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OVERDRAFT FACILITY

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

  1. Personal guarantee of members.
  2. Registered mortgage of property.
  3. 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

  1. Audited Balance Sheet for 3 years with P & L Account.
  2. I.T.R. of borrower / sureties for 3 years.
  3. Provisional balance sheet if required.
  4. Valuation of property from bank`s Govt. approved professional valuer.
  5. Legal report of property from bank’s advocate.
  6. Latest House Tax Receipts .
  7. GST Returns.

Rebate of 0.50% can be allowed at the discretion of Bank Board under any of the following:

  1. Priority Sector Lendings (MSME)
  2. Borrowers with CIBIL Score of above 800 points
  3. Firms having turnover 3 times of the sanction limit

NOTE: RATE OF INTEREST GIVEN ABOVE ARE SUBJECT TO CHANGE