|Purpose||This is an all purpose credit facility i.e. to meet legitimate need based expenses viz- marriage /medical /educational expenses / repairs / renovation / extension to the residence / commercial property/ purchase of consumer durables or any unforeseen expenses, and also for investment in business, to meet credit needs of trade, commercial activities, other bona fide requirements of business/ profession|
|Quantum of Finance||Minimum: Rs 5 lacs Maximum Rs.500 lacs, (With deviations maximum finance can be upto Rs 1000 lacs)|
|Quantum of Finance is subject to||For salaried persons: Maximum 10 times of average net annual income based on salary slip (last 12 months)/ latest Form No.16 or ITR.
For others: Maximum 10 times of average net annual income based on ITR for last 3 Financial Years.
|Rate of Interest||Term Loan facilities (For MSME): 1 year MCLR + 2.50%
Term Loan facilities (for others): 1 year MCLR + 2.75%
Overdraft facilities (For MSME): 1 year MCLR + 2.25%
Note: For loan/limit above Rs 500 lacs, applicable rate of interest shall be 50 bps over the above mentioned rates.
|Processing Charges:||For Term Loan: @1% of the loan amount with Minimum of Rs.2000/-
For Overdraft Facility: @ 0.50% of limit sanctioned and to be collected on sanction and at the time of renewal every year.
Concessions during Festival Bonanza Scheme from 21.09.2017 to 31.03.2018: For TL facilities: Concession of 50% on the applicable processing charges , For Overdraft facilities: Concession of 50% on the applicable processing charges on the limit sanctioned at the time of sanction only. However, the normal processing charges (i.e. without the above said concession) shall be applicable at the time of renewal every year
|Repayment||For Term Loan: Maximum 10 years
For Overdraft Facility: Repayable on demand. The limit once sanctioned will hold good for 3 years.
The overdraft facility is not allowed for salaried class borrowers.
|Concession in ROI for MSMEs Only||
- Wed, January 22-2020