Loan for Traders

 

Purpose
  • Meeting working capital needs.
  • Acquiring assets for business needs.
Eligibility
  • Traders mainly engaged in buying and selling of goods/commodities either as retailer/wholesaler.
  • Applicants having either sales tax registration or trade/business license/permit.
How much you are entitled to?
  • 20% of the projected turnover for working capital.
  • 75% of the value of the assets to be purchased for term loan.
  • Maximum of Rs 500 lacs
Security
  • Mortgage of immovable property & / OR Pledge of Financial assets (Term Deposit of our Bank/NSC/KVP/LIC) & hypothecation of stock in trade/receivables.
Repayment period
  • Working capital – one year (can be renewed on yearly basis).
  • Term loan – Maximum of 120 months.
Rate of interest
  • Base Rate + 2.05 = 11.70% p.a. (floating).
Guarantor
  • Personal guarantee of partners/promoters.
  • In case of individuals, where spouse/close relative offers their property as security, then the spouse/close relative is to be taken as guarantor.
For more details contact our nearest branch or call to our toll free no 1800 425 5885.

 

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