Loan / Limit for Professionals / Self Employed
Purpose
Eligible to finance qualified professionals viz Doctors, Engineer, Architect, Charted Accountant, qualified Company secretary, Cost Accountant, Advocates, Mechanic (Diploma Holder) For buying equipment/Machinery, setting up of Clinic, X-Ray Lab, Pathological clinic, Nursing homes, Drug stores (Chemist), for purchase of vehicle, Computers, ambulance. Construction/ Renovation / modernization of existing premises, Vehicle Any other activity
Eligibility
Individual / Partnership / Limited company.
Loan Amount
Loan amount up to Rs.20 Lac (Priority Sector) Other non-priority
Repayment
Maximum period upto 10 years with maximum moratorium of 12 months, Intt to be recovered on monthly basis. In case of limit repayable on Demand.
Security
As per existing guidelines in case of Term Loan and Limit. Primary Security charge on the moveable assets purchased with bank finance.
Collateral Security
Equitable/regular mortgage of property as per Bank Norms.
Insurance
Insurance of assets purchased and comprehensive Insurance in case of vehicles with banks clause.
Papers to be submitted with Loan Application
- Application Forms.
- Statement of bank A/c for the last six months.
- Passport size photographs.
- Signature verification from bankers in case of borrower not dealing with the bank.
- A copy of passport or voter’s I.D. card/PAN card, Copy of income tax returns for last 3 financial years filed with income tax Deptt
- Latest salary slips showing all deductions.
- Employment detail for the last three years.
- Letter from the employer may be preferred or postdated cheques from the borrower.
- TDS certificate – Form No.16 in case of salaried person. Not required where the applicant maintains a satisfactory conducted current or saving bank A/C over six months.
