Kwik LAP PRO

Purpose:

To meet financial requirements for personal or business use.

Eligibility:

1. CAs, Doctors and allied medical professionals (BAMS, BHMS, MDS, BDS and Veterinary, Physiotherapist), Architects and Certified Engineers.
2. Should be practicing for a minimum of 2 years.

Limit of Loan:

1. OD limit Upto Rs 25 lakh
2. TL upto Rs.100 lakh (for purchase of Commercial Property)

Margin:

1. 25% of the Realizable Value

Basis of Advance:

1. Margin as stipulated above

1. 20% of Gross Sales T/o (Avg of last 2 years or latest audited gross sales turnover with justification)

1. 7  times Gross Cash Accruals (Avg of last 2 years or existing borrower with good track record for last 1 year – Latest gross cash accrual based on financials as per applicable norms)

Repayment Period:

1. Revolving line of credit, limit to be renewed basis yearly review.
2. Monthly reduction to be stipulated
3. Term Loan with maximum repayment period of 12 years.

Prepayment/ Foreclosure charges:

1. For non-Individual (pre-closure for availing loan from other bank) - 2% on outstanding balance of term loan or drawing power of OD a/c
2. If paid through own sources - NIL
3. For Individual - NIL

Rate of Interest: 

1. Present PLR  @15.90% p.a. (w.e.f -08.08.2024)

Processing Fee: 

1. 0.50% of the sanctioned amount

Commitment charges:

Shareholding:

1.  Rs 1,000/-

Security:

1. Mortgage (Legal/Equitable) of residential / commercial property
2. The property should be owned by the applicant or spouse or blood relative
3. In case of Term Loan for Purchase of Property Under construction -  subject to legal approval

Guarantor:

1. The owner of the property to be mortgage (other than the applicant) to be taken as a guarantor.
2. Personal Gurantee of Partners/ Directors (wherever applicable)

Documentation:

1.  Prescribed loan application form
2.  Photograph, Photo ID & Residence Proof of the Applicant & Guarantor
3.  For professionals, copies of:

1.  Documents for creating mortgage as per list provided by Bank.