| Limit per Borrower: | Against 75% of paid stock & 60% of book- Debts up to 90 days |
| Margin Money : | 25% of paid stock & 40% book – debts upto 90 days |
| Rate of Interest: | 8.50% to 9.50% |
| Guarantors: | Two guaranters (who holds permenant residence in surat district) |
| Collateral Security : | 125% of limit required(security value/125% = limit amount) |
| Processing Fees: | 35% of saction amount+GST on PF |
| (Immovable Property / FD / NSC / KVP / LIC Policy etc.) | |
Eligibility
- For the purpose of Business.
- Maximum credit facility @ 20 % of the estimated Annual Sales Turnover (Own contribution @5% of the C.C. Limit sanctioned is required) and 30% of GSTR.
- Amount of Credit Facility will depend upon the nature of business of the applicant, offering of collateral security and the worth of the personal guarantees.
- Personal Guarantee of persons having income / asset expectable to the Bank. For more details contact your nearest Branch.
2. Repayment Capacity (Total Annual Income –Total Approx Annual Exp. –
Total Annual Loan Liabilities (EMI*12) = Total Approx Annual Savings.
(Approx finance up to 50 to 60 % on Total Approx Annual Savings)
3. Purchase of Residential Property, 80% loan amount of sale deed, satakhat, Construction cost will consider. Additional/ supplementary Finance Rs. 5 lacs to the owner of house/ flat only for repairs ,additions, alterations etc…. irrespective of whether the house/flat is owner occupied or tenement occupied offer obtaining such security as the banks may deem appropriate. BOD /loan committee have reserve right to consider loan amount.
4.Maximum Loan Amount & Margin: Individual housing loans up to a maximum of Rs.60 lacs per beneficiary of Dwelling unit. Subject to prudential exposure limits of RBI from time to time.
Period of Loans:
- Housing loan may be repayable within a maximum period of 20 yrs. Including Moratorium of repayment holiday.
- Processing Fees : – Processing Fees 0.50 % on Sanction Amount + GST on PF
- Moretorium: Home Loan for construction maximum 18 month and as per guideline of RBI from time to time.
- Till completion of consturction, or 18 months from the date of disbursement of first installment of the loan which ever is earlier.
Loans & Advances
- Housing Loan
- Personal Security Loan
- Vehicle Loan
- Commercial Vehicle Loan
- Used Vehicle Loan
- Traders(CC)/ Business(Wctl)
- OD Against Property
- Loan Against Property
- Loans against Fix Deposit
- OD Against Machinery Loan
- OD Against NSC/ KVP/ LP/ Policy/ IES of LIC
- Hypothecation Loan Against Machinery
- OD/Loan aginst Bank's own term Deposit Receipt
- OD Against Property/ Working Capital
- Loan Against Property for Commercial Property Purchase
Our Brochures
0261 2360433/34
Monday – Saturday: ex 2nd & 4th Sat
info@fincobank.com