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Flexy
Trade Loan
Flexy
Trade
Loan is intended to provide financial assistance to small traders/businessmen
for supplementing their working capital requirements with over
draft facility. Ongoing concerns such as Individuals, Partnership
firms, Companies, Hindu Undivided Family, Association of persons,
Body of Individuals, Trust and Registered Co-operative Societies
with taxable income of Rs.1,00,000/- minimum for the past three
years having KGST registration, CST registration wherever required
and requisite licence from the Local Body are eligible for loan.
Loan will not be available for Vegetables and fruit Traders Cold
Storages, Hotels, Cinema Theatres, Flower Merchants and for those
dealing in perishable and decaying items.
The
trader/business man should not have any overdraft/credit facility
with banks/other financial institutions.
Limit of Advance
The
amount of Over Draft is limited to Rs.10 lakhs or 20% of the previous
years turnover (sales) whichever is less.
Rate
of Interest
15%
(Diminishing) on product basis with quarterly rest
Repayment
Period
The
over draft facility will be available for an initial period of 24
months from the date of sanction. At the end of the initial period
of two years if the OD facility has been cleared or the account
shows a credit balance and if interest has been remitted as and
when due it can be renewed
Security
The
stock in trade and cash in the shop will be the primary security
for the loan and the same should be hypothecated to the Company.
Landed property, Fixed Deposit, Other Financial Documents and Gold
Ornaments can be accepted as collateral security.
Processing
fee
0.2%
of the advance amount applied for subject to a minimum of Rs.250/-
which is refundable if the loan is not availed.
Repayment
of loan
Loanee
is free to make any remittance to this over draft account. There
is no fixed date or fixed repayment instalment.
To
avail this facility, please check our branch list and get in touch
with the branch
which is most convenient for you.
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