i. |
Eligibility |
- |
Any regular member of the Bank engaged in any trade or industry or services or profession. |
ii. |
Purpose |
- |
Pre-sale and Post-sale working capital requirements. |
iii. |
Nature of facility |
i)
ii)
iii) |
Cash Credit or overdraft
WCTL
Bills purchased (BP) and/or Bills Discounted (BD) |
iv. |
Primary Securities |
- |
Hyp. Of stocks and/or Book Debts of the firmoutstanding for not more than 90 days. Pledge of cheques/Bills/duly accepted Hundies in case of BP/BD facility. |
v. |
Collateral Security |
- |
As per merit of each case, by way of mortgage of immovable property and/or hypothecation/or pledge of any other tangible security acceptable to the Bank owned by the borrower or surety/ies, who shall have to stand as Guarantor/s. |
vi. |
Sureties |
- |
At least two sureties of good means and enjoying high reputation, subject to satisfaction of Bank. |
vii. |
Margin |
- |
As per merits of each case, nature of security etc. |
viii. |
Limit |
- |
Need based credit limits to be assessed as per Bank’s policy/Rules. |
ix. |
Period |
- |
12 months, subject to review thereafter. WCTL is however, repayable within a maximum period of 72 months in suitable instalments. |
x. |
Rate of Interest |
- |
As per Bank’s guidelines from time to time, including penal interest also as per bank’s rules, for non-compliance of term/s of sanction. |
Xi |
Insurance |
- |
All primary and collateral securities are to be insured adequately and comprehensively with Bank’s clause at party’s cost. |
