Overdraft (Secured) -against gold ornaments  ,Insurance policy,NSC,Govt of India Gold Bonds Etc.

This product specialy designed for granting the  financial assistance to Professionals, Industrialist, Businessman, Service  providers, Contractors for their financial  need of business/profession.

Eligibility criteria of Customer:-

• Age Limit :- Maximum 60 Years.
• Term & Other conditions:-
• Security Margin:- Loan sanctioned maximum 60% of the value of security .
• Period of Loan:- 11 Months from the date of loan account opened. After making review of account limit ,account can be renewed for next 11 months period.
• Security:- Insurance Policy, NSC, Govt of India Gold Bonds assignments .Pledgement of the gold ornaments  or by  making  the registered /equitable mortgage of the immovable property offered by the customer for the loan.
• Loan Limit:- Upto the maximum amount of bank single credit exposure limit (Depending upon the repayment capacity of the borrower).
• Processing Fees:- As per bank rule.
• Account Turnover:- Minimum three times during the year. Borrower should be the regular member of the bank,Two creditworthy banks regular members must have taken as guarantor for the said type of loan.
• Loan Rate:- As  decided by the Board of directors & changes made on time to time in it.
• Linking Shares:-As per bank rules.
• Penalty/Commitment Charges:- Borrower must have to use atleats three months the sanctioned amount of loan otherwise remaining interest for that period will be recovered .
• NPA Norms applicability :- As per Reserve bank of india guidelines .
• Interest Rate - Click Here 

Loan Documents required:-

• Loan Form with the 2 guarantors & their previous 2 years financials.
• Necessary Registration Certificate, permission letters for the borrowers  business/profession..
• Title Search & valuation report  of the security from the banks  empanelled  Advocate & valuer.
• KYC documents ,pass port size photographs of borrower & two guarantors (self attested)
• Income Tax /GST assessment orders of the borrower & two  guarantors ,credit report of the borrower.
• Property documents offered  as security to loan.
• Insurance policy of the security should be obtained in the joint name of the bank & borrower.
• Othe necessary document needed depending on the purpose of loan for which the loan demand made by the borrower.
• Linking shares @ 2.50% of loan.