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RATES OF INTEREST ON ADVANCES w.e.f. 1st April 2011 |
I. |
Fully Secured Advances |
Rate of Interest
% p.a. |
1) |
Upto Rs.2.00 Lacs
- Secured by way of legal/ equitable mortgage of freehold immovable properties or with due permission from lessor in case of Lease hold properties:
- Secured by way of Equitable Mortgage of immovable properties owned on the basis of GPA
- Secured by Primary Security of Stock and / or Book Debts outstanding for not more than 90 days coupled with two sureties working in Government /Semi. Govt. / PSU/Local-Autonomous Body.
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13.50 %
15.00 %
15.00 %
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2)
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More than Rs.2.00 Lacs
A) Secured by way of legal/ equitable mortgage of freehold immovable properties or with due permission from lessor in case of Lease hold properties:
1) Cash Credit/Overdrafts facility and Term Loans, where repayment schedule is more than 36 months.
2) Term Loan for a tenure not exceeding 36 months.
B) Secured by way of Equitable Mortgage of immovable properties owned on the basis of GPA:--
1) Cash Credit/Overdrafts facility and Term Loans, where repayment schedule is more than 60 months.
2) Term Loan for a tenure not exceeding 60 months. |
14.75 %
14.50 %
16.00 %
15.25 %
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3) |
Term loan Secured by way of pledge of Govt. Securities like Life Policies, NSC, Govt. Bonds, etc. |
12.50 % |
4) |
Overdraft Limit against pledge of Govt. Securities like Life Policies, NSC, Govt. Bonds, etc. |
13.00 % |
5) |
Vehicle Loan (for New )
Repayment tenure upto 3 years
Repayment tenure above 3 years max. upto 5 years |
13.50 %
14.00 %
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6) |
Vehicle Loan(for IInd hand) Repayment tenure upto 3 years |
14.50 % |
II. |
Unsecured Advances |
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7) |
Unsecured Loan upto Rs.1 Lac |
16.50 % |
8) |
TOD in Current A/c |
18.00 % |
Other Conditions :
- For the purpose of ROI, total credit facilities to a party to be considered.
- penal interest @ 2% for non-compliance of terms of sanction.
- ROI on Adhoc facilities, Temp. overdrawings in CC/OD account, overdues in Loan A/cs will be 2% over the stipulated rate or the rates applicable to TOD in Current A/c (Col. II (8) above), whichever is less.
- One percent (1%) rebate in the interest chargeable w.e.f. 1.1.2003 will be allowed on his/her request at the time of payment of the last instalment, in case of term loans if a borrower pays regular instalments from the beginning of the loan account. To avail this benefit, Borrowers may tender post dated cheques of due instalments with the concerned Department if they can not come to bank to deposit the instalments in cash regularly. No rebate will be paid for the premature payment of the loan.
- Board of Directors may consider reduction in rate of interest below the stipulated rates in deserving cases on merit.
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