Sharda Gramin Bank – Over Draft Loan

January 31, 2019 Off By admin

Purpose: This scheme provides over draft facility for the customers of the bank. …

Purpose: This scheme provides over draft facility for the customers of the bank.

Eligibility: Businessmen, individuals doing business, contractorships with not less than 3 years experience, are eligible for this loan. The applicant should be an income tax assessee for at least the last 3 years.

Quantum of Loan: The quantum of the loan is decided based on the credibility of the applicant.

Margin: There is a margin of 25% for this loan.

Rate of Interest: In case of business, transport operators, industrial advances, swarojgar yojna credit card, trading, etc. the rate of interest is PLR + 2 % per annum. In case of small and medium enterprises the rate of interest is 0.75%, PLR-2% and PLR+2% for loans of up to Rs. 50,000/- , Rs. 50,000/- to Rs. 5 lakh and Rs. 5 lakh to Rs. 10 lakh categories respectively.

Repayment: Repayment of loan has to be done within a period of 5 to 7 years.

Security: Hypothecation of the stocks is taken as the primary security. Collateral security will be required as per the norms of the bank.

Other Features: There are nominal processing charges for the loan as per the norms of the bank.