Personal Loans

Eligibility

Loans shall be sanctioned to the A Class members of the bank and the applicant should own the land or plot on which the construction is proposed

Application of Loan

Loan will be available for all purpose

Limit of Assistance

The loan amount for all purpose shall be fixed as a maximum amount of Rs.9 crore

Repayment/ Tenure of loan

Loan shall be repaid in equated monthly instalment spread over a maximum period of 10 years. Borrowers are free to remit more than one instalment or lumpsum at any time.

Interest Rate

• Interest Rates

Interest subsidy is eligible for this loan

Collateral Security

Advance is made against the mortgage of landed property as equitable mortgage or registration. Building shall be insured at the cost of the borrower and the insurance policy shall be assigned in favour of the bank.

Share Linking

Share linking will be 3.50% of the loan amount

Authority to sanction the loan

• Title deeds
• Tax Receipts of the property & Buildings, if any
• Encumbrance certificate for 20 years
• Possession Certificate
• Location Certificate and Sketch etc
• Registration Certificate/License of the firm as applicable under local laws.
• Audited Balance sheet and profit and Loss Account for the previous three years and provisional Balance sheet as on a latest date.
• Income tax returns of the previous three financial years.
• Stock statements if applicable and list of items of plant and machinery.
• Brief description on the nature of Business and prospects of the business.

General

• A completion certificate to be obtained within three months of the completion of the construction
• Certificate of Bank’s Valuers also to be obtained at various stages of construction that the construction is as per the sanctioned plan