Professional Loan

Eligibility of borrower Applicant must be a Doctor, Chartered Accountant, Advocate, Lawyer, Technician, etc.
Purpose of Loan:      For setting of his own business / profession, purchase of office place, furniture, machineries, instruments, etc.
Quantum of finance ·         Up to 75% of project cost. Or cost of items to be purchased.·         However, existing deduction plus EMI of proposed loan should not exceed 60% of annual income of the borrower.
Share Linkage        Purchase of Bank’s share is optional to the borrower.
Repayment period Maximum 84 months
Rate of Interest
Up to Rs.10 Lacs 13% p.a.
Above Rs. 10 Lacs 14% p.a.
Security Prime:·         Hypothecation of assets created by Bank finance.Collateral:

·         Third party guarantees of two person having good Credit worthiness and financially sounds and both should be shareholder of the Bank.

·         If loan amount exceeds Rs.1.00 lac, equitable mortgage of title cleared immovable property of the borrower/   guarantors.
Documents 1.       D P Note2.       Hypothecation agreement3.       Acceptance Letter of Loan Amount

4.       Letter of Guarantee, Instalments, Lien & Set Off and Consent

5.       Letter of sanction duly acknowledged by the borrower and guarantors.