| Eligibility of borrower |
- Having current / saving account holder of the Bank.
- Borrower must be a member/ nominal member of the bank.
- Applicant must be a skilled person.
- Must be a skilled qualified personals such as Doctor, CA, CS, Advocates etc. with existing practice or a new start up.
- Having sufficient score in CIC's reports
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| Proof of identity |
- Copy of PAN card, Aadhar card, Voter ID, Driving license, Pass Port, Job card issued by NREGA [Any two].
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| Purpose of Loan: |
- Any existing qualified skilled professional or a newly qualified degree holder who needs to set up / expansion of his own establishment for purchase of commercial business premises, furniture & fixtures, repair & renovation of business premises, purchase of instruments, equipment, etc. for setting up of his own business / profession.
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| Quantum of finance |
- Up to 80% of project cost.
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| Share Linkage |
- Borrower must have Bank share Linkage @ 1% of the loan sanction amount.
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| Repayment period |
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| Proof of income |
- Income Tax returns up to last 3 years.
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| Rate of Interest |
9.00% p. a. |
| Security |
Prime:
- Hypothecation of assets created by Bank finance.
Collateral:
- Third party guarantee of two personal guarantors having good Credit worthiness and financially sound and member of the Bank.
- If loan sanction amount exceeds Rs.1.00 lac, simple mortgage of title cleared property of the borrower/guarantors.
- If loan sanction amount exceeds Rs. 5.00 lac, simple mortgage / HP of all the assets created by the Bank finance to be made in favour of the Bank.
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