Requirements for Loan and Advances
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Business Overdraft loan
Purpose: Financing on current assets of the business
Nature: Revolving & renewable
Disbursement: Limit is provided on the account and the borrower can withdraw the amount within limit as per need.
Principal Repayment: Full within expiry.
Interest Repayment: On monthly basis before expiration date.
Tenure: Maximum one year period.
Education loan
Purpose: Financing on educational expenses including tuition fee, study material & accommodation. Nature: Non-revolving & non-renewable. Disbursement: 70-90% of the expenses amount partially as per the need. Principal Repayment: On equated monthly installment basis (EMI) or half yearly or yearly basis Interest Repayment: On monthly basis Tenure: Maximum 15 years from the last disbursement date.
Home Loan
Purpose: Financing on purchase of land, purchase of land & building, construction/renovation of building. Nature: Non-revolving & non-renewable. Disbursement: In case of purchase/renovation, full amount after complete documentation and in case of construction, first disbursement maximum 25% of the total loan amount only after completion of DPC level and other disbursements as per requirement verifying the utilization of the previous disbursed amount. Principal Repayment: After completion of the construction/renovation, on equated monthly installment (EMI) or half yearly or yearly basis. Interest Repayment: On monthly basis. Tenure: Maximum 10 years from the last disbursement date.
Hire Purchase loan
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Purpose: Financing on vehicle for personal as well as business use. Nature: Non-revolving & non-renewable. Disbursement: 50% amount after taking charge on vehicle and obtaining insurance policy, for releasing payment to the vendor. Principal Repayment: On equated monthly installment (EMI) or half yearly or yearly basis. Interest Repayment: On monthly basis. Tenure: Maximum 10 years from the last disbursement date.