Business Loan
| Particulars | Information |
|---|---|
| Who can Borrow | Individuals (singly/Jointly)/Firms/Companies/Associations/Small scale industries/Traders etc except stock/share brokers |
| Purpose | To offer instant solutions relating to business needs or for personal needs any other productive legitimate purpose & not for speculative activities. Educational institutions Acquisition of assets Undertake expansion, acquire business assets, renovation in business premises. Stock portfolio Working capital Purchase of machinery |
| Security | Mortgage of immovable property (excluding Agricultural Land) |
| Margin | 25% of business turn over 75% of machinery purchase |
| Loan Amount | Against residential/commercial property up to Rs. 6.5 cr. (Bangalore and rural) for individual Against residential/commercial property up to Rs. 18.0 cr. (Bangalore and rural) for group. 75% to 85% of property valuation |
| Repayment Period | Maximum 120 months |
| Processing Charges | 1% + GST as applicable from time to time |
| Attractive Features | Competitive Rate on daily reducing. No Prepayment penalty and no penalty for premature closing. |
| Documentation Charges | As applicable |
| Prerequisites | 1. Application form along with KYC documents & Income Proof. 2. Property to be mortgaged should be in the name of the borrower. 3. Latest valuation report from bank’s approved valuer. 4. Vat registration. 5. Three Years audited balance sheet. 6. Six Months IT returns. |
| Required Document | 1) 3 years IT returns with audited balance sheet. 2) Project report. 3) Firm registration copy. 4) GST copy |
Sree Thyagaraja Co-operative Bank Limited, a leading Urban Co operative Bank in India.