Bank Of India Business Loan

Can you please get some information about Star MSE Term/Demand Loan offer by Bank Of India for business purpose?

[Rajkumar Agarwal]

As per your concern I will get details of Bank Of India, Star MSE Term/Demand Loan for business so that you can check it easily.

Quantum of Loan
For units located in Maximum Amt of Loan
Rural Areas Rs.5,00,000/-
Semi-urban Areas Rs.10,00,000/-
Urban Areas Rs.50,00,000/-
Metro Areas Rs.100,00,000/-

Repayment
Loan is to be repaid in maximum 5 years with a moratorium of 3 to 6 months to be determined on the merits of each case.

Security
1. Hypothecation of Assets created out of bank finance as well as existing unencumbered assets of the MSE unit.

2. Equitable Mortgage of Land/ Land & Building which is part of the business activity such as business premises.

3. Guarantee Cover under CGTMSE Guarantee Scheme.
No collateral security/third party guarantee to be obtained.

Documentation
Demand Promissory Note.

Deed of Hypothecation CHA 1/CHA 2 as the case may be..

Installment Letter.

Documents for fulfillment of KYC norms.

Other connected documents applicable for Demand/Term Loans as per extant guidelines.

Equitable Mortgage as Primary Security wherever applicable.

Processing
Simplified Application cum Proposal Forms given in the annexure to be used.

Turnaround time for sanction of limits upto Rs.5 lacs will be 5 working days and for limits above Rs.5 lacs, 7 working days after all relevant information is obtained.

Repayment
Loan is to be repaid in maximum 5 years with a moratorium of 3 to 6 months to be determined on the merits of each case.

Address:-
Bank Of India
C - 5, "G" Block,
Bandra Kurla Complex,
Bandra (East),
Mumbai 400 051.

Phone:-
022-66684444