OVERDRAFT FACILITIES
RATE OF INTEREST :
Upto 25 Lakhs : 11% p.a.
25 Lakhs and above : 12% p.a.
50 Lakhs and above : 11.50% p.a.
1 Crore and above : 10.50% p.a.
3 Crore and above : 9.50% p.a.
4.5 Crore and above : 9% p.a.
6 Crore and above : 9.% p.a.
LIMIT
90% of three months turnover or up to 60% of the value of property.
SECURITY
- Personal guarantee of members.
- Registered mortgage of property.
- Hypothecation of stock/ Book debts.
INSURANCE
Property and stock will be comprehensively insured for full value with all risks and with bank clause.
DOCUMENTS REQUIRED
- Audited Balance Sheet for 3 years with P & L Account.
- I.T.R. of borrower / sureties for 3 years.
- Provisional balance sheet if required.
- Valuation of property from bank`s Govt. approved professional valuer.
- Legal report of property from bank’s advocate.
- Latest House Tax Receipts .
- GST Returns.
Rebate of 0.50% can be allowed at the discretion of Bank Board under any of the following:
- Priority Sector Lendings (MSME)
- Borrowers with CIBIL Score of above 800 points
- Firms having turnover 3 times of the sanction limit
NOTE: RATE OF INTEREST GIVEN ABOVE ARE SUBJECT TO CHANGE