Commercial Loan

Eligibility:

1. Individual who are salaried employees having minimum net salary of Rs.25000/- p.m.
2. Professional, Self-Employed  and others having gross cash accruals of Rs.15000/- p.a. for atleast 3 years continuously
3. Proprietorship / partnership Firms / Limited Liability Partnership / Pvt. Ltd. Cos./ Ltd. Cos. carrying on small business / Retail Trade / rendering specialized services having gross cash accruals of Rs. 150000/- p.a. These unit/s are in operation for last 3 years and making cash profit for last 2 years, at the above level.

Limit of loan:

ODAP
*Above Rs.150 lakhs up to Rs. 1000 lakhs (other than salaried Individuals)

TLAP: Up to Rs. 1000.00 lakhs

* ODAP requirement up to Rs. 150 lakhs to be assessed under KWIK LAP scheme only

Basis of Advance

A. For working capital requirements: (ODAP)  
1. Based on MPBF method of calculation for working capital.
2. 70% of the Realizable Value as per valuation done by Bank's approved valuer
     (1) or (2)
  
B.   For Other purpose up to Rs.500 lakhs (TLAP / Term Loan for purchase of commercial asset):
 1) For salaried Individuals:
     a) 25 times of net salary in case of salaried person
     b) 70% of Realisable Value as per valuation done by Bank's approved valuer
     c) For purchase of commercial property: 80% of agreement value.

(a), (b), or (c) whichever is less.

Note: If property to be purchased is less than 3 years old - Criteria No.
(b) can be ruled off.

2) For non-salaried individuals: 
    a) For 5 times of Gross cash Accruals (Average of last 3 years or latest audited Gross cash accruals)
    b) 70% of Realisable value as per valuation done by Bank's approved valuer
    c) For purchase of commercial property: 80% of agreement value.

(a), (b), or (c) whichever is less.

Note: If property to be purchased is less than 3 years old - Criteria No. (b) can be ruled off.

C) For other purpose above Rs.500 lakhs (TLAP / Term Loan for purchase of commercial assets):
Assessment to be made as a regular term loan/s limit on the basis of  DSCR

Repayment Period

ODAP: For Working Capital requirements: 
To be reassessed annually

TLAP: 8 Years

Rate of Interest: w.e.f 01.09.2023

Floating PLR - 4.75% = 10.00% p.a.

Processing Fee:

0.25% of loan amount.

Shareholding:

2.50% of loan amount, Maximum Rs. 25000/-

Security:

1. Mortgage of property

Documentation:

1. Audited Financial statement for minimum last 3 years
2. ITR with computation of income for at least last 3 years
3. Bank Account statement for last 6 months.
4. Documents for creating mortgage as per list provided by bank
5. Self- Declaration for Asset Liability to be obtained duly verified by branch

MRTI / Credit Linked Health Plan (CLHP):

1. MRTI / CLHP to be obtained in cases where the applicant is individual/ proprietary concern.