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26th March 2016, 08:06 AM
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Join Date: May 2012
Re: Business Loan In Corporation Bank

As you have asked information about the Business Loan in Corporation bank, I am giving you information about it
Quantum of loan

Minimum loan Rs. 2.00 lakh & Maximum Rs. 200 lakh.

Rural :Rs. 25 lakh
Semi Urban : Rs. 50 lakh
Urban : Rs. 100 lakh
Metro & Port Town : Rs.200 lakh

Nature of facility

Demand loan repayable in maximum of 7 years, subject to annual review.
OR
Running account repayable on demand in the form of secured over draft, subject to annual review/renewal.

Eligibilty
Traders engaged mainly in buying and selling of goods/ commodities either on retail or wholesale basis.
New entity is also eligible for loan on a case to case basis, based on merits.
Units engaged in manufacturing & processing / SSI units/ Commission agents/ Contractors are also eligible for loan provided stock is available /held by them for hypothecation.
Applicant must have either sales tax-registration OR trade/business licence/permit issued by any Statutory Authority/Recognized body.

Margin

Immovable property - 35 % of assessed market value.
Deposits of our Bank - 10% of accrued value + accrued interest.
LIC policies 10 % of surrender value.
NSCs - 25 % of face value for NSCs completed one year and above.
- 35% of face value for NSCs completed less than one year

Rate of Interest:
12.25 % p.a.

Guarantee
Third party guarantee at the discretion of the Sanctioning Authority
In case of Firm/Companies, guarantee of Partners/Directors mandatory
Where the property offered as security is in the name of a third party, such third party should necessarily join documentation as guarantor to the credit facility.


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