Pusad Urban Bank
 
Loan to Traders Term Loan
 
Loan to Traders term Loan : Individual, Properiotorship Firm, Partnership Firm.

Eligibility
  • The Borrower Should have any type of Traders/ Businessmen/ having license holder, residing in the area of operation of the Bank.
Membership
  • The applicants and the guarantors should be permanent member of the Bank.
Purpose
  • Construction of Commercial Shop
  • Purchase of Commercial Shop
  • Purchase of Furniture/ Fixture.
  • Construction of Godown for storage of goods.
  • Renovation, Repairs and addition of existing shop and godown.
Basis for Deciding of Loan Limit
  • In case of Construction 25% Margin
  • In case of others 20% margin
Maximum Loan sanction limit
  • As per the exposure limit is fixed by the Bank to the single borrower and the group borrower.
Moratorium
  • If require maximum up to 1 year. Moratorium period may be decided on the type of loan and business activity.
Repayment Period
  • From 3 to 10 Years
Repayment Capacity of a Borrower
  • Last three years balance sheet, Income tax returns
  • In case of project report the loan limit decided on the acceptable projection.
  • 35% household can be considered for repayment of loan.
Documents Requirements- Pre-approval
  • Last three years Balance sheet
  • Loan up to Rs. 10.00 Lacs un-audited financial statements and above Rs. 10.00 lacs Audited Financial Statements.
  • Last three years Income tax returns.
  • In case of New business activity project report for 3 to 10 years.
  • Property Documents.
  • Proof of Business such as license.
  • Passport size photographs.
  • Proof of residence.
  • Two guarantors with good net worth.
Other Conditions
  • After execution of registered mortgage charge of the Bank shall be noted on the mortgage property.
  • The full value of the property shall be insured either from the borrower or by Bank. The insurance policy shall be in favour of the Bank & the charge of insurance will be borne by the borrower.
  • The taxes shall paid by the borrower regularly and the proof shall be presented to the Bank.
Interest Rate Calculation
  • Interest will be charge on monthly basis as per prevailing rate of the Bank.
Fees and Charge
  • 2.5% Linking sgares
  • Processing fees as per the Bank Rule
  • Stamp duty as per Bank Rule.
 
 
 
       
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