one property is offered as security. If two or more properties are offered as security, Rs.7,500/- per additional property would be applicable as upfront charges in addition to minimum upfront charges as mentioned above (subject to overall stipulated maximum processing charges).
Bank will have the right to inspect the borrower’s property at all times and from 2nd post sanction Inspection onwards Rs. 100 plus GST per inspection to be charged from borrower.
Legal opinion & Valuation charges
Title of the property proposed to be purchased is to be clear, absolutely unencumbered and marketable to the satisfaction of the Bank’s solicitor/ advocate. Title verification andValuation of the property will be done by the empanelled advocate/ valuer of the Bank.
In case of limit above Rs.1.00 Crore, 2nd valuation of the property also to be obtained and to be satisfied upon. The lower of the -2- valuations to be considered while calculating the limit.
Insurance of the property taken as security as per the valuation report for full value excluding cost of land. The charges to be borne by borrower/s.
Mortgage Creations Charges
As per Bank’s extant guideline applicable
Like stamp duty for execution of documents, registration charges varying from State to State and other related charges/ expenses for the loan shall be borne by the Borrower.
Credit Information Report:
Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to any Credit Bureau approved by Got of India or Reserve Bank of India without any notice to the borrower.
Rate of Interest & Charges