#1
26th March 2016, 08:04 AM
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Business Loan In Corporation Bank
Hello sir, I am Lokesh Mehta. I am from Bhopal. I want you to help me by giving me some information about the Business Loan in Corporation bank. Give me some details about its eligibility, interest rate, quantum and others.
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#2
26th March 2016, 08:06 AM
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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. |