| Q. |
Who is our Target Segment? |
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Sole Proprietors / Proprietorship firms |
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Partnership Firms |
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Pvt. Ltd. Companies (including closely held limited companies) |
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Professionals – Doctors, Architects, Chartered Accountants,
Business Consultants |
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| Q. |
What is the minimum and maximum annual turnover eligibility? |
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Minimum turnover – INR 90 lakhs. Maximum turnover – INR 45
crores. |
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| Q. |
What is the maximum loan amount offered on a LAP OD product? |
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You can avail of a combination of Term Loan and Overdraft
against your property up to a maximum of INR 3.15 crores subject
to eligibility conditions being met. |
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| Q. |
What is the maximum tenure of the loan? |
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The maximum tenure for which you can avail the facility is upto
12 years. Overdraft tenure will be 12 months subject to annual
renewal. |
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| Q. |
How much amount of the total sanctioned limit can I expect as
Overdraft? |
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Overdraft facility can be up to a maximum of 50% of the total
sanctioned limit .However; the exact amount of overdraft limit
will be based on assessment of working capital requirement.
Specific details would be provided by the sales officer. |
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| Q. |
What do I need to give as security? |
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We accept both residential and commercial property as security.
No plot, self construction or under construction properties will
be allowed. |
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| Q. |
What is the interest rate on the facility? |
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We offer attractive interest rates on the facility depending on
loan amount, credit assessment and other parameters. Further
details will be provided by our sales officer. |
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| Q. |
What are the basic documents required for applying for the
facility? |
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Bank statements for last 6 months |
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2 year financials including Profit & Loss (P&L) Statement , Balance sheet and Income Tax returns |
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Documents related to establishment of entity , identity and address proof documents
Specific details would be provided by the sales officer.
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| Q. |
What are the pre-closure charges on LAP/OD? |
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Pre-closure charges – 2% of the outstanding amount (service
charges extra)
Part prepayment charges – 2% of the amount part prepaid (service
charges extra)
Specific details on the OD charges would be provided by the
sales person. |
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| Q. |
What is the turnaround time for the disbursal of the loan? |
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Disbursal of the loan may take a minimum of 5 working days from
the time of submission of loan related documents as requested by
the Bank. |
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To schedule an appointment with our sales officer,
click here |
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Note: The FAQs have been prepared for general information only
and are subject to change. The ultimate aim of the FAQs is to
extend the availability of the information about the product in
simple and readable manner and should not be construed as a
comprehensive feature of the product. |
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